All Forum Posts by: Todd Campbell

If they were ever owned together, it seems like it was some time ago. Property has changed hands a few times. Thanks again for the tips and the videos. I've decided not to move forward on the MHP after applying what I had learned from your Youtube channel.

Thank you @Mario Dattilo for your response. There is a phase 1 environmental report and a Property Condition Report provided. All due diligence must take place prior to the auction. There is a small house included in the sale, for which the phase 1 environmental report suggested that there is likely LBP and ACM. I visited the property a few weeks ago, and there is a larger park of similar age adjacent to the property. I have not yet checked, but I wouldn't doubt if they were owned together and this is a selloff of problems for some quick cash. The suggested immediate repairs are in the $30k range. 

I will certainly checkout your youtube channel. Thanks a bunch!

I'm looking at a MHP that is for auction. It is small, only 10 sites, with 8 homes owned by the site renters. There is a management company in place (which is a requirement of mine). The MHP is on city sewer and water (which I believe to be a bonus). 

I've been renting single family homes for many years, but I don't have any experience with auctions or MHPs. 
What do I need to look for and watch out for?

Not knowing what you know...

(Assuming that you are selling)

I'd recommend that you find a lawyer who specializes in real estate. They should be able to provide you with a land contract or lease option while providing you insight into the local lay of the land from a legal point of view. I suggest this, because you will want to know how buyer defaults will impact you before it happens.

As far as rates, unless advised otherwise I'd land somewhere above prime and below whatever hard lenders are doing.

One thing to consider is that you may want as large of a down payment from the buyer as possible so that you offset risks. At the same time, for some the attraction to owner financing may be due to a lack of funds or good credit. Run a credit report. 


Good luck, (I'm sure others will bring additional insight if you are buying).

Are they sure that they want to sell the property? 

I assume that the home inspector has some precautions that they take as part of their inspections in the era of Covid-19. Would they be at ease if these precautions were presented to them? 

Do they have any suggestions? Are the reasonable? You can always walk.

I started when I was 25, so I can't speak to the 25 by 25. Here's what my first three years in real estate looked like.

Door number one duplex 3% down. 75k = $2250  (I lived in one side, so I'm not counting my door)

Door number two $20k = $2k down + backroom bank loan (sort of like a personal loan)

Doors 3,4,5,and 6 $110k = $0 down it was in the time of creative loans and financing. 

So, that's 6 doors in two or three years for cash at close of $4,250

Now, some people will do wrap around loans, land contracts, and other means of creative financing. - Which you will have to, as you can only hold 10 loans (I think) loans through Fanny/Freddie. 

The next two purchases happened within a few months of each other, the houses were next door. While I haven't shown you a path from 0 to 25 in a few years, you should be able to see that even my bungling around happened at a quick clip, and not for a ton down.

Anyway, I am sure somebody more savvy than myself will draw this all out.

Let's say for a second this is legit. This is so disorganized and unprofessional, I wouldn't do business with anyone in this manner. Run.

Great story! When my son was born the fall before last we also created a small stock portfolio for our son. My wife and I had many discussions before setting everything up, "once he turns 18..." I am so happy to hear that your 12 year old is taking an active role in his financial education. As I am sure most here wish, I too wish I had started earlier.

Much luck and success to you and your son's future!

@Maria Marrero I'll echo a few things here, and you might not like everything I have to say. Get a lawyer who specializes in landlord tenant law, or at least handles these types of issues in your area (you should already have one). Do it by the book, and if your lease is compliant with local laws, then follow your lease - stop making exceptions to the lease and thinking you are being nice. You aren't, in fact you are making it harder. The fact that you already failed to evict the tenants when you discovered them illegally growing is a problem, the more you bend rules such as this the harder it is to enforce your lease. 

It doesn't sound like your tenants will be motivated by cash for keys. It sounds like they are used to getting their way. 

Good luck, it this story sounds all too familiar.

Here is someone in your area. I hope they can help.

http://www.jklaws.com/cash-back-closings.html