All Forum Posts by: Stanford Neal Mead

@John Barrows thanks for the insight. We just moved back to UT from Tacoma, WA. It’s nice to hear from someone in the PNW (aka Pacific Northwest). We miss Washington state immensely. 

@Will Fraser thanks for the kind words. This flip was in Tooele, UT. It’s a small town near SLC that is showing signs of tremendous growth. 

Investment Info:

Mobile home fix & flip investment.

Purchase price: $105,000
Cash invested: $45,000
Sale price: $208,000

This project took way longer than expected. We had some unfortunate family events that took priority causing some delays on the flip. We also had two buyers fall through due to financing issues, which prolonged things a bit. Overall it was a great deal and a major learning lesson on manufactured homes.

How did you find this deal and how did you negotiate it?

Motivated seller called us.

How did you finance this deal?

We used our own funds.

How did you add value to the deal?

We completely transformed the interior and exterior of the home, adding features like tile backsplash, tiled tub & shower, master bath en suite with dual walk-in shower, new energy-efficient vinyl windows.

What was the outcome?

A beautiful home for our buyer and a nice profit for us!

Lessons learned? Challenges?

Learned a great deal about the pros and cons of working with mobile homes, especially when it comes to financing.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Brayden Bengtzen - Realtypath LLC
Charity Dodson - Richland Title & Escrow

@Jerryll Noorden there will always be different schools of thought here. Some people (like me) need to learn the hard way.

We wasted thousands of dollars on DMM and overseas SEO “experts” before finally deciding to reach out to you. Since doing so, we’ve managed to outrank some of the biggest competition in our market

Copying? LMAO!! All I can say is that if you ARE copying, keep up the good work ;)

Hello! I’m funding my first private loan this Monday. We used a promissory note with the property listed as collateral. The property is a manufactured home. Which UCC form do I need to file in order to get first position on the property? I started filling out the UCC-1, but was wondering if one of the addendum forms would be more appropriate? This was all negotiated over the weekend, and I haven’t had time to speak with my attorney. I‘ll be wiring the funds tomorrow if all goes as planned. Any advice would be greatly appreciated!

@Lamont Marable I am so sorry to hear about these hypothetical woes. The good news is that you’re taking steps toward wealth. You’re takIng action! I wouldn’t let this push you away. The biggest mistake I ever made was to get scared away by a flip gone wrong in 2008, and miss some of the best buying conditions in our nation’s history. Lesson learned, keep pushing forward :)

@Dennis Dahlberg is on to something. Lending is a pretty good road to passive income, and you can easily get 10% returns. I’m no expert, but I just funded my first private 6-month bridge loan at 12% interest, 2 points up front. We used real property as collateral, with me on title in first position should the borrower default. All I need to do now is sit back and collect on the note!

@Sam Shueh good call. I’ve had some trouble wIth realtors in this area. They are really busy or they just don’t return my calls for unknown reasons.

@Matt Crusinberry thanks for the insight. You’re right about the holding costs, I may have missed the mark by about $120/month.

Greetings BP,

I was hoping I could get some friendly advice on this potential flip. It looked like a good deal at first, but recently sold comps are all over the board (25K up to 125K). Here are the nuts and bolts and a link with more details for anyone interested.

Purchase Price: 50k net (seller paying all closing costs)

Renovation Costs: 13K

ARV: Difficult to determine, but I'd say 85K is being conservative based on the comps we have researched.

Net Profit: 16K after closing costs

Link: https://drive.google.com/open?id=1eFAU_uPOxp9tt2cr...

The main thing that worries me here is the big spread on comps. When I eliminate the outliers, I end up in the 85-95K range on ARV. It has been over two months since our last deal and I might be suffering from some analysis paralysis here. Let me know your thoughts!