All Forum Posts by: Boyd McClean

If you are going to buy land and make a mini park cost it out first. I just had a partner of mine scrap what you want to do in Bandera TX and found out the cost did not justify the investment. Mainly because of new building code requirements for road, pad, curbs, water, sewer pipping and running electric to each pad.

I just got a cost estimate to run sewer. water and electric and pad (8,500) in Floresville, TX to a single mobile not including  road work.

Go to list source.com and build your own mailing list of privately held notes.

Try an other attorney and see what feedback you get? You maybe right.

The average financing deal on a MH is 5-6 years. Most do not complete the payments and move. I see you are in Orange Tx. Keep in mind that MH's (used) are coming on the market because of greater unemployment in the oil fields. You will see more MH finance companies trying to sell used MH that they hold the paper on.

When you have Halliburton and Baker Hugh's lay off over 8,000 employees in Texas because of the price of oil be mindful of that. Not saying you should not do it but be cautious.

I buy and then owner finance. But you have to do what you feel is best for you. If you buy used and have to move take that cost into consideration.

I have a dealer on Rt 181 in SATX who 6 months ago had very few used mobile for sale. Today I noticed he has large signage wanting to sell used.

If you re going to bid on tax sales in Texas do so in the collar counties. In most cases in the metro areas properties go for more that they are worth. If you bid set a limit and do not go over it.

Not only check title but check to see if the owner of the property is in BK. Check for back taxes because in some counties in Tx there is city, municipal,water and school tax all listed in different departments. Just because you look for property tax does not mean that there are not other taxes due.

Check to see also when you win a bid on tax sales when the money is due. In Bexar county it is the same day. In Wilson you can send in a check by mail.

Be aware of the right of redemption as it applies to occupied and unoccupied by the owner. Check with title companies in your area as to their policy on issuance of title insurance on tax lien property. You maybe surprised at their policy.

This is a common practise on platforms such as FCI Exchange and Watermark. You have to do your due diligence. Buyer Beware. Do a title search and see what has been recorded. This would be a good opportunity for you to learn to do your own preliminary title repot.

Also close with a lawyer or title company and do not release funds until you have a COMPLETE file and title report. Make sure there is no break in chain of title. 

The electric is an issue. The chances are the wire is cloth covered and the gauge of the wire is not sufficient to handle a hair dryer and a toaster at the same time.

As for the siding check your municipal code. I use to be a siding contractor in Chicago with a large company. They stop siding asbestos houses when the EPA came out with more stringent laws. We either had to enshroud the house in plastic while working or don't do the job.

Set your top price and live by it.

Large metro areas are not the best place to bid too many people bid up the price and then you get emotionally involved and over bid.

Better way. Go to out lying counties where very few people show up.

Lot of good advice given to you here.

I went to 4 sales at the court house steps before I started bidding. Go talk to the winning bidders. You will learn a lot.

If you do not have several properties that you are going to bid on don't tie your hopes to one property.

Go to the courthouse and go through the file you will learn a lot.

I believe NJ has right of redemption laws??

All good comments.

Yet in the end it boils down to risk.

1. Interest rate risk

2. Quality of Collateral

3. Repayment Risk

4. Liquidity Risk

You need to get a borrowers to understand this. Yes there are HM brokers that will try and milk a deal dry. That is why a CD is .05% adHard Money is 9%+.