All Forum Posts by: Ed L.

Funny this topic came up.

There is a nice home I drive by every day to work.. Pretty shocked to find that it started off as a Mobile Home..

Just came on the market today for 119,000.

One of my RE agents used to work as a mortgage lender.

He siad it was quiet common for people to build around a mobile home and then try to refi with traditional financing.

His dialogue went like this...

"As long as there's a axle underneath your waterbed there's not much we can do for you"

Joking aside....
The last mobile home I sold was a 2006 double wide on 3 acres.

I believe we sold it for 70,000...

Biggest hurdle was finding someone crazy enough to accept the finance rates compared to normal homes.

The unfortunate individual who eventually purchased the home was paying 12% interest on a 15yr term.... This was last year when mortgage averages were 4-5% range

I'm planning on submitting a offer on a nice REO tomorrow..

House is in great condition mechanically and has about 2700 sq/ft of cosmetic only renovations.

Paint, Floors, Kitchen, & Baths..

I've calculated everything except the Bathrooms and am currently at 30,000 in Renovations.

The house has 3 Baths and all are circa 1970 with tile floor, and shower surround. I'm planning on Re-tiling, Granite Counters, Bead Board, and New Fixtures...

Just curious what others are budgeting for demo and bath remodel.

Also curious if HUD has a minimum % of list in order to counter or accept.. I've heard some different figures percentages.

I like a 2Br. 1Ba as long as there is a corresponding difference in price when compared to 3/2's..

Less flooring, less paint, slightly smaller HVac., 1 less bath for plumbing issues..

My 2/1 is near University Campus so it attracts the mature not yet married college couple type...

The homes with more bedrooms and higher monthly rent tend to appeal to singles who pool together and split the rent...

I've often wondered how building's downtown share walls but have different owners... Seems like that could be a legal problem.

With Rehabs it's all about bringing the property back from the grave.. I've always been into restoring things whether its cars, fire arms, houses, etc... Making a profit is just lagniappe and allows me to do more of what I enjoy.

As a RE agent it's about the deal... Hard to describe the feeling, but it's a natural high when things work out. Other times it's like a long nightmare...

In the end it's all about not having to work a real job lol... I'm a big fan of doing things my way...9-5 and a boss just isn't a option for me.. I don't mind working 60hr weeks as long as it's under my terms.

Just a update... House went pending today!

Decent cash offer with 2 week closing...

Actually the 2nd time... First was a foreign doctor who decided to buy a house without telling the wife back in home.... Bad call for him, 3 day delay but was compensated well with EMD....

Finishing another rehab next week, and purchasing another also...

Fun times...

I'm seeing a whole bunch of shadow inventory that just won't come on the market..... Makes me sick seeing the homes just sit there deteriorating.... Overgrown shrubs, backed up gutters, etc, etc... Fortunately they will be outside the scope of owner occupants and that could lead to some great cash flow opportunities..

I'm trying to get lean and ready to soak up everything I can....

If it weren't for the wifey I would unload my personal home and live at my office/apartment in order to increase my borrowing ability...

Don't mean to threadjack, but this is a very interesting topic for me.

I have a great short term lender who will in house finance almost anything for 15% down and a 1 yr term...

Unfortunately they don't offer much long term fixed financing on investment properties.. 5yr fixed with 20yr amm= too much uncertainty imo

Would it be reasonable to purchase and rehab distressed properties with their funding and then do a rate refi with another bank???

I was looking into cash out refi about 8 months ago and it was looking pretty complicated...

Cash out would be optimal, but leaving 15% in wouldn't be too bad...

I'm a total MLS Junkie.... I check it every few hours for New Listings/Price Reductions/Pending/Closed/Expired.... It's a great way to learn a market and keep tabs on which direction things are moving.

It's a pretty easy way to do things... Just snagged a 2br. 1.5ba home in golf/lake community for $19,900... Also get back $750 in RE commission because it came off the MLS!