All Forum Posts by: Samuel Coronado

My handyman uses a cool seal mixture. It has worked wonders for keeping the home leak free. They come in different colors. 

This is how I got my start. I got up to 30ish when I cashed out of everything and sold them all back to the tenants with 0% owner financing. Now I have graduated to entire parks. 

I run all the same way in all my markets. I like targeting what I would call secondary or tertiary markets, because the lack of supply and the lower competition. Facebook is how I do it with a screener Google Form. I emphasize this is not an application as then I would have to formally reject people and give reasons why. Only after they have been screened and seen the property in person can they apply. My listings don't last longer than two weeks. 3,000 is a bit on the small side, but if it's an older crowd Facebook will be the way to go. 

I fell into a similar situation in a park I bought last year. I let the natural turnover happen and as the new tenants came in then I required deposits from them. The rent increases will cause some vacancies. You want that to happen. It will produce an opportunity to reset the park the way you should want it to be done. 

update: the property was taken off market as of July 2024, unsold at the desired price. 

 Yes, sir. I was able to establish a great relationship with a local lender who will be my very first call when it comes to the next deal. 

 We found a local credit union with a 15% down payment. I passed on the land, but was able to make a great connection in the land lending department for sure. 

It worries me too. I've seen a lot of people, especially wholesalers, take advantage of people in bad financial times by doing a 0 down seller financing deal only for that wholesaler to then seller finance their position out as well to an end buyer. It's a double seller financing with an existing bank mortgage. Oftentimes, I've seen the target end buyer be a Hispanic immigrant who may not know all the risks and legalities involved. I'm sure many of these contracts aren't being properly recorded with a new deed as well. In 2007, we saw horror stories of people who faithfully made their mortgage payments only to get foreclosed on later because they didn't actually own the house and the person they were making payments to wasn't paying the bank. It all went in their pocket and the person walked off into the sunset until the FBI found them later. Still the end buyer family was kicked out and lost all that had been invested in the house. I agree that banks can be a bit overbearing sometimes, but there is should be some tighter restrictions on the daisy-chaining of these properties, sub-to, seller financing, etc. 

Follow up to this one: I think it would be great for someone who wanted to live there long term, but it doesn't meet the criteria for what I am looking for at this time. The seller and I have parted ways.