All Forum Posts by: Lennie Holland

That's the way it is in my area as well. If you put a mobile home on a concrete "skirt" so to speak, where you can't move it then you can get a deed. Which of course you can get traditional financing on. However there are lenders in my area that will provide loans for true mobile homes. I just attended a REIA meeting last week and met a gentlemen that does them, so there around. Maybe seek out one of these individuals before you put it up for sale and help the buyer by referring them to the right lender.

Side note, I'm not sure but I think it's fairly expensive to turn a mobile home into a permanent structure. Maybe someone with experience could chime in and confirm/deny that?

@Kyle Davis Real estate is a local and I'm assuming you being a appraiser, you know your market. Can your other portfolio properties make the payments on this deal if need be and still be in the black? 

I still think it's risky but if you've done your "due diligence" on the properties. Have a couple of executable exit strategies for the "just in case scenario" and the risk is still acceptable to you. Then the old saying comes to mind, no risk no reward. I mean how many times are you going to run across a deal for 9 doors for 5K, not often I'll bet. 

Personally I would be double/triple checking everything, leaving no potential problem an accounted for, before I signed on the dotted line, but that's just me.

Deal seems a little to tight IMO. What are your exit strategies if the deal goes south? Could you dump the properties and recoup your money and how long would that take? If he's your main competitor are there other investors in your area you could dump these properties to quickly if need be?

You make it seem like he keeps these properties in great condition (which is good), however if that's the case it wouldn't leave you room for forced appreciation (which is bad), so how could you justify going up on rents? Are current rents not correct and if not, then why?

One destructive tenant, eviction or unexpected major repair and your upside down on the whole thing. Not to mention it doesn't sound like you would be able to afford PM even if you wanted to.

Of course just to play "Devil's Advocate" on my own post. What a great opportunity to get multiple doors with 5K down, owner financing and in good shape, incredible job and way to think outside the box.

@James RitterHaha look at me, I forgot to carry the decimal, uhmmm this is awkward. Reminds me of the day I thought a beautiful woman began randomly talking to me at the grocery store. I was all excited until I finally realized she was on her Bluetooth, but she was definitely looking at me, just saying. lol 

I meant 7% and that was 330 mailings per week, with a break week. The real problem is, it seems like everyone would want to call at the same time. I would be on the phone with a potential and people are calling. I would definitely need a answering service for anything over 400 mailings per week.

Like I said I'm no expert, just my opinion.

@James Ritter I'm using Jerry Puckett for my yellow letter DM campaign. I'm also marketing just outside of Atlanta. Doing 1000 a month, just starting 2nd month and response rate has been less than 1%. More important is no deals yet from this campaign. 

1st month was mostly people wanting to know "How did you get my information?", tire kickers and owners wanting full price. We will see how the 2nd month goes.

I'm no expert but IMO you should break your mailings up into smaller batches. The one thing I have learned is if you don't answer the phone when it rings that many people won't leave a message and won't answer/return your call when you call back. I could not imagine trying to field phone calls from 600 mailers a week, that would be tough. 

Me and my wife are kinda of a 2 man army right now but then again we are just learning. As deals come we will add systems and grow.

I went for the ready, fire, aim approach. Learning through action I feel is the best way to reach my goals. Good luck on your campaign.

Sell it to someone one who wants to restore her to her former glory, so many people love old houses, of course that will depend upon location. 

You like projects, you fix it up and make it your primary. Just think what you could make with that canvas and do you realize how many cats could fit in that house!! ha

Happy Birthday Josh, oh wait what am I thinking he's old now and probably can't read this small type. HAPPY BIRTHDAY JOSH!! Haha

Hi @Timara Marie, I'm no expert but I used a PO Box as return address. I believe you need a return address to make the letter seem less commercial and get people to open it. 

In hindsight I might have not gotten a PO box but rather gotten a box at a UPS store. Their boxes don't have a PO #, instead have an address such as 1234 main st. Good Luck

@Account Closed@Adrien C. Thanks, that's what I've been saying, I don't know it just felt like I should be saying something else. I even had one guy that didn't know that information was public, so I had to explain that to him. 

@Joe Splitrock Always giving a honest answer, sometimes a little to honest. One lady asked me so I told her "I had driven by the house and thought it was abandoned" she was living there. ooops

Thanks for all the comments, She wanted 50K for ARV120K 3/2 which initially sounded great. However after a drive by this place is good area but tucked away on a back road that is horrible. This is one of the nicer houses on the street and it's terrible. If the outside is any indication of the inside then we are looking at some major repairs. To top it off it's built at a weird angle that makes the back of the house face the front of the neighbors house. Probably will pass on this one

@Bil Casimir@Brent Coombs after seeing the neighborhood, dress up like a drug dealer and go into all the houses. haha

@Brent Coombs The rent is actually a touch low for a 3/2 in this area but it's not in a great neighborhood. No paperwork of any kind for rent payments (I'm sure I could follow some sort of paper trail if I chose to) but I didn't want the renters anyway.

@Michael Fortier Yeah no lease, no anything. This is an old country lady that deals with handshakes apparently.

If I had wanted it I was thinking either POA or TIC then deal with the tenants myself. I mean I want to do a deal but I don't think this is the one. If she gave it to me then maybe.