All Forum Posts by: Robert Blanchard

Success for me would mean that I could do what I want when I want.   

Financial Success would be when I have enough returns on my investments to be able to have no financial worries.

@Shiyear Woodbury What did your Hard Money Lender tell you about getting a loan on a house that the ARV is around 65K after fix up? Were you able to get inside the foreclosed house and get an inspection done on it? If you think it will take 10K for repairs, plan on up to 15K. Even veteran investors end up spending up to 30% more on rehab costs than planned. Sometimes it is something big that you have to repair that was not planned on, or a contractor will leave you hanging so you have to get another contractor while paying the higher interest on your HML.

Let us know what you end up doing. 

@Andy D. If the Tenants (not minors) are walking on a public street in front of their rental, anyone can take pictures for any reason in the U.S.A..  That is what I meant, not taking picks of them on their rental property. 

You could do a Lease option while renting them the MH.  Apply some of the monthly rental fees to a down payment, along with the buyers/ renters saving up money for a down payment.  In 24 months they might have the 30% down that many lenders want. 

Have they researched the costs involved in tearing down and setting up a Mobile Home? It can be in the 3-5K range. 

Is your Father moving to a new property, thus needing the money from the sale?

One covert way is to pay a neighborhood kid to take pics of your tenants with their unauthorized pets via their smartphone.  A $5 to that kid could keep your Tenants animals from doing damage to your property down the road.

Pretty hard to deny a pic taken by a kid that they do not know is looking out for you.

@Austin Steed Congrats on taking action and purchasing your first house. 

How is the market in Columbus?  What is the average days on market for a house in that area?  I am in the Denver area and we have a severe shortage of housing due to 100K people moving into the state last year and another 100K expected this year.   

@Alex Gadbois How much equity do you have in your duplex? If you pull out $40K and also use $80K from your Investors, could you get into 4 plex or a 12-20 unit apartment building? Being in CA, I assume that RE Prices are much higher than in other markets. Even though it is risky, you might want to try out of state investments. Attend your local REIA meetings to find a good network of people to work with. Please keep us posted on what you end up buying.

Sell the Mobile Home but lease the land to the buyers.   If the city or County allows it, plan on putting a second Mobile Home on the land.  If the buyers can not keep the note current, you foreclose (much easier with most MH in most states) then fix it up again and resell it again.  If you carry a private note as most banks will not lend money on a Mobile  Home that is older than 10 years,  you can get a higher interest rate but for a shorter term of 7-12 years, depending on the down payment and monthly payment.

I would never have them come meet me to pickup keys.  Especially at my own House.  Do most Landlords give 2 sets of keys when they get new renters?   I knew of one guy that picked up an old key making machine and would cycle all of his door locks between his 9 rentals.  This way, if a old tenant shows up with their "extra" keys, the locks have been changed and only a few minutes taken to switch out to an extra set of locks kept in his garage.   

Nowadays, I would be worried about people "bumping" the locks so I would suggest in investing in some bump proof lock sets.

I agree, one freebie, but after that stick to the amount listed on the Lease. 

Was the only thing he was paying for a year and a half was the HOA fees?