All Forum Posts by: Kirk Lewis

What do you expect it to sell for after repairs? Can't evaluate a deal properly without that number.

Thanks for sharing this. I’ve heard that mobile home financing is nothing like single family. Now I see what they mean. 

Thanks everyone for the answers. I love this site. It's becoming my virtual mentor :-) If there's any way I can give back or help anyone feel free to contact me.

Hi Dick - thx for the response. I've poked around HUDHomeStore.com and put it on my reading list for today.

Thanks Mark! Do you know the rule regarding profits if we sell before the year is up?

Tom,

Thanks for this information. I would definitely read a series of articles or an ebook sharing your wisdom and experience. I copied and saved the tip about trees with aggressive roots. That one tip could save me a ton of money one day.

Thanks again,
Kirk

HI BP!

My wife and I are looking into buying a HUD home as our primary residence with the goal of selling or renting it out after about a year. We'd add sweat equity along the way and choose the exit strategy that makes the most sense come time to sell.

My question is about the HUD rules that may impact this strategy. I'm not having any luck finding the official policy governing how long we have to hold, how much profit can be made, etc from the HUD site(s). Anyone know where I can find this information or have any tips?

FYI, we're in Phoenix now but considering Southern California as our next destination.

Also, after I post this, I'll be looking for posts and articles that may help me on BP but I wanted to find the official HUD rules as a primary source of information.

Thanks!

Hi BPers!

My wife and I are new investors with the immediate goal of building a cash reserve through wholesaling in Phoenix. I plan to ask my agent for a list of cash transactions to find out where the investors are already buying - (to then find deals in those areas to wholesale myself.)

My question to BP is whether this is a sound approach.

Also, does anyone have any advice about areas in Phoenix to target or stay away from based on their experience.

Thanks,
Kirk

Congrats on getting that first meeting! Did you discuss the seller's motivation for wanting to sell? Knowing that may have opened up other options to making a deal beyond just a lower price. Perhaps other terms would be acceptable if there were another way to get her what she wanted.