All Forum Posts by: Jonathan V.

Thanks for the privacy type.

The price is for only $15,000 or so. How much will I probably have to pay a lawyer for this work? (I realize YMMV, but just a general idea?)

Ms. jerseydevil the person probably wouldn't double cross me but money has a very weird way of manipulating people it seems.

Sorry, the realtor was working with me on a "different" property.

The FSBO fell into my lap.

I will share numbers after I get it under contract, the seller has internet access and don't want them stumbling across this forum as I realize now my name is visible and the seller knows my name.

This forum is also one of the first hits on google for "my name real estate"

Let's just say that I'm getting a deal that other people would be envious of. The realtor does real estate investing as well.

I was looking with a realtor to purchase a house to rent. I happened across a property on my own that is FSBO.

I have an offer accepted and I'm worried if I have the agent (who is a long time family friend), do the contract, they may tell the seller that I'm getting too good of a deal or something, is that possible or am I being paranoid?

I don't mind paying the realtor some flat fee like $250 to take care of it all for me from a legal and paperwork standpoint, but is it probable the realtor will screw this up for me?

I have a family member who owns the house across the street, it is a 2 bedroom home and rents for $550. He says he's not had a vacancy over 2 months in the 7 years he's owned the home.

Thanks for the input. The taxes are not very high, around $500/year.

I'm more concerned on how to approach the renter situation, do I kick out good renters who aren't paying enough in rent in order to get $230 more a month from section 8 or keep good renters in place who make me basically break even after mortgage payments, taxes, insurance, and property management?

I'm currently considering a duplex, list price is $45,000, but I've been told I could probably get it for around $37,500. Very low crime area, good location. (I'm from the south in low populated blue collar area)

The units are both 1 bedroom 1 bath. There is a severe shortage of 1 bed 1 baths in this area. It is also located near the hospital so it's ideal for little old ladies.

Now, Section 8 has told me that they really really need 1 bed 1 baths for voucher holders and that at anytime I have a vacancy they can fill it. They pay $400 a month for section 8 1 bed 1 bath.

Current rent for this duplex is $285. Both sides are rented, both want to stay, one has been there 3 years and one has been there 6 months. Both are supposedly ideal tenants.

There is not a lot of deferred maintenance.

What's the play. I realize selling it after acquiring it could take a while, I'm considering holding it for as long as possible.

Thanks for the replies. Here is another analysis for everyone.

I'm afraid I'm getting too hung up on wanting to buy in the nicer parks in the area. I just don't think I'll be able to buy one in those parks for cash cheap. That being said, I'm really starting to learn how to value the parks in the area. For instance:

1 Star- Crappy homes, not safe area (possibly gangs)
2 Star- Crappy homes, but safe
3 Star- Decent homes, but mostly older and probably safe, little out of the way.
4 Star- Decent homes, safe, close to town
5 Star- Nice homes, safe, close to town

Here's another I went to see today, 2 bed/2 bath 1989. A/C Unit is 1 year old, the bathtub is fairly new as well. She's put plywood down in both bathrooms and the kitchen.

It's in a 2 star park at best, a lot of homes that are really really run down. She's asking $5,000 for it. She's had a sign up for a month and only had three people come into take a look at the place. But it's at the end of the park so there isn't a lot of traffic for people to see the sign.

http://s263.photobucket.com/albums/ii132/bigbadjonv/Rolling%20Hills%20Properties/

I told her I'd probably be able to get $3,000 before repairs being deducted because she just wouldn't quit asking me for an offer when I tried to say I'd prefer you to be able to sell to someone else before me, because I can't pay as much as someone who would live in the home. (Of course I'd already told her that I buy and sell)

Things of note in this one. Roof is in pretty rough shape, the outside also needs cleaning pretty badly. Besides that, the cabinets in the kitchen and in the bathrooms, the doors are breaking apart because of the home settling. The park is very hilly, which I'm sure doesn't help the homes in the area with settling issues. Also skirting is needed.

http://s263.photobucket.com/albums/ii132/bigbadjonv/Mobile%20Home/

A home in my area I was looking at, any comments on repairs I may have missed are appreciated. 1999 16 x 80 3 bed 2 bath.

1. No A/C Unit (Not necessary to put in, could let owner can do it)
2. Hot water heater not connected, and probably needs replaced.
3. No washer/dryer (again owner could do it)
4. No stove (again owner)
5. No refrigerator (owner)
6. Skirting on home (owner will end up paying for it, I'd have to front it though per the park)
7. Drywall work is obvious (I'll do)
8. Floor in master bedroom was kind of weak, if you look at the pictures, there was a square patch of carpet that looks like had been cut up.
9. Carpet throughout has to be replaced (I'll do)
10. Behind the back of the bedroom door, it looks like someone's stolen the breaker box, hopefully that's all thats missing, but I can't tell.
11. There's no wheels, which since the place has to be moved, is something I'd have to do.
12. One cabinet needs to be replaced but the piece is in the kitchen.
13. CLEAN the walls, it's been vacant for a while and it's gotten really really dusty/dirty from a window that's been open.

Now it has to be moved like I said, but the place I'd be moving it to is an A+ park. I've actually called about four homes that were for sale in the park and they've all sold in about 3 weeks for all cash. The cheapest one I've heard of selling there was for $15k cash, the most expensive was for $28k. (Both the 15 and the 28 were 3/2's singlewides) The park is paying $1,200 for the move, underpinning, etc. the rest I cover.

The home is listed at 9k and the seller is very very motivated.

If I'm owner-financing a home, I'm not going to be allowing them to have it on their land. From what I've read it can be a huge hassle to get the home back off their land if they stop paying. (i.e. the home is yours but the land is still the occupants, so if you come on the land you are trespassing.)