All Forum Posts by: Gary Johnson

Thanks very much for the advice Louis. That sounds just like what I'd like to do. I will contact you when plans move further along. Thanks!!!! MJ

Also, I'm trying to find out what type of project I should go with. I don't really want to go the low income, government subsidized route. I'm thinking a project for older citizens but yet not an assisted living community. Does such a thing even exist? What are some other options? Thanks for all of your advice. Keep it coming! MJ

Thanks for the info! Is there a similar program for North Carolina?

I have a 4.94 acre tract of land that I think would be a good location for a small apartment project. Not sure how many units I could expect to get on that size lot. Are there any government programs that I might be able to use to finance the project? I have pretty much no cash but own the land free and clear. I had read on another post that since I own the land, financing would be easier to obtain and when the project is completed, it would be possible to make the permanent financing include the value of the land as well. Am I making any sense all ? The property is located in an area with a fairly heavy religious base and there is already a large number of over 50 and retired folks in the immediate area. I'm also wondering if I should consider some sort of retirement community or age restricted housing. Any ideas and suggestions are appreciated. And let me know if you need additional info. Thanks! MJ

This was a large parcel that was cut up into lots several years ago. The county requires at least 2 acres, even for a MH. I feel sure they could have divided it up into smaller lots, so I'm not sure why there are 3,4, and 5 acre lots. MJ

As long as you're getting a nice down payment, getting the home back to re-sell again wouldn't be all bad. Depending on what kind of repairs are needed of course. Guess at least for now I need to start locating and making a list of all of the MH parks in the area. Which leads to another question. Hoe far from home are you willing to go for a deal.? At what point does the distance start to make the deal not worth it? I'm sure that, of course, depends on the deal! MJ

Thanks for the advice. I had an itchy feeling about that long of a term on modular. I'm reading "Deals on Wheels" now. On top of Lonnie just making it sound too easy, it seems all of his deals are for mobile homes in parks. Not many parks in my area. And I would rather figure out how to make deals work on homes that are on land. I would like to sell/finance the home, and rent the lot. But land is expensive around here also, so I just don't have it figured out........yet. I'm primarily interested in single-wides. This one just popped up recently. Keep the advice coming! MJ

Found a foreclosure 1,800 SF Modular on 5 acres). May be able to purchase for 40K. I can get a private loan for 36K. I have a buyer that is willing to pay 60K for the house if I will finance for 30 yrs with 10% down. Does anybody finance deals for this length of time? Or is that type of financing best left to the banks? Tell me where the flaws are. MJ

Thanks for the advice. I guess I used a bad choice of words with the "quit your day job" deal. I have no intention of quitting work until I can afford it. What meant was that all of my friends/family would tell me I should not be doing this. That I will surely fail. So why even mention it to them? My previous track record with business/financial matters would probably back them up. But I have been successful in a few endeavors when I have really put mind to it. So I know I can do it. Thanks! MJ

Ryan-I know I'm capable of it. I just have to get the nerve up to pull the trigger. I'm just wondering if the financing is truly available to somebody in my financial situation, which, I know, could be a lot worse.
Boricua-Thanks for the advice and keep it coming. I know I'm going to have to rely on sources like this for my encouragement. 'Cause I ain't gonna' get it at home! Thanks. MJ