All Forum Posts by: Thomas Henschen

@Brittany L Gramm

I'm in Milton, fl I think you could do well around the Navarre, fl area, as with everywhere else the prices are starting to come down slowly.

@Bill Brandt thanks for the quick response, I'll contact the daughter and let her know that we will be continuing to make the payment to her mother, until we get something in writing stating that she is the executor of her estate.

The property was paid off by her mother years ago, we just didn't have the money to buy it outright ourselves, it is an older mobile home so we wouldn't have been able to get a loan for it. That's why we did the fsbo

Hello everyone, I'm not sure what to do in this situation, I'm seeking some knowledge from anyone who has been in this situation! We purchased a property from a lady (FSBO, we did the promissory note, mortgage and filed everything with the county) the property is in my name, well unfortunately she just past away a couple weeks ago. The daughter contacted us and said that her and her brother are going to be splitting the money and is asking us to split the payment between them!

I don't feel comfortable just sending the payment split between them without a contract or something in writing that states they are to receive the money. Any help or suggestions would be greatly appreciated, thanks in advance!

@Lisa Misuraca

Well that's what I'm trying to figure out, if all else fails I'll use the funds from the sale of my 2nd mobile home

@Manik Sewak

I have always been under the impression that banks wouldn't use mobile homes for collateral/equity! I'll have to see about it next week! I appreciate your advice.

@Seth Williams

I do the work myself, I can't afford to hire a contractor yet. I'm hoping that once I sell my second one I'll be able to have at least 15k in an account to get some of the work done by someone on any property's going forward. (I enjoy doing construction work) I appreciate your advice, I'll be sure to go sit down with a few lenders in my local area next week and see what they can tell me.

I currently own 3 mobile homes, the 1st one I bought, I completely remodeled and added to it, which is my current residence, and its paid off. The 2nd one I'm about half way through the rebuild, then the 3rd one came to me, which I partnered with a friend on and it only needs a few cosmetic items fixed. All 3 of these have been owner financing with no money down. My credit score is ok I have a decent paying job, I make about 35k per year, but I have a large family so it takes most of my income to provide, in other words I don't really have any money saved, I've been trying to do everything out of pocket. It would only take about 10k to complete the 2nd mobile home, I can get about 55-60k for it once its completed, but it's going to take me another 4-6 months for that, (the 8 unit) I would like to get, is fully occupied and has a rent roll of 42k per year, I would really like to get this to help me grow faster exponentially! Any advice would be greatly appreciated, thanks in advance!