All Forum Posts by: Philip Arthurs

@Jason Pate the BP police are probably going to take your post down. Put it on the market place and not a forum. Have a blessed day!

@Ryan Groene where do you normally run your test ads?  

@Thomas S. Thanks for the input.  The current rent and lot rent covers existing operations and would cover debt service.  They would not cover the cost of cleaning up the park so I would need to get it filled at least 25%.

@Mike G. Thanks!

@Michael Ablan I wasn't planning to bring any homes myself.  This part of the country (South Alabama), there are a lot of mobile homes.  People will buy them and move them to parks.  This one was neglected.  I'm assuming New York would be a different story.  I appreciate your advice!

@Ryan Groene @Bill F. @Rachel H. @Jack Martin

Thank you for the feedback!  The asking price is $88k - I'm gathering more information before I come up with my offer price.  The water is city water and I plan to get it individually metered.  I have family members close who can help (my cousin is the Mayor of the city).  It's really close to a military base and an airport.  There is a demand for affordable housing in this area and the local economy is on the rise with new businesses coming back to the area and the base has built a few off base facilities in town.  I'm not trying to lure people away from other parks with the three free months - just trying to attract people to this park.  A lot of the parks around are full and there are a ton of military men who will live there.  On the PM, I'm wanting to negotiate 5% just to collect the money - one has already agreed but will charge 10% until the park gets more homes.  The park has been completely neglected by the previous owner so I don't anticipate having any issues infilling.  I appreciate the comments - I'll keep those in mind.

I'm looking at purchasing a mobile home park with 30 pads - 26 of which are empty.  Lot rent is $150/mo and includes water and garbage (cost of water/garbage is about $40/month).  The park needs a lot of clean-up work (probably about $10-20K worth.  All are on city sewer except for one on septic.  I was thinking about hiring a company to maintain the common areas and build a nice sign at the entrance.  For marketing, I was thinking about advertising 3 free months of lot rent to entice people to move their mobile home to the park.  Management fee would be 10% but I'm going to try to negotiate it to 5% for just collecting rent and then a fee for each applicant for credit and background checks.  Any advice would be most helpful here.  I'm going to visit the property soon and want to have a good due diligence checklist.  Thanks and God bless!!

Contract For Sale $80k - 4432 7th Ave S AVONDALE

This 3/1 property is in an excellent area of Avondale. It's available to see any time. Call or text me at 205-500-1001. It has a decent sized lot. The house a few doors down was rebuilt a few years ago and brought a sales price of $373,150.

For more photos, visit: https://www.dropbox.com/sh/1a7h5avu42rneez/AAAioco.... The nice house in the photo is 4448 7th Ave S that was rebuilt after the original was torn down.

Disclaimers:

(a) Please perform your own due diligence. (b) Property is being sold AS-IS. c) Price is based on a cash offer, and no financing offers will be considered unless otherwise stated in this advertisement. (d) Buyer has up to 3 calendar days in which to perform an inspection, and the inspection period ends after your first visit. (e) A $2,000 non-refundable deposit to be held by the closing attorney, The Law Offices of Jeff Parmer, at the time of contract execution. (f) Buyer agrees to pay all closing costs (excluding taxes owed by the Seller). (g) Closing shall occur within 14 days of contract execution. (h) The managing member of Southeastern Real Estate Investments, LLC is a licensed Realtor in the state of Alabama (#116883) holding his license with the brokerage ARC Realty. (i) All properties offered are owned by or are under contract with Southeastern Real Estate Investments, LLC. Properties not owned are available for contract assignment or are pocket listings.

This house is minutes away from Birmingham, AL and has excellent cash flow potential! It's technically a 3BR/3BA, but there is a very large partially finished basement with a bathroom. It's in a nice location next to the elementary school, has hardwood floors and a nice flat front yard. The hot water heater is approx 4 years old and the roof is about 7 years old. The stainless steel dishwasher, fridge and oven are approximately 5 years old. The home is currently vacant with a lock box.

Call or text me at 205-500-1001 if you'd like the combination.

Bedrooms: 3 (could be up to 4 or 5 with a finished basement)
Bathrooms : 3 (2 on the main level and 1 in the basement).
Sq.Ft: 1,272 per the tax records (may not include the huge basement or the enclosed garage)

Sales Price: $75,000

Click here for pictures: https://www.dropbox.com/home/Wholesale%20Property%...

Call Philip Arthurs with Southeastern REI at 205-500-1001 if you have any questions or if you'd like to schedule a time to inspect the property. You may also request information by sending an e-mail to [email protected].

Disclaimers:

(a) Please perform your own due diligence. (b) Property is being sold AS-IS. c) Price is based on a cash offer, and no financing offers will be considered unless otherwise stated in this advertisement. (d) Buyer has up to 3 calendar days in which to perform an inspection, and the inspection period ends after your first visit. (e) A $2,000 non-refundable deposit to be held by the closing attorney, The Law Offices of Jeff Parmer, at the time of contract execution. (f) Buyer agrees to pay all closing costs (excluding taxes owed by the Seller). (g) Closing shall occur within 14 days of contract execution. (h) The managing member of Southeastern Real Estate Investments, LLC is a licensed Realtor in the state of Alabama (#116883) holding his license with the brokerage ARC Realty. (i) All properties offered are owned by or are under contract with Southeastern Real Estate Investments, LLC. Properties not owned are available for contract assignment or are pocket listings.

@Marcos Torres since you’re dealing with negative amortization, I would suggest selling your share and paying off the debt. It will set you free from the stress and worry and you can start over fresh with no debt. Good luck with your decision!

@Jordan Redar my lender (USAA Bank) said they would do it, but I haven’t tried. Talk to an attorney but you might be able to setup an extra entity and wholesale/assign the property to your second entity or yourself at 20% above the amount you need. Might cost you taxes on the built-in gain, but maybe the extra cost is worth it to you. I’m not an attorney and this isn’t legal advice. Good luck! Sounds like you have an awesome deal if there aren’t many repairs.

Excellent cash flow potential in the HOTTEST Birmingham, AL Zip Code! This property is in a nice location and has a big lot. Est. Rent is between $1,100 and $1,200. The HVAC and the hot water heater are approx 6 years old. The roof needs repair as does the ceiling above the upstairs bathroom (has a leak but it's over the bathtub). The home is currently vacant with a lock box. Call me at 205-500-1001 if you'd like the combination. 

Disclaimers:
(a) Please perform your own due diligence. (b) Property is being sold AS-IS. c) Price is based on a cash offer, and no financing offers will be considered unless otherwise stated in this advertisement. (d) Buyer has up to 3 calendar days in which to perform an inspection, and the inspection period ends after your first visit. (e) A $2,000 non-refundable deposit to be held by the closing attorney, The Law Offices of Jeff Parmer, at the time of contract execution. (f) Buyer agrees to pay all closing costs (excluding taxes owed by the Seller). (g) Closing shall occur within 14 days of contract execution. (h) The managing member of Southeastern Real Estate Investments, LLC is a licensed Realtor in the state of Alabama (#116883) holding his license with the brokerage ARC Realty. (i) All properties offered are owned by or are under contract with Southeastern Real Estate Investments, LLC. Properties not owned are available for contract assignment or are pocket listings.