All Forum Posts by: RBH B.

I am in North Carolina and have been researching Lonnie Deals for the past few months. I have come across a few good MH's that would be perfect, however, in light of the Safe Act, I am apprehensive. I thought of just doing LTO's on the mobiles, but in my research have come across park managers that will only allow the owner of the home to live in the home, which wouldn't work in a lease to own situation.

How are other mobile home investors in NC dealing with this issue? I have seen on the board a few members from Texas in a similar situation, didn't know if any other NC investors had suggestions.

Thanks!

I have recently received my Real Estate brokers license in NC and would like to hang my license with an investor friendly firm that will work with my needs and flexibility as an investor.

I am in the process of interviewing agencies now, any suggestions would be helpful. Thank you!

Well said Mike. Thank you so much for this post. I too am at the cross roads of,to be or not to be, an agent/broker.

Because I am such a newbie to the investing and real estate world, I want to learn all that I can and walk into a room prepared to the hilt with knowledge of what I am doing. I would think that getting my license, albeit not necessary for investing, would give me the confidence to pursue investing/real estate transactions and open the doors to deals that I may not have opened otherwise.

But, this is just me. Perhaps some personalities are better suited to learn as they go from the actual investing itself and surrounding themselves with a team of knowledgeable investors.

Hi Roy, the property is in Lake Jackson, 40-50- miles south of Houston.

Hi Andy,
Thank you for your interest. Although I am here in Raleigh, the property that I posted about is in Texas- sorry for not mentioning that in the original post.

Thank you everyone for your insight and advice, this really helps.

It looks like my next step would be to contact some builders- I never thought about demo and then sell the land. That is a new angle for me to ponder.

Thanks again everyone.

Thank you for your replies. My concern is that even if we put $100,000 ( this would be a loan) into the home for repairs that may take 6 months, then try to sell the home for $140k ( this is the average sales in the area and what buyers expect to pay)- I do not know how fast it will sell which means carrying the mortgage etc...After all being said and done, I only recoup possibly $40,000, probably less...not enough to cover the $100,000 initial loan. It seems like a money pit.

However, if you look at it from another perspective, as a rehabber who handles investment properties, would you also consider it a money pit? I could see it being an investment for someone to rebuild and live in it as their main home and then sell in a few years, but, not as a flip ..what are your thoughts, maybe I am looking at this wrong ?

Okay, so we had an inspector come out to my fathers home that is very distressed. We own the land and home free and clear so we do have investment in it.

However, it looks like ( from the initial inspection), we have a myriad of problems, mainly cracked slab which has caused the brick to fall apart all around the exterior of the house in sheets, almost all of the interior walls to crack and have water damage, a HVAC system that needs to be replaced, a plumbing system that needs to be replaced and an electrical system that needs to be replaced, not to mention the mold and termite damage.

I have not had an appraisor out yet, so I don't know the current appraisal or ARV, I can guess based on land and sales comps alone, but, the house will probably need to be built from the bottom up. The slab/foundation work alone will probably be around $40,000- $50,000. Total I am guessing about $100,000 to rebuild this home, which is what you would need to do, trust me- nothing is salvagable even the inspector commented that it is one of the worst he has seen and he has been in the business for 20 years.

My question is, as a rehabber, would you even want to put that investment into it when your comps top out at $140,000 for sales in that area? What would you do?

Well, I have spoken with other certified inspectors in the area and they all seem to start at the base of $275, if you are over 1,800 square ft the cost will go up into another bracket ($300) and they add on cost for the age of the home(.50/year) So my final cost of a 50 year old home is $325.

The inspectors that I spoke with said that the older homes take longer because they have had so much more done to them, prolonging the inspection.

I was quoted the cost of $350 for a home inspection in the Houston area of Texas ( Brazoria co.) I was told that since my property was older and more distressed it would take longer and be more time intensive. Is this correct, or should I be concerned that the cost was about $100 over what I have seen before here in Raleigh,NC.