All Forum Posts by: Jonathan Jewell

@David Stone Dude that is seriously hard core, and quite frankly I think unnecessary.  $70 bucks for being late 2 days on an otherwise decent tenant?   I thought every state had a least a 5 day window.  That may even be a violation of usury laws, not sure.  Just be careful.   Not judging but damn. To each his own I guess.

@Bill Tyler, Let that one go to the dump then.  Plenty more MH deals.  The fact that you have a brother and Sis-in-law that own a park is huge.  You'll be swimming in deals in no time. Don't be afraid of making mistakes.  Look forward to them, that's how we learn.  Best of luck to you!

@Mindy Jensen  I'm a Philly guy, where row homes are the norm.  I remember that term back in my childhood days.  I cannot remember exactly who told me this, but the term came to be because you could hear your neighbors "party" going on with the shared wall.  My last row I owned when I lived there I literally had to rearrange my bedroom, because my neighbor was hard of hearing so the TV was cranked and you could hear everything, made falling asleep most difficult.  Yeah, its been around for awhile.

I have purchased just as many mh's from relatives of dead ppl than alive. Lol. I am NOT an attorney and laws differ from state to state, and I may not be doing it quite right to the satisfaction of some attorneys but so far so good no issues. Keep it simple. Are ALL the siblings and or remaining relatives in agreement to sell the home?  Good then type up a paper that states just that, and says we are all in agreement, list them all by name. Have it clearly state that there are no other siblings that could lay claim to the mh and have it notorized. You would be surprised the ppl that come out of the woodwork when there is a death and they think there is money to be had. Also by stating that there are no other siblings or relatives that could lay claim, it further puts the burden on them to tell the truth and you are acting in good faith based on their statement.

Is there a title to the trailer? Good if not then have the park go through wirh judicial seizure then meantime have executor apply for duplicate title.  Give your bro and sis a couple bucks and have them release it to You.  And that brings me to my last point. If you really want to keep your ducks in a row only deal with the executeur of the estate. This is the person that has the power to sign title over to you. GET A COPY OF THE PERSONS ID ALONG WITH EXECUTEUR PAPERWORK AND THE DEATH CERT. You will need all of this when you go to the tag place. After your done with the transaction, keep all of this with your other paperwork and file away. If there is ever a claim or issue that would pop up in the future. It shows that you clearly took the necessary steps to obtain the mobile home through legal means from a person that was authorized to sell. CYA CYA CYA. (Cover your azz)  Hope this helps best of luck to you.

Good Morning all!  @Andrew Johnson just so you know, I value your input immensely.  I read a lot of your posts and you really do provide some excellent information.  Just wanted to clear the air on that.  @Cody L.  has more of my personality and style of investing.  I'm striving to be at his level in a few short years.  I think we also share the same philosophy.  "If it makes sense, looks good and you know you can do it, then go for it!"  

When I started my mobile home renovation company everyone, I mean everyone said I was nuts, and laughed.  Get a real job, is what I heard a lot, mostly from family. The only person who actually believed in me was my girlfriend at the time.  Its funny but some of those same people that laughed and called me crazy have asked me for a job.  (Lifes funny that way isnt it)  and all it was, was just an idea.  I didn't have a book, or a teacher, because it was never done before.  (Later I found out about Lonnie Scruggs) ,but my concept was more large scale and re-configuring Trailers to make them look like house's inside.  But it met the criteria (If it makes sense, looks good and you know you can do it then go for it!).  and I knew, I just knew I could make money doing it contrary to what others were telling me.  You should have seen the bankers faces when I tried to get a loan.  LOL,  All I heard was " You do what?"   lol

So now for the update on current deal:

I have determined this deal wont work with brokers, or hard/private money of any kind.  I don't like to beg for anything... especially money for a deal, which I found myself doing just that.   If the seller really wants to sell, he will work with me.  So last night I called the listing agent for my last and final offer.   I proposed a mutually beneficial short term partnership.  One which would would make the seller a silent partner of sorts, where I would use my own capital and resources to do fix up/ marketing/ increase occupancy and take over day to day operations.  Make the places and numbers attractive enough for a cashout-refi, dissolve the partnership and seller can eventually cash out.  Simple, clean mutually beneficial.

If he doesn't go for it that this isn't the deal for me, the universe is telling me to move on, or the seller is up to no good or both.  But thats ok, because as the universe is kind, another deal plopped in my lap last night, and I'm meeting with the listing agent and seller this Sunday.  Best of all its a pocket listing, so maybe this other deal was meant to fall through.  I just don't like giving up when I set my mind to getting something, it actually physically pains me to do so...lol    I'll let ya know what seller says if anything at all.  Thank you :-)

@Cody L. Brother you have no idea how much I needed to hear that.  And your abandoned building what if was dead on. How many of thoae bldgs have noi? None. Yet they are purchased rehabbed and resold or held and cashed out later. 

If you know theres a deal and money to be made, take no prisoners and keep moving forward mentality.  Love it. I knew you would get it.  Called selling agent waiting on a call back. I'll share details in update.  

Thanks my man, I needed that shot in the arm. You have no idea.

@Andrew Johnson. Yes I believe I am talking to the wrong folks. A few of them mentioned they max at 1M 2M under special circumstances.  So where do I find the (forgive the pun) bigger pockets!?  I hesitant to put any more financials out there due to the ND but your figure is close. Right now pushing a 6 cap.   

Im looking at a perspective of buying an existing business. There is cash flow there are assets great location, horrible management thats running it into the ground.  Pay the management to go bye bye, roll up the sleeves and steer the business back to printing money.   I have ready many of the posts and the books in the BP library and theres one story after another of the regrets for not buying a particular deal and later regretting it because someone else took the chance and made it work.  I would like to tell this story in 10 years about the deal that almost got away.  Ya know?

 Btw. Very informative reply. Thank you.

@John Nachtigall  I hear what your saying.  Yes funds are limited at the moment, and just enough for capital improvements, and pay work crews.  But slight risk is why private and money money exists. Right?   Risk is determined on many levels some can stomach it more than others.  If I were a newbie starting out working a 9-5 asking for this money, then yeah I would be viewed and rightfully so as a maximum risk.  But the reality I have a proven track record for turning things around, excellent credit, pay my bills on time, and have an excellent business reputation. I see myself as low risk for this type of deal.  But point taken and feedback appreciated.  I think I should go the partnership route, if the seller balks, then that will be the final nail in the coffin I think

@Andrew Johnson Thank you.  Good points.

@Cody L.   I would really, like to hear your input on this.  I know you purchased some deals in past that others turned their noses up and you ended up making bank on those deals.