All Forum Posts by: Justin Apple

@Gretchen Parlier what kind of buildings are the multi-family units? How big is the property? In my area mobiles attached to land have appreciated some over the last ten years but I would assume that it’s mostly land appreciation. I’m facing a similar situation about whether I should go down the mobile home route. I know some people have done well with them. Cash flow is cash flow, but dependable appreciation is awesome too 🤷‍♂️

@Jerry Lucker good tip!

@Cody Cabral I just bought 5 acres in Texas and was wanting to do something very similar. I’m wanting to divide into 5 lots but may only be able to get two out of it due to deed restrictions. My opinion is stick built is better in the long run, however manufacturered homes don’t necessarily scare me as long as they cash flow. It’s a much cheaper alternative to building new not to mention much faster time frame to cash coming in. Let us know how it goes!

@Jaideep Balekar very nice! Good job and thank you for sharing!

@Rudolph Shepard Jr I just bought five acres of land and am seriously considering dividing into 5 separate lots and put mobiles on them. I would live to connect with you to swap ideas!

@Brenden Mitchum thank you, I will let you know what they say

@Brenden Mitchum thanks for the reply. It wouldn’t be a MHP rather 5 separate sites with separate utilities. I don’t think that would fall under MHP rules BUT I will look into that! Thank you.

Hello all, I was recently presented an opportunity to purchase 5 acres for below market value. I intend to sign the contract on it in a couple of days. My mind has been reeling with the choices of what to do with it. There used to be a mobile home on it so it already has water, septic, and power nearby so I was thinking of finding a decent used MH and putting it there so the rent could cover the cost of the land loan and it would buy me some time to figure out what to do with the rest. I could subdivide and put more MH’s and just collect rent but I know financing for them is sketchy. There are a lot of MH’s in my area and I see them on mls all the time but have no idea how people are buying them. Also, if I went that route I would probably have trouble refinancing and doing a brrrr in the future. I’ve also thought about building duplexes or single family but that would obviously take much more time. Thoughts on what I could do with this 5 acre plot or if my MH idea is a good one? It’s in the county so there’s not a lot of restrictions.

Investment Info:

Single-family residence buy & hold investment in Springtown.

Purchase price: $50,000
Cash invested: $30,000

Purchased a rough SFH west of Fort Worth, TX through an owner finance. Paid 50k with 10k down. I put 20k into rehab and made it a nice little house. Rented it to great renters for $900 per month. Looking to BRRRR it very soon to pull my cash out and do it again!

What made you interested in investing in this type of deal?

I had done a flip just before buying this property and made a good profit so I wanted to use that money to invest in something that would pay long term. A cashflowing rental was the answer.

How did you find this deal and how did you negotiate it?

The deal was on the mls and after looking at the property and seeing its condition I wanted to meet with the owner to see if owner finance would be an option and she was all in! We agreed on the terms and made it official. She didn't even do a credit check on me, we just did a handshake and that was that! Very easy!

How did you finance this deal?

Owner finance, 10k down and 6% interest for 20 years.

How did you add value to the deal?

complete remodel and converted the one car garage to a master suite. Huge value add!

What was the outcome?

Still renting it at the moment, looking to refi it very soon.

Lessons learned? Challenges?

I did most of the rehab myself which took way too long. Looking back I would've hired more of the work out to get done faster and get a tenant in there.

Investment Info:

Single-family residence fix & flip investment in Fort Worth.

Purchase price: $90,000
Cash invested: $25,000
Sale price: $178,000

4 bed, 2.5 bath, 2 car garage

What made you interested in investing in this type of deal?

high roi, "fast" money

How did you find this deal and how did you negotiate it?

friend of a friend wanted to sell, no negotiation needed.

How did you finance this deal?

20 percent down, conventional loan

How did you add value to the deal?

rehabbed the whole house, made it appealing to buyers

What was the outcome?

sold for good profit

Lessons learned? Challenges?

hiring out some of the work is worth it even if it takes a little of the profit. Don't take time to do all the work yourself.