All Forum Posts by: Val Dufour

Looks like a lot of people coming out this month! I'll be there!

Not sure I'll make tonight's meet up. Just wanted to get on this thread so I wouldn't keep finding the others when I check the dates.

Hello all,
I'm a new investor and I'm running into my first large problem and just wanted to poll an experienced group for some insight.
My Situation:
I live in Colorado and have family in Mississippi. By a random chain of events, I found a good deal in Mississippi on a manufactured home that needed work. It was a reo and the appraisal came in at substantially higher than the purchase price so I bought it, cash. I was able to see it in person for the purchase but am now remotely having it rehabbed with a local "friend of a friend" type contractor. Originally it sounded like a great deal, but we all know how those stories end up. It's been a bit of a night mare since it started. It's my first rehab so take that in mind. I have no knowledge base of what right looks like.
I agreed to pay him upfront for expected material costs as long as he provided a receipt for the funds.
The first problem is that he started working on the roof, then didn't properly protect the area needing work before a storm so now there's water damage that he's responsible for. Now he's out of town for a week(which I was expecting) but my family who is there and is involved are seeing things that don't add up in their opinion. They have no real estate experience and are just going off of general perception.
The next big problem is that he is supposedly ordering a new HVAC with the A Coil and outside unit that he wants to install himself. Does he need to be certified to do that? or is it legal for him to do it as long as he's capable?
The bottom line is that I don't know what to do. I'm remote and I"m getting stories from all directions and I don't have the experience or the presence to get to the bottom of it.
I would really appreciate input on what my options are. There are two main things I'd like addressed.
1) The AC unit and install. I realize you would want someone experienced to do it, but is there a certification required? and if he's already ordered the AC unit with funds I provided, do I legally have the option to reverse that and have him return it?
2) If you enter a contract with a contractor and then realize you made a mistake, what are your options? To be perfectly honest, I'm not sure how bad it is because like I said, I'm not there, but my family who is involved seems to think it's not going well. It's very stressful not being able to see everything first hand and this is definitely a large learning process for me.
Anything else you see that might be worth addressing also.
Thanks.

I just picked up a manufactured home that needs a bit of work. Some level of roofing, a couple of windows, doors, possible central AC, and some other odds and ends. Is there anyone around Hattiesburg MS that anyone has worked with and might recommend?

Ha ha, Should be able to spot that... tomorrow night at 6 pm at gather correct?

Anson Young@
Thanks man, I'll be there on Monday. We'll talk about it and other things! Looking forward to the meet up.

Yes I'm aware there is a tax section of the site, but I'm looking for recommendations of a good tax accountant in my field, not advice. So I figured why not talk to the people in my field who might use accountants. I'm just returning from a deployment so I'm filing my 2012 taxes now. I'm looking for recommendations for a good tax accountant that has experience with real estate. I will only have one property on this years claim but will soon have multiple. I do a bit of stock market investing also, but nothing to complicated.

With your recommendation, please post what was involved in your return, and why you think your accountant is better than the rest.

Thanks in advance!

Sam Parkins
Thanks, I'm getting an inspection done in the next few days and will have a much better idea of what the condition is and if it's on a permanent foundation or not.
I'll post an update soon.

FINALLY making it back to CO this weekend. Looking forward to the next meet up. Hopefully it's the same timeline as advertised... what's the plan? Can't wait to meet everyone in the Denver area.

Brian Gibbons John Fedro Sam Parkins Steven Johnson
Let's try this again..... Still not getting the functionality I expect but at least all the names are there....

Wow! Thanks everyone for the detailed replies. I've done a bit of digging and here are the developments. I just want to clarify a few points before going on.... One, I live in CO, but my family is all in MS(Mississippi) and one of my family members would be the tenant. I'm sure this can be a problem issue, but given my family situation, I'm not concerned. Two, the land and trailer combo is $29,000. The trailer is a 2003 foreclosure(or repo or whatever) and sits on 1 acre that will be included in the purchase price. After digging a bit deeper, the land is likely worth a bit more than $5000, and the trailer is possibly worth the full asking price or even more by itself. I'm not as versed at guesstimating mobile home values, but I feel like this is a pretty good deal.
Now I just want to make sure I understand something. If a mobile home is on a permanent foundation, it is considered real estate and could actually appreciate in value? I do not yet know if this one is on a foundation but it does have skirting all the way around which makes me believe it is.
As far as the market rents, $500 is probably just a hair low, but since it's family, I'm ok with that. I'm not really looking for a lease option right now.

Christina R. still doesn't seem to be working exactly right. Maybe it's my browser. I'll see how this posts...