All Forum Posts by: Lynn Harrison

Actually, I now understand more fully the predatory lending deals which led to new laws and personally I find it  distasteful. There are several landowners here who have sold at high prices with high interest and a large down payment. Then foreclosed on the same properties up to 4 times in 10 years keeping the deposits each time. We are talking double and triple digit down payments and 10% interest.

Just want to clarify that was not my intention. I was interested in a profit, not highway robbery. On any scale.

It's pretty easy to forget which day one went to the post office. If she's always paid her rent I'd wait a couple or few days before coming to any conclusions. By your first post it just seems like 2 days later than usual.

Then again, where I live mail is very unpredictable. It can take 2 weeks (!!) for something to arrive, even from within the same state. Just depends on who is working in our local post office that day or year or whatever.

You might want to have a higher late fee for later than ?? so many days. 3 days $10, 5 days $20 or something like that if it's on her end.

Oh... and I suppose it's possible that permits should have been acquired in your state. But I've never ever heard of anyone actually doing that for trailer they live in.

How much is it worth? It all depends on the buying pool. In a TP your chances are good that the buying pool has some construction or handyman experience. And even if they don't know what they are looking at they all have concerns about wiring and solidity. Therefore it depends on the quality of work. A rebuilt 70's trailer is worth more than an 80's trailer (especially one that isn't maintained) to the right person. IF the work has been done right.

That means all studs checked and replaced or reinforced if necessary (usually is necessary): 2x2's OR 2x4s. In your area 2x4's would be worth more mostly because more insulation can be stuffed in there. If there was leakage or sag then walls should have been jacked up to height before stud repair. Plywood layed over an existing floor is perfectly fine and stable as long as leaks have been fixed. Check roof, windows and plumbing.

A basic check you could do as it doesn't seem you've done the work yourself is to push on the walls from the inside and note the flex. Another is to check the outside and see if the walls are bowed. First is to check for rot, second is to check for wall jacking. And rot.

A well rebuilt 70's or even 60's single wide should easily last another 50 years. An original 80's trailer will not last that long without major repairs.

I think Donald put it well: "Money isn't everything but it makes a lot of things possible. Sometimes helping someone is just as important as making profits if that's what makes you happy. Thats why we make money anyway, to be happy right?"

It might be worth it to talk to a lawyer who specializes in estates or real estate and also has some common sense. Where I am it would take one visit and cost less than $150 to find out. I have no idea what it would cost in Brooklyn. Here in California it makes a big difference if it is month to month or a year's lease. With a year's lease the landlord has far fewer liabilities for anything as I understand it.

Personally I have a soft spot for small business people who are playing by the rules. I think what goes around comes around eventually. I was just in Brooklyn a couple of months ago. Parts of it seem like a small town.

Thanks for the clarifications.

So... If I find someone who will lend to me, by law, can this person legally write up the contract? As an unrelated party? And receive a fee for that?

Hmmm... There is a guy here that a lot of people go through to get PM. He may be a mortgage broker ?? Basically, people with money that they want to invest go through him to find people to lend to. It's called Private Money, not Personal Money. Higher interest.

Thanks Eric. I think there are new regulations for PML's that make it more difficult if it's a primary residence? Are there work arounds in California?

That's something I could rent part of to someone else. Not rent myself.

Hi Eric, thank you.

I own a mobile home and am pretty sure I have a buyer lined up for next fall. I live in it. I want to buy a property that I would live in as well. I am anticipating having 57% to 70% down payment and buying something that I could rent part of either as storage or tenancy. Lynn