All Forum Posts by: Samuel Coronado

I'm here in Huntsville and see the ground truth everyday. 

No. Just no. Huntsville is overbuilt and continues to be overbuilt. Several of the new apartments are offering all kinds of incentives because they cannot fill them. 

A lot of not-so-astute out-of-state investors are taking monthly losses just to hold real estate here. It's not the best situation for month to month cashflow, but there is a lot of institutional interest that may pan out in their favor. 

 I 100% disagree with that. I have clinical psychologists from Huntsville Hospital living in my MHPs because they're paying off student loans with a fury that would tickle Dave Ramsey. I also have a guy with 85-95k salary (mulligan on the 6 figure) with great credit that also lives in the park because he wants to be closer to family. These guys were vetted same as my Class A properties, but just live in a different mode where they understand getting a lower personal housing cost is in their favor long term, especially if they're young (35 and under). 

I did my first flip on a credit card at 19 years old. At 31, I still rely on credit cards a bit. It's a good time getting 0% at 12-18 months (Discover, Navy Federal, USAA, Independent Bank to name a few specific ones). I prefer this over the 2-5% origination points and 12-15% interest only payments from hard money lenders. 

 I have a 5 bedroom 4 bath in Huntsville I am looking to sell off market. I am the owner, not a wholesaler. 

The issue is not the Class of the property. The issue is people try to skimp on properly vetting tenants. I have people in a mobile home park who pay on time every time and take care of the properties very well. I've also had people in a nice house on acreage skip out and leave it infested with roaches. haha. 

Proper management cures most of these. 

 What unraveled the deal?

 This also requires a bit of digging. Sex crimes are some of the hardest to prove, especially when the victims do not want to come forward out of shame or intimidation. It is possible that someone continues to commit these acts with more sensitivities to not get caught than when they first got caught. A friend of mine was assaulted and the cops basically said they couldn't do anything since she waited a week and it was just a he said-she said thing. Now Jose Enciso is walking free without a care in the world. 

 It could very well be the same guys. A smart construction company knows not to do too many roofs during the summer due to the health risks, so they will bank them up quite a bit in the cooler seasons (winter is usually too rainy). Roofers definitely operate on a feast and fast cycle. That's not saying they don't do roofing in the summer. The tempo slows down for companies with a good reputation at least. 

 Let's run it. 

I tried editing the above post, but it looks like it never updated. To clarify, this is a doublewide manufactured home on almost 3 quarters of an acre. This will cut out a lot of lenders.