All Forum Posts by: Mike Cumbie

@Doanh Mai

They exist, but there is plenty of risk to go with them. You normally can't get inside so you have to do a curbside comp on value (1 risk). They may still have the old owners/tenants inside, so you will be responsible for getting them out (2 risk). They may have liens that are not removed by a tax auction.... local codes will vary but Federal liens will stay (3 risk). Could be condemned or ready to be, totally changes your repair options because it may need to be to current code (4 risk). Sinkhole....hazardous waste disposal site 15 years ago..... nest of some endangered species in the back yard you can't disturb (5 risk) and many more. 

People I personally know who play in that realm often times bid and put the 10% down required here, and end up walking away from a couple a year (losing their bid money). May be a loss of 5K to 30K but it ends up being better than trying to salvage when they end up with a full picture of the place. Those same people also tend to put tons of money down on "Quick Draw" lotto games while having lunch at the bar. 

I agree with most of the above. If they saw Jets when they looked at the place, they expected that feature. Fix the jets. 

3/2

Could be. I would say most of the investors I know aren't computer savvy at all. While everyone else is sitting at home on Zillow, I'm talking to the guy with the flip phone reading the paper :)

I suppose to answer the actual question you asked:

Sure it's appropriate and smart especially if you are starting out. if you get a bite, just send your agent over and have them let the seller know they are working on behalf of you and you have their fee handled so it isn't part of the transaction. 

Hi @Amy Martini

Often buyers (Especially investor buyers) pay their own agent. 

Couple reasons for it. Their rate may be different for someone they have worked with before. Also the sales price is lower for tax reasons. 

@Chris Martin

I hear ya. There is what can be said and what can't. I hope your case is just.

I have zero knowledge of anything related to this. I apologize I can't be of assistance but I am following so that I can gather some insight for myself. 

Thank you for posting!

Ah, so your working on a flip with a good profit margin. Looking to live in a mobile while fixing the house. Then off loading the mobile when done. Makes sense

To me 30K profit in 2 months seems unrealistic in my area. Assuming you got a mobile in a park for $1. Conservative at 10K in materials. Now you have to sell it for 40K in 2 months. Depending on the age it may not qualify for financing. So you need to find a buyer with 40K cash who wants to live in (and qualifies) a park. 

in the parks around here I can get you a 2012 doublewide in great shape for 40K. Obviously your area will be different. Make sure you check your comps for when done.

good luck!