All Forum Posts by: Marc Faulkner

One way to jump into different types of investing is to become a Bird Dog or Finder for other investors in that field.

@Taylor Tully - since it is private you can negotiate whatever terms are acceptable to your private lender.  

Most guys start with 7 to 10% and I would suggest keeping the arrangement with the investor as simple as possible.  I would not split the down payments you collect from the buyers but would offer a steady return and a lien position on the title for security!

IF you are just looking to rent the unit out for cash flow then rehabbing it is your best bet for the reason you mentioned above.  First the cost to remove the one that is there and then the cost to but, move and set up another.  This leaves you a lot of room for rehab and it doesn't sound like it will be to much.  Here in Michigan I am seeing some heavy duty metal roof overs that look pretty nice.  The laundry area probably just needs a new subfloor and floor covering which is a quick and easy job.  I would say fix it and find a renter:)  Spend no more than $6,000 end enjoy!

Actually the tenants have 7 days to respond once they are served the Demand for Possession for Non Payment of Rent by the landlord.  If they have not moved out or paid in the 7 days, then the landlord has the right to bring suit which is usually very cut and dry.  If they can't prove they paid rent, the landlord wins.  They will then have 10 days to pay and stay or they will have to move out.  If they do not, the landlord will ask the judge for a Writ of Restitution, and the local sheriff will be notified to throw the dead beats out of the home and place any left over belongings at the curb.  If the seller is out of state, maybe they could sign a property management agreement with you so that you can take care of this in court to make sure it happens.  

An alternative would be to see how much the deadbeats need in cash to get the heck out of dodge.     

The best thing to do in this situation is to become as good of friends as you can with your investor.  They are the ones that have the cash, so they make the rules and should be happy to explain their criteria to you or they are not much of an investor! 

Most parks will not allow you to sublet their lots.  Also-if they do, they will hold you accountable for the lot rent if your tenant fails to pay.  You would want to make sure you can work out an arrangement with the park before considering this.  Also-the price for this one seems exceptionally high for your first mobile home deal.  You could most likely generate the same cash flow from a much less expensive unit.

Most likely this is a pre-HUD home and can not be moved. Also-the title to the mobile home itself will not typically come with the purchase so-even if it is movable, you will have to figure out how to come up with a title in order to get anyone to buy the mobile home. You may have some luck offering the unit up for scrap but, you would want to make sure that you are released from liability of anyone working on your property. Most scrappers do not have liability insurance and will leave you with a mess to clean up. Your best bet is to hire someone to demo it on the spot or to haul it to the dump usually. You will have to call around and get estimates on each and see what the situation is there locally. Another option is to rent a huge dumpster and do the work yourself.

Sorry about your luck.  It pays to be very proactive early on.  It would have been well worth it to offer your buyers cash for keys as soon as you both knew the deal wasn't working out. 

Just checking to see if you have the 59 unit park under contract @Jamin Olds ?