All Forum Posts by: Paul Jamgotch

@Lisa Phillips thanks for the tips and sharing your story. I'm glad you landed on your feet

@Wade Sikkink thanks for the advice and I'm glad you landed on your feet as well. I haven't thrown out the idea of a large unit so your experience is really valuable info for me to consider.

@Stephanie Dupuis Sure have. I plan on starting my study after the new year and test in April. I planned on using realestateexpress.com for study.

@Pat L.

Thanks for sharing that. Your idea of a partnership is what I am trying to do. My idea is to find a rehabber within 10 hours that needs financing and is committed to at least one deal every three months. I'll come to the area for the 3-6 weeks of the rehab process to learn, fetch supplies, and help keep the project moving. Look for my thread in marketplace within the next few months if I can't get connected in Grand Rapids area.

I want to thank the others not singled out for their encouragement and advice in this thread. Its a stressful time for me and I very much appreciate everyone's time and wisdom.

@Jeff J.

I used that as an example here and immediately learned that it wouldn't be wise to put our $100K into a $400K+ rental which netted $2400 on paper after 50% ($4200) rule plus debt service($1765 on $310k, 25 yrs) was applied. In short, it was too big & not the right solution for our current situation.

@Brian Mathews A month ago I found out that I had six months until my position would be eliminated (now five months). If things play out as I expect we'll have a decent cash cushion with a bleak employment outlook. I'm trying to develop strategic relationships that will allow me to confidently purchase properties to flip. I'm being cautious with our first property but I am looking. The stress level is high as I feel like a dead-man-walking in the office... its easy to feel worthless in my current environment. I think your comment about the 95% is astute. One day I have confidence that we'll be just fine and the next day I worry that I'm going to let our savings fizzle away over the next few years. I know many have went through this very thing and came out alright; I'm sure that, ultimately, we will be fine as well. Thanks for asking and sharing.

@Stephanie Dupuis

Hi Stephanie, how are things going for you? Did you get your license.

It's funny how ridiculous my OP seems to me after five months of study.

Welcome to BP, Scott. Hopefully our paths will cross in the mitten some day.

@Marc Faulkner

Agreed. Its well known that a majority of parks won't allow investors to rent out homes in their parks. Its also been confirmed by Andrew earlier in the thread. This means he is likely looking at a flip. I simply posted those to show that there was similar supply to the subject in this park as well as the likely range of a listing price. Of course, what he could sell for is likely much lower than these two $7500 listings. I would have to get comps to confirm, of course. Last, I'm only 50% sure that these are in the same park as the subject.

Do you know if park management will offer rent concessions to someone that buys one of their homes in live in? I ask because that would pad the price park management might get as opposed to a private seller. Thx

@Andrew Otten Did you choose to walk away? Just curious.

http://www.mhvillage.com/Mobile-Homes/Mobile-Homes-For-Sale.php?State=MI&City=Rockford&Radius=-1

Welcome to BP, @Nicholas Davidson