All Forum Posts by: Robert Livero

 Nathan,

Thanks for the reply

Sorry I had all caps on when I was writing, and didn"t have  time to redue it when I finally noticed it.

Rob L

 HI ALL,

A FRIEND OF MINE HAS A PROPERTY THAT IS A BILEVEL THAT THE OWNER WANTS TO TO GIVE ME THE PROPERTY SUBJECT TO THE LOAN ( I'LLTAKE IT OVER), FOR 272K , PAYMENT IS 2017.94 PITI (RENTS IN THE AREA ARE AROUND 1500 -2000) , IT'S WORTH ABOUT 400K , BUT NEEDS ABOUT 100K OR MORE IN WORK TO IT.
THE OWNERS EX WIFE HAD TO GO INTO A NURSING HOME AND THE HOUSE IS LATE ON TWO PAYMENTS,(4,035),
WHAT IS MY BEST COURSE OF ACTION, SUBJECT TO OR A LEASE OPTION OR SHORT SALE? 

UNLESS SOMEONE ELSE HASA BETTER WAYTO DO A DEAL OR SHOULD I PASS ON IT? 

THANKS

ROB L

Rick and John,

 I want to thank you for responding so quickly, I will take your advice. I don't believe the properties are in the path of progress, not sure about the blighted area since I live about 27 hrs.  away from the area.

Just wanted to know if my numbers were correct, and do you or any one know who to contact for a Refi for mobile homes?

thanks again

Hi everyone, looking to purchase  a gentleman's portfolio. it consists of 2 houses ( 1 1bed 1 bath & 1 3bed 2 bath  rents are 400 &750), 1 duplex consisting of (2  1bed 1 bath rents are 400 each), and 8 mobile homes,( dates of mobile homes are from 1967-1985) 1) 3/1 rents 525 yr1979,  2) 3/1 rents 425 yr1975,    3) 2/1 rents 400 yr1971,    4) 2/1 rents 450 yr1981,     5)  2/1 rent none(needs major repairs) yr1971,    6) n/a rent 375 yr1975,     7)  2/1 rent none (needs major repair) yr1967,     8) 2/2 rent none ( cosmetic repair) yr1985.

These properties are all spread out over the county some are on the same property together but most aren't.

My concerns are :

1) while doing my home work on mobile homes, get the purchase price minus scrapping fee and divide by 27.5 years. so that makes these properties to be of no value.  How do I figure out what to offer on the mobile homes? just the land value, the value on rents, etc.

2) I have a private lender that will give me the money for the deal but needs to be paid back within a year. does anyone know a lender that can help me do a refi on the mobile homes that are this old? So I don't get stuck in a jam after the year is up and loose it all to my private lender lender

The owner of the portfolio is looking for 250k.

IS THIS A DEAL OR A WAIST OF TIME?

THANKS

ROB L

Thanks everyone for responding. Olga & Evelio, I left a message for you in your colleague request, since I'm not signed up as a pro.

Tod once I find out something I will get over to you as well

NEED HELP TRYING TO FIND A GOOD REAL ESTATE ATTORNEY FOR MY INVESTOR CLIENTS AND FOR MYSELF, THAT KNOW HOW TO DEAL WITH ,
TRUSTS
OWNER FINANCING
SUBJECT TO
LEASE OPTIONS

OTHER CREATIVE FINANCING

ETC.

Ian and Joel ,

Thanks for responding. and I will check out the I tunes podcast.

Rob

Andriy and Marshall,

Thanks for getting back to me. Still waiting for an answer on the utilities, once I get that I will post it.

So what would be a good price to pick this up for?

Jeffery,

 Thanks for replying. I appreciate yours and every ones help.

I don't know about the utilizes but I'm going to find out. will also find out about the lot rents, if they are park owned or tenant

Andriy,

Thanks for getting back to me.

 I don't have that info but will call to find out, and let you know.

Do you own any mobile home parks?