All Forum Posts by: Nicholas Moffett

I appreciate the response but you guys both completely missed the question.

The question is.... HOW EXACTLY (and be specific)

Does one FIND these properties without using loop net....

What is the exact resource to FIND Properties, then i can analyze them, but i can't analyze anything until I find it 

So I want to buy a PLEX..... Im going to be putting down 100-200k and I want to find a deal, bigger the better, however on the MLS all that really comes up for sale are 2-3-4- plexs. So my question is, since I want to acquire a 10-20 unit deal, how should I search for this ?

The MLS is just producing little deals, and while I could buy a 3/4 plex cash, I want to leverage and do an FHA or a fannie/freddie mortgage with a 75% note and 25% down.

But WHERE, (Besides loopnet) since youve gotta spend $350 a year on it, where can I find a real, solid, no bs deal.  Or ill even consider a 8 unit deal or something similar.

ANY HELP OR IDEAS ARE APPRECIATED 

most all home path properties are as is ( BUT MOST ALL HAVE CLEAR TITLE) 

You still ALWAYS must do a title search - ON ANY PROPERTY unless seller guarantees free/clear title

most of them in the first look phase are open to owner/occupants only , so beware of that for flips and sticking renters in them 

CASH / MORTGAGE MAKES NO DIFFERENCE .... They take highest and best regardless of whether it is cash and or finance. 

If you can acquire some POH cheaply, or included in the deal, and then OWNER FINANCE them out, then you stand to make a good % return as those people cannot get a traditional loan, as long as you write in the contract they MUST maintain/pain, keep clean or they will lose their equity.  There is always money in owner financing them out, granted it is more work and if you're a BIG park buyer iwth 5_+ parks then dont even think about it, but to self manage then there is upside.  As long as you write your contract IRON CLAD ! 

I understand everyones ideology on these guys, I simply wanted to read their info and see if they are or are not legit.

Too many scams out there

ESPECIALLY when a company wants to sell you something, without telling you EXACTLY what it is... I have always been dubious of the info marketing business cause 99% of it is pure crap where they give you half of the puzzle, then you need "COACHING" to get the other half.

I am wondering if anyone has used  any of the packages on MHU  http://www.mobilehomeuniversity.com/

If you have  and would be willing to share and or sell it so I can read it, please let me know .

 A book is a good place to start, but without the hands on knowledge you are already dead in the water.  Can't learn from a book in my opinion. 

1) there are NO deals on the MLS .... Its just a bidding war where all the value is sucked out

finding that in, whether it be direct mail, knowing a good agent who has pocket listings, or just advertisiing ( BUY HOUSES ) is how people get deals.

2) Rehabbing, if you dont know what the costs are to rehab a property down to 2-3k margin of error dont buy a house.  I spent 50k on my first house (rehab budget) and went over by alot, but I got the education on how to pick apart a house.  You have to be in a house 7am-7pm pounding nails in order to understand costs.  If you dont do that, you'll be like every idiot who sees some TV show and thinks they can do it too.  

I think its funny going to auction where idiots bring in contractors to tell them how much its gonna cost.  It's blatantly obvious they aren't real players.

3) rental game is long term money, usually using financing from banks. single family homes are less desirable to rent than an entire apartment complex as you have way more to maintain, versus one structure under one or 2 roofs. THe best idea for a rental property is to buy one thats a REO or dump, build it up to your specifications TILE EVERYTHING, and idiot proof the house versus buying something turn key.