Just note with the hurricanes, things are a little crazy down there.

On a positive note, 100% of the purchase price should be available for depreciation since there is no land associated with the purchase.I see a number of other double-wide manufactured homes available in GR, many priced well below $120K.  

I had a chat with them on the phone as i was curious about the funding.. but came to the conclusion that the down payment ( the client made to buy) was probably what they paid for the property and the seller carry back note was the profit.. and then the seller carry back note is sold to yet another investor.. who is investing for coupon money.   

Note, I am not looking for a syndicate to BRRR or rent of some sort.Experience: I have personally bought an old home on a 8,000 sq ft lot, rezoned it to two 4,000 sq ft lots with a family member.

@Brian Rocha -Something to note is lenders will oftentimes slightly limit leverage on the purchase of a hard money loan or a "fix and flip" loan if you are doing borrower funded rehab.

It is our goal to provide all the tools, resources, education & coaching any individual needs to learn how to build a sustainable investment portfolio to achieve financial independence & generational wealth through real estate investing.It should be noted, that while the Academy is not a requirement to invest with RTR, the individuals that do join the Academy are much more successful long term since they have spent time to clearly develop their own individual investment strategy & plan!

The one appeal that sticks in my mind was a single story house that the appraiser noted as having a balcony (!!)

It would seem like a promissory note and recorded lien might not be necessary in cases where the transaction funds in the same day.

Hi Mattin,As we’re already chatting via DM, I’ll keep this brief, but I wanted to drop a note here for anyone else considering Detroit.

The lease agreement should have noted when the tenant pays rent.