All Forum Posts by: Lisa Eckman

I suppose. Different though because you aren’t repairing the old but replacing with new. 

No.  It's my understanding that most MHP in CA will not allow rentals.  Plus, with the lot rent, it doesn't really make sense number wise.  To me anyway.  So, the idea in this instance ,would be to replace a run-down/dilapidated home with a new home, and resell it.

I live in a 55+ MHP in Southern CA.  There were a few vacant lots in my park that recently have had a home added, and are now for sale/sold.  They list for just under $400K (which seems ridiculous to me).  Lot rent here is about $600-900 for the majority of spaces.

I went to an open house yesterday that was done by a MH dealer (not a Realtor).  He showed that the PP of the base mobile home was about 85K plus another 30K in improvements (decking, etc.).  So about $115K total.  He said moving the home and connecting was about 17K - 35K depending.  Again, around $150K.  And they're selling for around 400K???  On top of that you have the cost of removing and disposing of the old home (if necessary), possibly the purchase of the old home (if not a vacant lot).  And carrying costs.

What do you guys think?  These are very rough numbers but seems like this might be a good prospect.  Also, I would consider doing seller financing or LO when selling.  Obviously I would need to do some further checking, especially with the park, but wondering if I am missing anything major in this thought-process and if you think it's worth pursuing.  TIA

Agreed.  Although not a tax expert by any means, the tax event is selling the property, and that will be handled through escrow.  Once escrow closes, a form will be generated that will indicate the proceeds they received from the sale, and the proceeds you received from the sale.  Each of you will report that on your taxes.

Here's my 2 cents...  I agree with those that advise that you graduate - you've come too far not to get the degree.  The degree - in anything - is mostly what you need.  And kudos for no debt!!  You ARE ahead of the game, especially saving $6K as well.

If you LOVE history, get a job teaching as you said.  And as someone else mentioned, take the summers to work RE.  Once you get to a point where RE is more consuming (and lucrative) than teaching, do it full time.

Also, once you graduate, I would move from CA to somewhere that has reasonably priced RE.  I'd by a multi-family with you living in one of the units. That will be the beginning of your RE career while also using degree.

Best of luck.

Would love to talk with anyone experienced with HomeVestors - good or bad.  Although I'm not looking for a full-time job, I am interested in getting back into RE Investing, and thought this might be a good fit.  Would this be worthwhile to do on a PT basis?  I'd really like to hear more about what you actually do besides getting a home under contract.  Which I believe is the first step.  But are you involved personally in rehabbing the property and then reselling?  Any and all info would be appreciated.  Thanks!

@Will Barnard @greg Dickerson I am looking outside of CA due to purchase price. I cannot afford the cost here. Would be looking at a purchase price of $150k or less. I have done flips in CA about 15 years ago when I was hands on (in terms of actual construction). Not the case anymore, although I’d be involved in the process (selection, rehab decisions, resale, etc.)

I’d like to do a flip with a partner out of my home state of California. I can provide the cash to purchase and was thinking the partner would foot the rehab and sweat equity. What are your thoughts about this and how could I structure it so that all parties were protected? 

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Is the lot not big enough to build the new place AND have the mobile on the property too?  Or is it a zoning thing (2 houses/1 lot)?  Just wondering if you couldn't rent it out as airbnb or mother-in-law type place.  Otherwise, purchase a lot and move/connect it and rent it out.  Maybe do a lease option??  I think (but not sure) that if you move a mobile into a park, it needs to be new.  I think that's the case here in CA anyway.  But, I agree, seems like you have great potential there, and it would be a shame to waste it.  Why don't you try and do a lease option (if you can't find a cash buyer) on the unit and have the buyer buy their own lot and move/connect it.  Or maybe you can find someone with a lot they already have.  Good luck!

Thanks Andrew for the response. Let me fill in with some additional information. I’ve actually had several rentals over the years, both VR and regular. I have my brokers license that I primarily used to buy and sell my own properties. In the last few years I’ve sold all properties and am no longer a landlord. (Yea!). However, I’m really not interested in investing in the stock market. And I’m thinking now, since I at least know something about RE, and like it, that makes more sense in terms of an investment. So, I’m now thinking of jumping in again. 

That said, I think I’m really leaning toward LTR, because, as you said, way less involvement needed. And, yes, I’m looking for something that doesn’t require or need a lot of hands on effort. I’ve used PM before, and probably would again, but have found it REALLY hard to find someone that I feel is worth the expense. However, I would try and find someone as I would need to invest long distance (not in CA). So... I guess what I’m really looking for is advice on WHERE I should start looking. I’m really only knowledgeable about RE in my immediate area - which won’t work.  

Sorry for the long post...  just sorting thru options. But, in summary, I guess I’m now looking for advice on where to look at purchasing for a LTR. I would say a B or C property, in a weather-safe location, that would generate good cash flow and some appreciation. Thank you for getting thru this post and any advice you can offer!