All Forum Posts by: Derrick S.

Simple thought; likely a simple answer.

I'm in Alaska, and there are a good amount of mobile homes / modular homes/ trailer houses on land. These are almost always owner financed or cash-only, because they aren't "real property." In researching, it seems that all it takes to make them bank finance-able is to tie them to a simple foundation.

I'm considering a property that is selling for $50k (2 acres and a moho). If I were to make it bank lend-able, it'd be a $100k property. Does anyone do this? It's a real value add for the market, and lets you undercut the market at the same time.

Tell me why this is a dumb idea, but let's not get lost in what-if's.

Lastly, who are the professionals that I can talk to, to make sure that the work I'm doing will result in a property that is bank finance-able? Would it be a banker, a mobile home dealer, a certain type of inspector?

Thank you. This forum has been invaluable to me!

(PS: just a few weeks from finishing our first flip and putting it on the market #superpumped)

Best of luck! If you want help finding a place hit me up

I didn't read other's comments, so this may be redundant, but some oil workers here in AK will buy a place and then rent to someone in the same job with an opposite schedule. If you don't like that then maybe just buy a tri or four plex and then you're making money while you're away, and your "rent" is covered (they call this "house hacking" in this forum). 

I would think that quality of life for your time being there would trump rental markets; but our rental market is pretty good. 2b1b duplexes are renting for $1200 a month right now. Anything with 3 beds seems to be renting over $1500 in this part of Alaska. So if you like fishing and the snow, come on up!

Hello there! Welcome from your southern neighbor (Kenai Pen.) - I've got a bunch of marketing that just went out; are you looking to buy deals from wholesalers or to sell as a wholesaler? 

@Don K. Thank you very much for the concise run down, and benefit of experience. It's good to know what I'm up against. 

@Mike H. That's my intention, to find yet another funding source. It does sound to me very much like a HML situation, but approached backwards.

I'm interested in all your answers for these reasons: Notes are perceived to have less risk, and seem to be a more attractive investment to those investing an IRA - since they're so defined and cleanly bought.

I am meeting with a note broker, local to me, to see about creating this note and selling it to his network. After hearing a brief synopsis of the deal he said it "could be do-able." 

If it works I'm afraid I'll have treat him like an excellent tailor, and keep him a secret while never speaking his name above a whisper. 

Please keep the opinions and insights rolling in? 

I had a thought after talking with a note broker locally. Can I create and sell a note to finance a flip?! It would look like this:

9% APR on $120,000 secured by a property currently assessed for $145,000. 12 month call, 6 months of payments held in escrow for note holder's security, 6 months payments available in bank. 

I'm making payments and either refi-ing out in 12 months or selling.

What do you note moguls think?

@Alvin Grier maybe

I'm thinking about the same approach, developing the kinds of wholesalers that I want to work with. Our area is so devoid of serious investors that the awareness of opportunity hasn't trickled down to the wholesaler level. 

My thought was to host free real estate seminars locally, and give away "How to start" material that makes them wholesalers for me. I speak well and that material wouldn't be hard to work up. 

This will be after I have funding established so that I can act on the best deals that they bring in. 

 I think I know this pickup ;) just kidding, but my 82 toyo was rolled before I bought it for $500, and ran for four years until my friend caught it on fire. Even then we could have salvaged it, but I'd got into an RX7 by then... My friends were buying BMWs and hating their jobs, I was building a landscaping business. Priorities. 

Not to be cold, but a pre-divorce market would likely be profitable, if you could find it. That's what I like about bandit signs, they are wide open to whatever opportunities are available in the market.

I guess the first place to look would be to approach divorce attorneys, and ask if they think it'd be worth it. Then maybe they could bring you deals for a referral fee?