All Forum Posts by: Jeff Warner

It sounds like you could have a good deal. A motivated seller and a good starting price. I would just make sure to got all of your DD done and keep moving forward.

When you go look at the home drive the park. get out and talk to neighbors. People in Mobile home communities usually LOVE to talk. They will tell you the good, the bad, the ugly. Who's sleeping with who, etc. lol.

I hope that helps.

Good tip, I will definitely talk with the neighbors. I was thinking about calling the local police and seeing what kind of activity, if any they have going on over there. Who knows, there could be a meth lab for all I know.

Jeff

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Thanks Cole. I've actually never done a deal with a Mobile before and I'm anxious to jump in asap.

That's great advice that I didn't think of. I certainly don't want to fork out $350 for a few months in a row I'm going to definitely talk with the manager of the park and see what their process is.

I'm wondering if I should be a little more patient with getting into the Mobile home business. I'm just ready to buy and want to avoid over analyzing things and reading up on it when I could be actively making money.

Jeff

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Thanks for the replies.

Terry,

Great idea with the "remaining balance" clause. I'm not going to rent it out, I was thinking about selling it for $4000.00 cash or creating a note for $5500 or so. She said it has a new roof and new double pane windows but we'll see what it looks like on Monday. The good thing is that in my area, it is very rare to see anything priced this low. I'll find out when I see it why it's priced so low.

What type of contract do you use? Anybody have other tips on what to look for when dealing with a mobile this old?

Jeff

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I found an OLD mobile, it's a '64 that has been updated for $1500.00. I know most people advise to stay away from the older ones but I saw a similar one (it was a '67) today that is listed for $8k.

My goal here is to either sell for quick cash or carry a note for a slightly higher price. Here is my main question about it:

This lady is moving out of state on the 15th and I'm going to go look at the mobile on Monday. She has a title and everything but I don't want to hand over any $ until she is moved out. Does anyone have a contract that I can use to lock it up until she is moved out? I don't want to buy this thing and then have her stay put for another 30 days or more.

Any suggestions?

Jeff

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Originally posted by Curt Davis:

Danielle,

So you are calling For Rent signs hoping to ask the owner if they want to buy more houses? They are most likely wanting to sell the home for rent rather then buy more.

Curt,

I think she is looking for landlords who are listing one of their rentals, not distressed home owners. The goal is to obviously find landlords that want more deals.

I've never gone that route but I know people on here have had success building a buyers list that way.

Jeff

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Originally posted by Brandon Yeager:

In my area, they post the instrument # of when the people bought the home. This istrument number contains the date. If I see they bought the home in...like 2002 or later...I pass on it right away.

This is great advice for buying a property Sub2. In most parts of the country, homes bought after '02 don't have equity right now. Bad advice for a short sale but I don't think that is what Brandon was recommending here.

Jeff

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Originally posted by Rich Weese:

At least people are starting to be heard about their concerns with the crooked administration. Can't have a recovery until people have money to spend. Need business, and real estate to pick up. Repubs always are more business friendly. That is the hope. Tuesday MA election for senator is unbelievably huge for this country. Rich

You got that right Rich. The Internet is playing a big role as an alternate media source these days. I use to worry that the truth would be covered up but that is not the case, as you mentioned, people are starting to be heard.

That is a HUGE election in MA. If the Republicans win that race it will definitely change Obama's plans...now THAT is "change" I can believe in!

Jeff

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Originally posted by David Breitzmann:

Here's where knowing a neighborhood is vital:

If you can show that the market is turning and the average DOM is climbing it may be appropriate to view the 2005 price as appropriate. This is especially true if there are many listings in the neighborhood.

I'd be interested in any feedback with an opposing view.

I don't think I'm following your philosophy here. How would 2005 prices be relevant in today's market...2005 was a "Boom" year with heavily inflated prices. Care to elaborate on that?

Jeff

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Originally posted by wheelhouse:

I'm going to be play devils advocate.

The wholesalers in my area are making a killing right now because investors have lowered their profit margins. The wholesaling model seems to be best model for generating profits.

A wholesaler who I spoke with yesterday is moving properties at 80% of ARV without repair for cosmetic rehabs. He is moving them around 70-75% of ARV with more work than cosmetic rehabs. I have spoken with several buyers and they are only looking to make 10% of ARV right now.

It appears that investors are more concerned with using their money regardless of the lower return versus just sitting in the bank waiting on the 70% minus repairs property that only comes across once in a blue moon (from a wholesaler, they are easier to get by yourself).

So if I can pick up a property and move them and make $5-7K in a week, versus buying rehabbing and only making $20K in three months. Why would I not want to be a "wholesaler"?

Doesn't the saying go "When everyone is buying you should be selling, and when everyone is selling you should be buying?" Well, everyone is buying right now.

IMO, there is a new definition for wholesaling in this market. Till it corrects itself, I do not think the 70% minus repairs are coming from anyone but your own hard work. The investor needs to adapt. This is how I see it in my market.

Okay, now you guys can tear my post apart.

Justin,

Are you sure these guys are not flipping these to retail buyers? If not send them my way...I could use some buyers like that. :D

Jeff

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Originally posted by Eddie Ziv:

I did exactly that, Jeff. Thanks. :wink:

Good for you.

Jeff

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All Forum Posts by: Jeff Warner

Jeff Warner has started 19 posts and replied 483 times.

Post: Potential Deal for Old single wide

Post: Potential Deal for Old single wide

Post: Potential Deal for Old single wide

Post: Potential Deal for Old single wide

Post: Calling buyers - leave a voicemail?

Post: Strategies to cherry pick pre-foreclosures - homes w 2 liens or low payments

Post: Housing recovery?need purchasing power.

Post: How to figure out how long an REO has been on the market?

Post: Why do I hate dealing with wholesalers?

Post: Why do I hate dealing with wholesalers?