All Forum Posts by: Tommy Hopkins

Very interesting topic here.  Several have contributed to this thread and I thank you for your input.

I just ordered the book Mobile Home Wealth, but it does not arrive till Monday.  I have a few questions I'm eager to understand if someone would be so kind as to answer.

In comparison to a stick frame and slab foundation home:

How does the rehab compare?

Is there an expected life expectancy for a mobile home?

How about walls and floors?  Are they sheetrock?  I would not expect ceramic tile, am I wrong?

@Leslie A.  @Leslie A.

What size square foot RV's are you buying?  

Are you renting in the Baytown area?

@Bruce O.

What kinds of costs are you seeing to set up raw land?

Appreciate the feedback

Hi @Albert Hernandez, you will find that selling a real "deal" will be very easy, there will be folks with cash ready to buy from you everywhere you look.  A "deal" is a property priced at a point where an investor can make a reasonable amount of money on the transaction.  The much more difficult part of being a wholesaler will actually be finding the "deal" in the first place and putting it under contract with enough head room for you to also make some money.  

Nice suggestion @Tom Cooper, thanks for the input

Hi @Stephen Preston, I'm interested, please email details

Hey @Teresa DelaMater, I would advise against advertising something you don't have setup.  You don't need to have the money in your account, but absolutely know where it is going to come from in advance.  I would also agree, know your numbers to make a good deal and the money is the easy part.  You could also find someone to partner with who has money, send them the good deal details and close.  You will soon realize money is easy, finding the deal is much harder.  

@Terry Hughes you may already know the answers to your question.  How well do you know the area?  How long have you been familiar with it?  Is having 7 foreclosures more than normal? 

Yes, good school districts are a draw and add value, but other areas sell too, maybe just because people find it easy to get to work and affordable.

The numbers make this look like a nice deal.  I'm not pushing you here, but if crime is low and you are comfortable walking the area talking to residents (good idea by the way), it seems like you are overly cautious looking for other reasons to kill the opportunity.  And there is NOTHING wrong with that!  Many may not agree, but I think it is better to pass on a purchase that does not feel right vs just taking a wild guess and hope it works out.  I guess I've come back to the idea you don't know the area that well.

To answer your question (finally):  One suggestion would be to talk to agents who have current and recently closed listings in the area.

@Dustin Cavalier  I met Cortney Arenstein last week , she calls herself a Unicorn (as she prefers investors).

PM me if you would like her contact info

Hey @Jonathan Ramos

just a note on your last post - if you put a space between the "@" and the name of the person it will not tag them.  You will see it does not turn blue either.  Try typing "@Dani"  very slowly (1 letter per second) and see that his icon will pop up on your screen, then select it to add to your message.

@Edwin Ortiz  looks good on paper.  Remember these numbers are just guidelines and points to consider so you minimize surprise expenses.  As others have said you might dig a bit deeper into the taxs.  Most places around Houston are in the 3% range.  You might be getting a big bump from the tax office when the appraisal value moves from the current home value to what you end up paying near $150K.  At $150K, 3% is $4500/yr or $375/mo.

Vacancy of 5% - ok for future, but it has a renter now - how long is the lease?  Inherited renters....be sure you get to vet them your self as well.

CapEx of 8% and Repairs of 5% could be good - but how old and in what condition are the basics: roof, plumbing, HVAC and foundation?

@Chris Silvas it is admirable that you are thinking about and making an effort to help people with little or no equity avoid foreclosure.  What is your 2nd step once they have avoided foreclosure? 

Follow the path for each option you identify to conclusion.  

You may also simply help by directing them or making sure they know to try restructuring their mortgage with their lender.