All Forum Posts by: Tevis Verrett

@Whit B.

Whoa there brother. That is an exotic way of pulling out equity. Have another look at HELOCs. Here in California, it is no fee, no appraisal costs and only demand is hold the credit line for 3 years.

That is easiest and most cost effective way of pulling equity.

If you don’t have a guy, Ive gotta guy

Very good question OP, I would be interested in learning your thots also.  Getting the popcorn. . .

@Rodger Curbelo if you can, let them roll out. All Derogatory information drops off after seven years. It is a federal fair credit reporting act rule.

your mileage may vary

That is a great idea, Chris!  Start with a couple of airstreams, with all the amenities.  Post it on AirBB, and add as you wish.  You need to take into consideration both water and sewer.

Go get em, tiger!

@Trevor Aydelott it can definitely be an asset. With your equity, get a HELOC, and buy more income producing assets. Mine is mobile home parks, multi family, and non performing notes!

Very interesting stuff, gentlemen.  This is a new modality that I appreciate you bringing to our attention.  Looking forward to following this thread!  Insert 'eating popcorn' here.

I can't emphasize enough, "21st CASH program!"

https://www.mobilehomeuniversi...

Adding my 0.02, the buyer doesn't suck up deferred maintenance. The seller takes it in the shorts by discounting the sales price to normalize repairs.  @Phillip Merrill brings up a good point.  During due diligence, the buyer walks the property and counts up deferred maintenance on all of the vacant properties.  While we are here to make it easy for the seller to sell to us as buyers, we are not here to be taken advantage of.  YMMV

I agree, you have a gorgeous opportunity here, as well as seasoned MHC ballers to partner with.  

My 0.02, sell the contract and retain 10% (or whatever is fair) ownership and learn by doing for your next takedown.  You will both get mentored, and keep a little scratch and juice for yourself.  

Brenden is maad spot on, and thank you good sir, just learned more goodness.

Thank you for the light, all!

All thoughtful and spot on advice.  Thank you all generally, and thank you specifically, Kent. . . .learned me something there.  Never thought of that gambit.

My 0.2 definitely drill down on the due diligence, and find a mentor here.  Frank and company are GREAT, tho' there is nothing like having experience on speed dial (I might be looking for that in the near future also.  

Finally, everyone. . .bookmark this:  https://www.biggerpockets.com/...