All Forum Posts by: Roy Oliphant

@Sean Murphy

I did some investigation on this in Texas and found that there are significant differences between a manufactured house and a mobile home.  Some mobile home dealers sell both.  Roof pitch, construction materials, foundation, etc., are all different.  In DFW, differences mean that a manufactured house starts competing with site-built in price and you still have to deal with building codes that try to prevent their use.

Hope you get different answers. 

@Trevor Smith

Not trying to be a jerk (ok I am a little) but can I borrow your crystal ball?  I'd like to be so sure of when the market will drop that I can refi some properties just before then too.

Seriously, that is the type of attitude in your post that may offend the experienced investors who try to educate the newer ones as to what to look out for.  @Bill Gulley seems to believe there is significant risk both in the deal and in the regulatory compliances required to do it.  I'm sure there are others here that would minimize it (as you seem to have done) and may be happy to support your opinions.  That you attack him for being negative rather than propose why your logic or position is the better one makes it harder to see the reason behind your opinion.

I enjoy the lively discussions found on BP.  There is generally something to learn when opinions differ.  Thanks to both of you for participating.

@Waide Franklin

Try @? and select the person from the list.  I don't think this works on my phone but does from my laptop.

I'd be VERY careful about your language on this.  An investor doesn't talk to a seller about getting his house sold; only an agent does that.

Good luck and do keep me in mind if find any super deals. 

@Account Closed

First thing for him to do is contact the county and try to arrange a payment plan.  Most counties in Texas are very generous with this, at least the first time. 

@Jonathan Jones

I am not a lawyer but I understand is as follows:

The Mortgage Servicer is the payment processing company for the Mortgagee that holds an existing mortgage on the property.  There are several reasons why there can be an existing mortgage and unpaid taxes.

The Transferee is a person or company that has paid the taxes and assumes the Taxing Authorities' position in the tax lien.  There are very tight restrictions on who can do this and their qualifications and "loan shark" does not do justice to what they do.  They do provide some opportunity for the homeowner to prevent or at least postpone a tax auction and not have to pay the 25% redemption costs. 

@Chris White

You have received much good discussion and advice on this.  I think this points out how thin the margins are when you both don't have your own funds and don't find your own deals.  This leaves you with having to be the best at watching every expense and know how to keep every dollar in your pocket.  I think you need to make sure you are looking for great deals and not just a deal as you aren't directly adding margin to the deal.

@Fred Ramos

I would think amount and terms are important elements to finding any real interest. 

@Winston Parks

Interesting question.  You asked how to value a motel then say you intend to convert the property to a different use.  I think the 2.5 - 3.5 x net revenue works for an operating hospitality property.  However, if you intend to convert the property, then you should probably look at a valuation based on After Conversion Value - Conversion Costs.

@Myka Artis

Before you do either, make sure your contract specifically includes the personal property (re: junk).  This is not usually sold with the real property and thus the seller may have a claim against you if you do anything with it; including proper disposal. 

@Kimi McCarty

Please send me the property specifics.  I may be able to help with an exit strategy.