All Forum Posts by: Justin Aguilar

Hello BP members!

I have a property under contract In Lake Elsinore, Sedco Hills. Manufactured Home fixer upper or pull out $80,000 FIRM ARV: $255,000 in the area. 

Let me know if you are interested.
(951)344-0054
[email protected]

He did mention that he wants to definitely close the book on this property, he mentioned that he would like for the property to be sold before Thanksgiving so he does not have to deal with it during the holidays, but if he has to deal with it during the holidays, he will.

My first strategy is to give him the number at $90,000. Or my second strategy would be to wait it out right before Thanksgiving and then give him an offer. 

Hello BP Family,

I am running into a lot of manufactured home leads. The problem is, I know it's a little bit different comping and analyzing deals when it comes to manufactured over SFR.

I have one lead in particular, I want to talk about. I have a gentleman, whom lives 2 hours away from this property he is looking to sell. I went on an appointment to check the property and to meet the guy. He was telling me he is looking to sell because he wants to move his mother-in-law out of state(Which he already has) with a relative that will take care of her, and he is looking to sell the home because he does not want to take care of the property anymore. The property itself isn't in bad shape, but it hasn't been upgraded. The only thing upgraded is the flooring. I did run some options with him, I asked him if he ever thought of renting, and he said he doesn't want to deal with tenants. I asked him if he spoke to a realtor and he said he has and they would list the property at $180,000. I asked why haven't you listed with him and he said because he wants to see what an investor would pay for it. In essence, he wants to look at the numbers and compare and see if it'll be worth his time to have the property listed during the holidays  or will it be best for him to do a cash offer and move on. 

With that being said, I want to give him an offer that wouldn't be too low because time isn't necessarily of an essence to him, but if i can give him a price that can compete with the leverage of having a cash offer. The cash will go to his mother-in-law. There's also a property in that area similar build and original just like the subject property, for sale at $170,000 and has been listed for over 140 days

I am wondering if you comp the property just like you would with a SFR, this home was built in the 70's and has no foundation built in 1970. I was thinking the offer would be at $90,000 with my exit strategy would be to wholesale. What are your thoughts and do you have any advice? Thank you.

Hello guys, I am in California and I got a foreclosure and auction is on Tuesday, there's no spread for a quick assignment, and has less than 10% in equity. I know there can be a lease option to buy/sell, but are there other exit strategies? I do not plan on holding on it as a lease option, but if I have too I'll have to work the process to do so.

Hello, I got over 3000+ of Parcel numbers. Do you guys have any recommendations to do a bulk search of these APNs? Thank you.

Hey guys!

      My partners and I got a burnt house under contract that was a probate/Trust property. We are having an issue collecting all the documents.. Here's the story:

We have been in contact with the seller on a daily basis. She has been very receptive and we got the property in escrow. It is currently in limbo because we have NOT satisfied the title. We need the trust documents which were sent to the other party that owns partial of the property. He(Let's just call him Phil) is the successor and does not want any part of dealing with us. The law offices will not give the document to our seller whom we are helping under the 1996 Revocable Living Trust. 

There is a lien against the property and a case against our seller. We have already gotten one extension from the courthouse, so we can get all the documents together. WE NEED TO CLOSE BY THIS FRIDAY. If not, the house will go to the city. By May 11th, 2018, we will need all the Trust Documents. 

Like I said, the Trust Documents are in the hands of Phil, or the successor. We need cooperation from him to get the copy of the trust to obviously give to Title and Escrow.

Once we get the documentation, we will still need to get Phil's signature during closing. Its important to have him see the bigger picture. The house where our seller currently is living in, was sold last week. She may become homeless if we cannot close on the property, she needs the funds so she can find a place to stay. At this point, its a matter of getting a roof over her head.

If you guys have any advice or can point us in the right direction it would be highly appreciated. We are very determined to close on this deal, we have been working on this lead for almost a year now. 

hello bp, I have a question regarding mobile home/manufactured homes. I have this seller that wants to sell retail for a manufactured home that sits on an acre lot. Maybe we can negotiate the price down a bit, but I had an idea of maybe splitting the acre to 2 or 3 parcels and building mobile homes in those parcels. question is, is it worth building a mobile home from scratch ? or maybe even getting an unwanted mobile home from a park ? he has also mentioned he owns more land right around the corner so maybe even do a package deal.

Originally posted by @Walter Roby jr:

If you need help let me know. Good luck

 Hey Walter. Thanks for the offer! I actually closed the deal, but I had to go through another investor. So I can officially say my brother and I have closed our first real estate deal!

One thing I want to ask you is, how should I have structured the deal? So the asking price was $280,000. We ended up meeting on their terms due to the fact that if the homeowner could not get the $280,000, then she was just going to pull out a loan she got pre-approved for. She wanted to put that cash on a down payment for a home in Redondo Beach. The home was built in 1945 and the house needed about $75,000 in repairs. I ran comps and two comps were sold $450,000 & $489,000. I gave a lower ARV at $420,000 because of the lot size being similar, but not as spacious due to a built in 4 car detached garage which took up a lot of space.The numbers were really low.. AS A WHOLESALER, how would you have structured the deal? From a rehabbers standpoint, the rehabber would look at a ROI of $25,000-$33,000. I just want to get a glimpse as to how others would have structured the deal from a wholesaler standpoint. I believe if I can write fair deals from a wholesaler's standpoint then it would be a bit easier for me when I start rehabbing.

Originally posted by @Walter Roby jr:

Youtube how to use listsource to find cash buyer zipcodes in your area. First you should build a cash buyers list of 200+ by calling landlords, agents, and networking.  Then you can sell anything at even 10% of a discount. Do that before you pay for lists/ marketing of any kind.

Thanks for the advice I will do a bit more research as to how to structure a deal with a wholesale fee as well.

What is funny though, is that I actually got a hot lead a few days ago. We are working something out right now! Wish me luck!

Originally posted by @Walter Roby jr:

In Los Angeles the average marketing expense to get a deal is about $5k-$8k. Mailing to the same list 7 or 8 times is what it takes. A lot of phone calls looking for motivation is what is key. Door knock / cold call on as many doors as you can until you get a deal unless you want to shell out a lot money for marketing.

Wholesaling is not cheap by any means but it can take you far if you commit to it.

Thanks for the response. Yeah I believe I am going to buy a list from the County and start doing more direct mail. I have been door knocking and have had the door shut on my face haha, but that's normal.

How do you suggest I go about searching for a "farm area"? Do you think I should look where there's a lot of activity? Should I find something that is less saturated?