All Forum Posts by: Michael J Flores

Welcome to BP Katherine !!! Hope that you find all the knowledge that you need to succeed. All the motivation to keep true to the course when things don't go as planned. Best of luck to you and your family on embarking on this journey

Friendship simply . All they want is the frig and freezer and to be able to simply walk away . On the business side of it . I'm curious as to what can or cannot be done with this opportunity. It's the second time this weekend that someone has approached me about mobile homes . Wondering if I haven't been narrow minded about mobile homes

I currently have a friend who's husband inherited a mobile home . They currently have tenants who haven't paid rent in approximately 6-8 months . The home is currently in default (NOD) the earliest sale sale is in March 2016. The default amount is around 8500.00 . The property is currently underwater , loan balance is about 160k and arv is about 121k . There's no rent on the space . It's a 3/2 with a fenced in 6900 sf lot . Per owner there is some cosmetic repairs needed. My initial thoughts were to try and negotiate a lower price short sale with the lender , fix it and use it as a possible rental . The current mortgage is 675.00 . My other thoughts are to pay the default amount and assume the mortgage . Any thoughts or suggestions would be appreciated.

Do you already have a buyer in place ? If your e looking to wholesale it . What are you looking to clear from it ?

Have you considered owner financing ? If he owns it free and clear that may be an option. What's your exit strategy ?

Hi all , my name is Michael. I am new student in the world of real estate investing. I became active in learning about this business after having attended a guru event in December of 2014 in San Diego . People always ask me , "was it worth it ? " I have to say that 100% yes !!  The experience showed me a world that I had no idea existed. The strategies and the techniques used as well as the resources available . It was my thirst to learn more that led me to Bigger Pockets Podcasts . I find them inspiring and informational. One of the things that I took away from the guru weekend course was that you are always learning, and the minute that you think you know it all . That's the day that you'll come to the sad realization that you dont. This business gives me the opportunity to live my life with no excuses and with no regrets. My goal is to be able to assist as many people as possible . Thank you Brandon and Josh for creating this community .