All Forum Posts by: Orlando Paz

I just posted a similar question. Mine is with a much smaller investment though... Mobile Homes. In your case, I would suggest hard money (if you can't qualify for a loan). If you have a home, perhaps a home equity loan, or portfolio lenders.

I'm excited, and ready to "pull the trigger" with MH investing! The only drawback is... Initial funds to get things going. At this point, I realize that saving is probably the only option. In keeping with what Robert Kiyosaki stated... instead of saying I can't afford it, I am trying to figure out... How can I afford it. With that being said, I am thinking that perhaps taking out a personal loan (the micro version of a hard lender!) might be a possibility. I am open to ideas on creative financing. I am fired up, brainstorming, and open to suggestions. 

Having parents already in the game, puts you at a great advantage. Many newbies hope to find (partner up) with a mentor. You already have those mentors, and they are your own parents. How awesome is that! Talk to them, and tell them your intentions. Show interest, and pick their brains. Learn from them as much as you can. Also, take the initiative to read, and teach yourself. Visit BP, and ask questions as well. The professionals who are on here, are a blessing!... Many opinions and feedback, with a common goal of helping out.

@John Fedro - Thank you so much for the awesome feedback. As it turns out, the deal was not worth pursuing after all. You were right about my excitement. I saw it as an opportunity to get the ball rolling, with potential little output. Boy was I wrong!

As it turns out, the mobile home was flooded out for two days; after an angry guy found out his wife (or girlfriend), was cheating on him. She was out of town at the time. When she came back to the devastation, she just took off and left her furniture and everything behind. This place was abandoned, and destroyed. 

The moment you walk in, you can smell the musty air. Even though there was tile throughout, you can feel the warped particle board underneath. In the middle of the living room, there was a large hole. The kitchen cabinetry, was old and beat up. Not related to the damage, but definitely a point to consider. Same thing with the bathroom. Old cabinetry, warped flooring, and more soft spots. The master bedroom had another huge hole in the floor. 

The sales lady who I spoke with, suggested that I speak to the in-house handyman/contractor that they use. She also said that I could get a discount on any repair by using him. He was already familiar with this MH, so I decided to get a quote. He tells me that minimum labor would be between $2000 and $3000. He then went on to tell me that the ac and water heater was not in working order. Those would need to be replaced. Overall, he said that it would take approximately $15,000 to bring the MH to habitable and somewhat decent condition. With that being said, it was enough for me to realize that this would not be a smart choice, as a starter investment.

To add insult to injury, the lot rent is $514. It also happens to be a retirement community. Under the circumstances, there is little to none opportunity to make a reasonable profit with this particular mobile home. If anything, this has been a great learning experience. For now, i'll save my money and continue educating myself. 

@Leslie A. Definitely worth looking at. I will go with an open mind, but use the great insight I have gotten from everyone to evaluate the deal.

@Harold Anderson I'm not sure the extent of the work involved. I plan on visiting this weekend. I will gather information, and take pictures. I'll get some quotes from local handymen. Tackling this on my own will probably be very hard, since I work full time. I intend to sell the MH. 

@Carol Venolia Thank you! there is a wealth of great information. It's great to know you have a team of like minded people, who are there to help and support you. I truly feel blessed! I've been listening to John Fedro, Rachel Hernandez (AKA Mobil Home Gurl), and the late Lonnie Scruggs (AKA the "Godfather" of MH investing)

@Robert Blanchard You provide a wealth of information! When I first found out about this deal, I called my dad to get his thoughts on it. He has also been involved in various types of real estate investments. He actually mentioned most of the items you pointed out to me. Hearing it again, just confirms that it's worth bringing up when I meet the manager. Thank you for the thoughtful input!... I'll keep everyone posted on this oddball adventure!

I am so glad I joined this amazing site! I am grateful for all the responses, and awesome advice! being here is truly an education in itself. 

I have taken into consideration all the pros and cons expressed throughout the posts.  As I do feel very suspicious about this opportunity, I will proceed with caution. I plan on visiting the community this weekend. I've put together a list of questions based on the feedback I have gotten. I plan on taking some pictures as well. Not sure what could come out of this visit, but I hope to at least be able to get a better idea of the repairs involved, and any other reason for such a low price. Hopefully with some pictures, I could obtain some rough estimates on any potential work. 

I have just come across an unbelievable opportunity for a mobile home purchase. The original ad asked for $500. When I called, it was offered at $1. The management is even willing to waive 3 (or more) months of lot rent! It's in a 55 and over community. From what I was told, the flooring needs to be replaced. It has water damage, due to a heated domestic dispute. I have only seen the pictures, but plan on visiting this upcoming weekend. This sounds too good to be true, and was hoping to get some wisdom from anyone willing to share. Also wondering if any of my BP friends could recommend a handy man.

Hi @Raymond B.

Thank for letting me know. I've used the @ in other posts on other sites, but never knew it could be used as a hyperlink. 

Hey @Andrew Davis,

I've been putting some serious thought into this niche, as it seems to be one that I could initially get into. I've gotten some great advice so far. I had an opportunity to get feedback from John Fedro, and Rachel Hernandez (aka Mobil Home Gurl), and they both gave me an honest and positive response. Right now I am looking at various areas in real estate to see which would be a best fit for me. I am also trying to learn as much as possible. Initially, I am looking at mobile homes. I am also looking into wholesaling, notes, and tax liens.  Not sure which avenue to take yet, but I am definitely fired up. I did get to listen to John's podcast. Thank you for sharing!... Very informative. 

@Paul, Your advice makes sense. My enthusiasm has made me overlook the very simple approach you outline. Although I am still working on finding a good niche, I could probably use a tag line, similar to the one you suggest. Thank you!

@Andrew, Thank you!... I'm still in the beginning stages, but I am fired up and excited! being a newbie at this whole thing, I am enthusiastic and somewhat of a perfectionist. I need to maintain the excitement, and loosen up a bit though. Once I determine my niche, I could add an outline describing what I do on the business card. Similar to the way you emphasize what you do. I appreciate your help, and will certainly keep you in mind. Thank you!