All Forum Posts by: Joe Pitrolo

My bid of $3,500 was accepted, but it looks like repairs are more than I expected. Total investment about $9-10K. Retail value is about 12,000. small margin of profit.
Several reasons for optimism: 3 bR have higher demand.
2. Its Tax refund time. 3. I could drag this out and double or triple my investment, but it would take longer than I like on a mobile home.

My second Trailer is a 76 model that I will have about $4,500 to 5,500 , also a little more than like, but I can recoup my investment quicker.
I like to recoup with mobile homes within 8-13 mos., these might take a little longer, but also could be excellent investment.
I am a little cash strapped now and realize I may have bit off more than I can chew. Should I hunker down and think long term or try and cash out quickly on one of homes?
Its nice to find $1,000 Lonnie deals and put an extra $500 and sell for five times that amount, but my experience is that its easier to find fixer uppers.
Any thoughts or advice? I'll try to post some pictures.

Someone said they accidentally put the rent in the Lion's Box instead of the mailbox by mistake. Got the rent 2 weeks later, evicted 2 months later , trashed the place. Lesson learned.

I would say LLC for added liability protection and also fire insurance.
I don't think buyers in general are as hard on property as tenants. I find they will leave because they can't make repairs or want to move.

You might try rent to own? possibly lease option.
Also, you might team up with a loan originator.
Start out small in parks with lower lot rents.

Been reading Dave Allen "Getting things done"
He talks about labeling everything as a project and then dissecting the action steps. This gets it out of our mind and clears the clutter in your mind.
Projects that are far away are filed away in the "maybe/someday" category.

Glad Josh didn't close the party down just when I wanted to post! haha.
Now a days, if you don't have a tattoo or piercing, you are in a minority it seems.
I agree not to judge a book by its cover, look at objective facts first, but you have to rely some on your subjective or gut instincts.
Objective: I would be concerned about the disability ever running out? Is this a settlement that could run out or SS disability?
Subjective: Do the people seem like partiers or druggies. You can get a feel for these things by observance or talking to someone. You may or may not be right, but if you have a concern, its cause to check further. Check personal references and courthouse records.

"No money Down"? Is that because lot rent and utilities are high?
I prefer at least 1k or even $500 down, seems to bring more qualified buyers also.

Terry,
I thought the MH witht the boat looked like you could sell for more, but I'm sure you've studied the market price.
I believe you can add 2-3k to the price for a MH that is set up and in a good community because moving expenses are so high. You may try asking 1k more and see if you get the same response.
I just sold a home for 7,500 2 br/1 bath, lot rent 150, folks paid around 2,800 and walked after six months. Now, I'm reselling for around 8k and have had great interest, suppose to close tommorrow.
It seems that terms and conditions are most important to MH buyers.

Any updates with the 8k credit running out?
Curious, sounds like you ar buying homes for around 5-10k? What are you selling for?

Oh yea, The burnt deal isn't off topic, its one of the best deals and quickest $1,250 the mover ever made.