All Forum Posts by: Joshuah Fowler

I need to purchase 4 new mobile homes for my park I purchased 4 new ones last year for around 32k a piece, the price has gone up at my local dealer this year just looking to see if anyone had a better option. 2 or 3 bed, 2 bath, 14' or 16' wide, 56' to 66' long.

Thanks, 

Pete

@Curt Smith

Thanks for your input I will research some of your advice so i have a clear picture of what your painting, I'm more of a hands on rubber meets the road kinda guy, I'm currently reading taking classes and trying to self educate myself on the financial part of my business, I can see the comments above as great advice.

Thanks.

This is more of a discussion than a question, My background Im a career firefighter but im really finding my passion is in real estate. I currently have a mobile home park of 38 lots ( I own about half the homes and rent all the lots), 1 commercial building, 1 duplex, and 2 SFH. My discussion is broken into 3 parts listed below. Thanks for any input.

1. Buying properties what seems to be the best option in your area and how are you doing the deal.

• Financing with 5, 10, 20% down 
• Buy all cash under market value hold 6 months then cash out refi.
• Buy all cash and hold
• Whatever your method is let me know

2. Competition it seems I have multiple agents who are investors/property managers who seek out properties for the investors whom they manage for. I get the scraps it seems, case in point i saw a house come online within 2hrs it was under contract the agent told me they had been watching the property for the last 6 months in pre-foreclosure and as soon as she received the email they made an offer. Im not upset just want to work  my way into being on the good end of the deal.  

• What method do you use to get an edge

3. LLC's I purchased a property 6 months ago and deeded it into my LLC name and wanted to cash out refi. mortgage companies said it needed to be in my personal name for 6 months prior not LLC. So my attorney did not want me buying them in my name do to legal reasons (being sued and not protected), so the question is

• Are you buying in your personal name or LLC and explain the reason, are you covered or not.

I know it was long i hope someone will provide some insight.

Thanks,

Pete

I purchased a sfh rental 6months ago all cash through my LLC (to protect myself) and now all the lenders in the area say they will not do a cash out refi. for an LLC. I will have to deed the property back to myself and wait another 6 months to cash out. I have tried a few options to work around this with no luck and my attorney is pushing hard for me not to deed the property back to my name due to liability reasons that could occur. Any advice!

Ok thanks ill take it all into consideration

@Ken Rishel

I am interested in possibly purchasing another MHP and i wanted to see if someone could tell me a good formula for evaluating the parks purchase price, i know the current owner is gonna be a little high and i want solid numbers for our first meeting.

Hi im Pete i live in a small town i work as a Firefighter 10 days a month and everyday im off im working on my rental property. Currently my wife and i have 41 total units we are always trying to find ways to expand we put all the $$$ back into the business to help it grow, we are young and are looking for any and all advise we can get.

thks,

pete