All Forum Posts by: John Baskin

That's brilliant! Thanks!

I am meeting with a motivated seller tomorrow evening who has missed "one or two mortgage payments" but is not yet technically in foreclosure. He owes 30K on the note and wants me to purchase the home from him for somewhere between 60K and 70K. I believe it's ARV is ~$80K. The property is located in my wholesaling "sweet spot" (No intention of any rehab due to the location.) I am inclined to offer him $35K for the following reasons:

1) If I have to wholesale it, I have been advised to offer an amount less than 50% of ARV (which means I must offer less than $40K)

2) My intention is to make a $5K wholesaling fee (which takes it down to my intended offer price, which also leaves him with $5K after his loan is paid off.

Is this a good strategy? Do I have to worry about anything if it is on the verge of foreclosure? Any comments regarding purchase and exit strategy would be HIGHLY APPRECIATED as this is my very first (potential) deal. Thanks!

2245 square feet, 4 bed, 2.5 bath, built in 2001. needs about 10K in paint, floors, etc.

All great points to consider. I really appreciate it. I'm inclined to see if I can find a buyer by closing and if not, chalk it up to being a newbie. Always easier to make up a small $1000 loss than to sit on a flat or depreciating asset while paying high hard money rates. BTW, do either of you know whether investors are able to request from HUD a 15 day extension to the 30 day closing period, or if that it only available to owner-occupants???

I just got an acceptance for a stationary HUD manufactured home. The inspection came back fine and I got it accepted for $73K--85% of list price. The area is nice and comparable slab homes are going for $150s. However, I've read a lot of mixed reviews on manufactured homes having high DOMs, poor resale value and being hard to finance (thus reducing my pool of buyers.)

This is my first FLIP and I don't know whether this is just first time jitters, or whether I have a legitimate concern. Can you advise as to whether I should just take my $1000 loss (earnest money) and move on to the next deal, or whether to follow through. Have you had much luck with stationary manufactured homes as FLIPS, and what would you advise.

Hi all,

I just got an acceptance from HUD for a stationary manufactured home in Granbury, TX. The inspection came back fine and I got it accepted by HUD for $73K--85% of list price. The area is nice in Granbury, TX and is near Lake Granbury, and comparable slab homes are going for $150s. However, I've read a lot of mixed reviews on manufactured homes having high DOMs, poor resale value and being hard to finance (thus reducing my pool of buyers.) This gravely concerns me as this was going to be my first flip and was going to be done with hard money.

Since this is my first deal and I don't know whether this is just first time jitters, or whether I have a legitimate concern,  can you advise as to whether I should just take my $1000 loss (earnest money) and move on to the next deal, or whether to follow through. Does anyone have any experience with flipping stationary manufactured homes? Thanks