All Forum Posts by: Melissa K.

Hello,

I am looking to purchase a fixer upper from a wholesaler, however, most that I speak with say that they don't have inventory or that their houses go in a day or two.  Are houses really selling that quickly or is that just a statement to get me to buy fast?

Also, once I have a house under contract are there any stipulations that allow me to cancel the contract?  For example, if the repairs cost more than what the wholesaler estimated or if the arv they have estimated is wrong? etc

Thank you for your help!

Hello,

I am interested in purchasing a house to fix and flip. I have good credit and some past experience investing in RE (prior to 2008). I want to finance the house and the rehab costs. I am looking into crowdfunding because I think that my DTI might be a little high for traditional financing. I have read some posts on BP and it looks like Realty Shares is a company I would want to look into, however, when I go on their site, there is no information or contact info. Any ideas on how to get in touch with them.

Also, Is it possible to crowd fund loan and the down payment?  Maybe from separate entities?

Thank you for your help!

Any suggestions on where to find mobile homes for sale where you own the land? I don't see too many on the MLS or on craigslist. Other than that, I don't really know where to look.

Hello,  I am trying to learn as much as possible on Tax Lien Certificates.  I see that my county has some tax certificates from 2015, 2014, 2013, for sale.  What happens if I purchase a tax cert for year 2015 and someone else purchases for the year 2016?  Who is able to foreclose if the certificates are never redeemed?

Anyone have an idea as to what the foreclosure process/cost is in FL?

I haven't purchased a mobile home yet, however, I am in the process of looking at homes for sale.  I would like to turn around and sell it offering seller financing.  I am hearing that RMLOs are not allowed to write the mortgage/note and that I need to hire an attorney.  If this is the case, then I would need someone to run credit on prospective buyers.  Does anyone have any companies that they would recommend for credit and background checks?

I wanted to thank everyone for their help and advice.  It is great knowing that there is a place to turn to and have questions answered by people with experience in the industry.

I wanted to follow up on this thread so that if anyone else starting out and looking for answers to questions comes across this post, they will have the answer. (at least for FL)

The following info is from http://www.flhsmv.gov/dmv/mobiledeal.html

License Types

There are two classes of licenses issued to mobile homes dealers. They are:

Mobile Home Dealer--for a person dealing in new or used mobile homes. This license permits the licensee to transact business at retail or wholesale.

Mobile Home Broker--allows the licensee to sell used mobile homes only. This license permits the licensee to transact business at retail or wholesale.

General Requirements

• Approval of business location by a DMV representative.
• Completed application form.
• Fee of $300 for each main location.
• Annual fee of $40 required for the Mobile Home and Recreational Vehicle Trust Fund.
• $25,000 surety bond.
• Copy of lease for location or proof of ownership.
• Dealer training seminar certificate.
• Registration of fictitious trade name.
• Copy of corporate papers.
• Sales tax number.
• Federal employer identification number.
• Fingerprints and applicable fees. ($54.25 per person).

I emailed the DMV to see if I am permitted to use my home as an office.The response was (and I am happy to have it in writing) 

You can be a Broker in your house as long there is no zoning issues. You will have to check with Zoning in your area.

Thank you all so much!  Great advice!

Thanks so much for your advice Jacqueline!  I greatly appreciate it.  

Hello!  I am in the process of looking at mobile homes to purchase.  I have not done a rehab yet.  I am going to look at a home tomorrow that needs kitchen cabinets and appliances.  There is also one window that needs to be replaced and some carpet to be replaced.  What is the most cost effective way to have this work completed?