All Forum Posts by: Dan Sager

I’m looking to possibly invest in mobile homes since it’s a smaller down payment and I could purchase several of them. My question is, what kind of financing would allow me to purchase several mobile homes over the next few years? Anyone with experience in this?

1 Vote

Philadelphia, Pennsylvania

Any recommendations on how to comp 10 acres? There has been no recent land sales in that area. Seller bought for 1.2 million in 2003. Wants 1.6 for it now. It is R1 zoned

0 Votes

Philadelphia, Pennsylvania

I feel like the deal looks better to a cash buyer with them all packaged together then them being assigned individually. I might be wrong

0 Votes

Philadelphia, Pennsylvania

Thanks for the advice. My worry is that they are row homes all attached. The value of them all added together is about 550k and he will sell them to me for 360k package deal. They are turnkey. Just need some paint and other little things. But the one is worth 105k and he’s selling that one to me for 85k. I’m not sure that’s a big enough discount for a cash buyer to want to buy even with it being turnkey?

0 Votes

Philadelphia, Pennsylvania

I have a seller that has 4 properties all in a row. Can I wholesale them all on one contract? Or do I have to have 4 separate contracts? They all have their own address.

0 Votes

Philadelphia, Pennsylvania

Quote from @Kevin Sobilo:

I doubt a rule of thumb would be accurate enough to be useful. The scope of work for any category of rehab can vary so much.

I use my own experience to estimate without much concern that I know enough to be 100% accurate.

I will establish a general scope of work (without all the dirty details) and then estimate the labor and materials for each item on the list.

Also for each item I will assign a "confidence value". If I'm very confident in my number that might be 95%, if I'm very unsure, it might be 60%. I use this confidence value to general a LOW estimate and HIGH estimate for each item.

So, when I'm done I have 3 estimates. My original estimate, a LOW estimate, and a HIGH estimate. If I'm happy with my original estimate and I can live with my HIGH estimate then I feel good about the deal.

I know that I can manage the project to come in near the original estimate if I choose to by adjusting the scope of work or time to rehab, or even doing some more work myself. So, this method has served me well and by using the confidence values I don't need to be completely certain of each items cost.

0 Votes

Philadelphia, Pennsylvania

Quote from @Kevin Sobilo:

I doubt a rule of thumb would be accurate enough to be useful. The scope of work for any category of rehab can vary so much.

I use my own experience to estimate without much concern that I know enough to be 100% accurate.

I will establish a general scope of work (without all the dirty details) and then estimate the labor and materials for each item on the list.

0 Votes

Philadelphia, Pennsylvania

Can anyone from the Philadelphia area tell me what it has costing on average for a cosmetic rehab or full rehab per square foot? Hard to get a good feel with inflation! Thank you!

2 Votes

Philadelphia, Pennsylvania

thank you Ned. I appreciate the information. it helps a lot.

0 Votes

thanks Ned. what about for a double closing? do I need funds for that?

0 Votes

All Forum Posts by: Dan Sager

Dan Sager has started 6 posts and replied 14 times.

Post: Mortgages for financing mobile homes.

Post: Land comparing pricing

Post: Wholesaling contracts question.

Post: Wholesaling contracts question.

Post: Wholesaling contracts question.

Post: Rehab costs Philly area

Post: Rehab costs Philly area

Post: Rehab costs Philly area

Post: transactional funding

Post: transactional funding