All Forum Posts by: Trenton Luera

 We wholesaled it, we definitely thought about flipping it ourselves due to all the issues, but we just felt like we didn’t have enough experience to take it on.

Investment Info:

Mobile home wholesale investment in Menifee.

Purchase price: $231,000
Sale price: $260,000

Wholesale deal in Menifee, CA on a Mobile Home without permanent foundation and was pre-HUD. Turned to be a crazy deal with tax auction deadline and then finding out it did not have 433A and the mobile home was in the previous owner's name while the land was in the current owner's name, along with multiple buyers backing out. It was a HUGE learning experience to say the least.

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

We found this deal by calling through the Riverside County Tax Auction list. We then reached the seller, and they let us know that they already had offers, and so we were able to beat those offers and lock it up.

What was the outcome?

We finally closed about 2 months later, with a wholesale fee of 29k.

Lessons learned? Challenges?

There were a TON of lessons learned through this deal. I'll go ahead and list them all in order of how we discovered them:
1. No 433A (Permanent Foundation)
2. Pre-Hud (Built before 1976)
3. Title for the Mobile Home was still in the previous owners name, and the land was in the current owner's name
4. First Buyer backed out due to 2 different escrows going on with one being for mobile home and the other for the land
5. Second buyer backed out because they were worried about lending

Hi Oddy, 

Welcome to Bigger Pockets! I am actually also an investor here in Fresno and would be more than happy to help you out with you anything you need. Feel free to reach out if there is anything I can do!

Hi,

I am planning on investing out of state (currently live in California) and have been doing market research to decide where I will buy. I am down to a few places with Columbus, Ohio being my number one. With landlord friendly laws, low property taxes, and the general appreciation in the area I think it is a good place to invest. My goal is to BRRR two duplex this year. So with that I wanted to see if anyone had any opinions against Columbus as well as if anyone had any recommendations on wholesalers, agents, property managers, and lenders. I am really excited about this and any help is much appreciated!

 It was pretty high end, plus we got a new HVAC and windows. So all in all it ended up being $75,000.

Hi Samuel, local to Fresno here. I would definitely be interested in connecting!

Thanks Matt!

Investment Info:

Single-family residence fix & flip investment in Modesto.

Purchase price: $250,000
Sale price: $510,000

This was our first flip and it was absolute blast! Went really smoothly with our contractors up until the end as the shower ended up being not completely finished, and so we had to compensate for that. Other than that it went well and could not have asked for a better first flip.

What made you interested in investing in this type of deal?

Wanted to get started in SFR investing and this opportunity was presented to us.

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

Found it through cold calling and was able to agree on 250,000 as it was a inherited property that was just sitting there. Had recently been broken into as well.

How did you finance this deal?

Private money

How did you add value to the deal?

Did a complete flip, except for the roof. Opened up the living space by knocking down a wall. Put in new doors, flooring, and cabinets. Put in a new HVAC and did a complete landscaping overhaul.

What was the outcome?

We were successful and were able to flip it in about 4 months with a solid profit.

Lessons learned? Challenges?

Over the course of the flip we learned how to manage contractors, and at the end how to negotiate with buyers when something unexpected happens like with our shower being not finished.

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

Our agent was Seth Choate and I would highly recommend him to others.

@Alli Machacek At the moment we have an idea for financing, but it’s not concrete. I’d definitely be interested in attending a meet up if you could send me the information!