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All Forum Posts by: Steve Faulkner

Steve Faulkner has started 1 posts and replied 4 times.

Post: Hello from Oklahoma

Steve FaulknerPosted
  • Real Estate Investor
  • Bartlesville, OK
  • Posts 4
  • Votes 0

Hi Mark,
Sorry for the late reply. I haven't been back on the forum until today. I would be glad to visit with you about the Tulsa area and Ok in general this coming week. Monday the 7th AM is good. Tuesday the 8th is ok as well - again AM. I am up by 6 and out the door around 7 AM Central so anytime after about 6:30 AM is good. I have closings on Wed. and Thursday. If you are available please give me a call. Look forward to talking to you.
Steve

Post: Hello from Oklahoma

Steve FaulknerPosted
  • Real Estate Investor
  • Bartlesville, OK
  • Posts 4
  • Votes 0

Hi Ken,
The only REO source of mobiles that I know of is the GreenTree financial Repo lot in Tulsa. I have been there on several occasions but these are newer homes and much higher in price. Some of the houses are on the lot and some are still on the previous owners lot. I find the best way to buy mobiles in the price range you describe is to advertise in the local paper - We buy mobile homes, cash. What you will probably find are plenty of prospects, but they will all have to be unhooked, unskirted, wheels installed and moved. The process also involves having to pay the taxes at the local courthouse and visit the tag agency to get the required updated plate sticker and 936 form before the home can be moved. I don't mean to be pessimistic but the only way I can buy a decent home and get it moved and set up to rent for $7000 is by doing all the leg work and a good deal of the physical hookup and skirting personally. I don't believe that you can accomplish what you need to for the money you describe from the West Coast. I guess its possible if you have a relative who is willing to be very heavily involved. If that isn't the case then I would say that you should budget more money. You might try contacting some of the dealers in the area and see if they would let you buy their trade ins. Good Luck and Good Hunting out there.

Post: Hello from Oklahoma

Steve FaulknerPosted
  • Real Estate Investor
  • Bartlesville, OK
  • Posts 4
  • Votes 0

We are currently expanding the infrastructure of our park to accomodate 15 more houses. We expect to buy and rent at least 10 of them. This is great from a cash flow perspective but you are in lower end rentals so tenants must be screened CAREFULLY. We currently own 4 of 11 homes in the park and rent space to the other tenants. Our intention is to work towards owning all the homes and renting them. Mobile home parks have the potential to be a cash flow monster but require serious management.
I am acquainted with a guy who owns 3 parks and has over 300 houses/spaces that he rents. Serious money. Our park has 11 acres of land with only about half developed. We intend to go from 14 spaces to 33 and 4 homes to 15 in the next year.

Post: Hello from Oklahoma

Steve FaulknerPosted
  • Real Estate Investor
  • Bartlesville, OK
  • Posts 4
  • Votes 0

My wife Jodi and I are full time investors in the Tulsa area. We have been landlords and rehabbers and are still doing some of both. Currently we are expanding a small mobile home park and rehabbing 3 houses. Real estate values have been relatively stable in Oklahoma so we are not affected as much as some places. We buy a lot of foreclosures and pre-foreclosure properties. We have also recently launched a website and look forward to joining the BP community.