All Forum Posts by: Paul Fagot

help please!

@Rylan Macallister @Brad Carrier there's a huge shortage on housing right now. People are doubleing their rental prices it's so messed up and crazy. Saw today a 1 bedroom 1 bath for 1600.. mind blowing. But I think that investing and developing new buildings and subdivisions here is gonna be huge. 

Hello BP, I was driving for dollars the other day in a neighborhood about 5 miles from where I live and saw this abandoned house aka (Eye Sore) tall grass everywhere and over grown shrubs. So I stopped jotted down the address and went home to look up the info on it. As I was looking at the info it said its a 2/2, 1100sqft, 2 car Garage, SINGLE FAMILY HOME, owner bought in 1996 for $82k comps on it was $180-190 today. Looks like 25-35 rehab.

So I went back put my flyer on the door week later I got a phone call. Owner said he wants to sell cuz he had bad tenants + behind on rent.. you can tell.. he said he wanted $90k so I asked If I could go check it out tomorrow he said yeah.

He sent his nephew to show the property since he lives in Oakland. So we walked in and I noticed it's a manufactured home and right after that the nephew mentioned to me that it was a manufactured home and actually the inside surprised me because it wasn't in really that bad of condition.lol

So I give a friend of mine a call (an investor) and looked it up even went by it and called me back saying yeah it's a manufactured home and that pretty much the nieghborhood is half manufactured and half single family. All the sites that I go on looking up the info says single family and Zillow is the only one that said manufactured. The comps for the property are from some houses and manufactures.

Has anyone flipped a manufactured home and seen a good sized profit or what other things could you do with a property like this. My original thought was for my first flip to flip it but then I didn't really know anything about MFH's so it sounded like to much a risk. Feel I would need to get it way cheaper. I mean I guess you could flip and rent out for cash flow but I don't know. Any suggestions or thoughts on what I could possibly do with this property or should I just let it go? And go on to the next!? 

Thanks if you made it this far! 

Hello BP, we have a devastating fire happening in my home town here in Northern California. Some of you may have seen it on the news or social media but this fire is awful taking lives and people's property. 500 structures destroyed and close to 5000 threatened.  It's reached 80,000 acres and at 5% contained and growing. But our fire fighters are working so hard to get this thing contained. Thank you Firefighters! 

But my question is because I'm curious, what does something like this do to the housing market to a city after the fire is put out? 

The owner would be the person who buys commercial properties here in town. So I don't imagine if rents haven't been paid for then they'd be reimburst the next month till they get paid by new attendants? Idk what the best set up for the deal would be other then talking with the buyer? What do you think? @Tom S. you know anyone who has done something like this?

Anyone please?

Just an idea.

I was just sitting here thinking about different ideas i haven't heard of and i don't know if its a thing or theres a name for it but, Has anyone ever wholesaled a commercial property to someone and structured the deal to where instead of selling the contract for say $10,000 more than you got it under contract for, to where you sell the property to an investor at the price you got it for and then set it up to where both parties agree that you just collect a small percentage of the rents of the building every month for monthly income? 

Also if I were to wholesale properties, I should put that in with an S-corporations

Thanks @Brian Schmelzlen I will be on the search for a CPA!