All Forum Posts by: Mike Reynolds

 I'm not sure, but it think you may be talking about 21st mortgage. They will deliver a home and you sell it. They will finance it. Then u just charge lot rent. I think you have to agree to buy a minimum of 50 over a period of time. 

If I'm remembering correctly anyway. 

 No rule of thumb really. The biggest ones are electrical, plumbing, termites/rot and structural. You never know if one or all will pop up. 

For the not so experienced, the biggest problem is wholesalers that can't really read a house. I have a guy I do business with. I trust this guy very much. He would never intentionally deceive me. I looked at a house that he thought would be 50k rehab. I saw 50k just on the exterior. I told him to walk away from it. 

Once you do it often enough, you get better at it. Always figure more in the rehab is my philosophy. The less experience, the more you should factor in. 

I did vote estimating the rehab though. I've been a builder for 40 years and even I don't get it right some of the time. 

There are many unknowns until you open that wall up. 

 Very interested. 

 Not that one. 

The MHPs I have bought have been at the right price. I get them for not much more than the land is worth. That way, the bank doesn't collateralize the POHs. I can then sell them without the bank caring at all. One time we sold the POHs and paid off the bank. Doing this is not as hard as you might think. Many mom-and-pop MHPs dont show the income. They try and "get away" without paying taxes by receiving the rent in cash. I'm not an IRS agent so I dont care about this. That is between them and the IRS.  I do show the owner that I can't buy it at the price they are asking for. They dont show any income so the bank doesn't recognize any income. Even though, not so secretly, they know it is there. They just wont let you know they know.  Every park I have bought has been at or slightly above the land costs. 

Everyone tells you to get a park that has 100 spaces or more. I get that. It makes sense. But what if you could get a park for 250k, turn it around in less than 8 months, and it appraises for 650k? Would you do it? Could you turn that into a 1 large (or three more small) park(s)? If people need low-income housing, then why do they need to live in large parks only? 

I have and bought @Frank Rolfe system. It was after I bought my first 2 parks though. It is very much worth the money even if you have parks already. Frank is a very good businessman. There is a lot to learn there and well worth the money. But sometimes you need to think outside the box. No shame in that at all. 

 But I only have 4 properties. That is 60 doors though. I think that is what they mean. It is so much easier to manage 4 properties when you have 20+ doors per property. 

It's probably cheaper to raise the house than to dig out the basement. 

We don't do basements in Texas because of the water table mostly. When we do, there are all kinds of other things to consider. My last 2 commercial jobs were subterranean. We had to dig a well that constantly pumps out water from the basement. Another well is in case that one fails. An NCAA practice gym sets 6 inches below the water line. 

Not my design though. 

I think you could get a house mover to give you a price to raise it up cheaper than what you are planning. Either way, it's going to cost a lot of money. 

The smaller property post reminds me of a joke. 

3 Texans were bragging about who was the richest. The first one said that he was. He owned 20,000 acres of prime farmland South of Victoria Texas. He was worth millions. 

The second one said that he was richer than that. He owned a quarter of a million acres outside of Amarillo Texas. He was worth much more than the farmer. 

The third Texan said I have both of you beat and I have only 5 acres. But it's downtown Houston with 60 floors and a parking garage on top of it.