The lady at the park said that if you do not own the home, you cannot live at the park.

I'm in the process of reading DOW

She was pretty adamant that there was no "renting" or "leasing" but I guess if I termed it as financing it may be different. The reason I picked the MH that I did was because it's really nice and the owner is wanting cash only (which I can see why now). And I figured to find the most leverage in that situation.

You're not "terming it" anything. You are not pulling a fast one on them. You are buying a home, making it livable and attractive (which the park should like), and you are selling the home. Period. Sometimes you won't even improve the home, but that's neither here nor there. Where you make your money is on the financing (edit: and on the sale price, and when the buyer defaults and you repo the home and resell it). You sell it to the buyer for $X, payable in monthly installments of whatever at at interest rate of Y.

You never live there. And the buyer OWNS the home when he moves in.

Gotcha, well what I said verbatim was "I've found your website online and it looks like you have a great community there. I'm interested in investing in some homes, and I saw on your site that you do not allow renting of the properties. Do you allow leasing or rent to own?"

Her reply was "no you must own the home to live here."

And I said, "OK, thank you very much, have a nice day."

Guess I should wait and read about how to contact the MHP managers when I get finished with DOW.

Also, I understand the profit, I'm trying to buy a house listed at 15k as is cash only for 4.9k w/ no upgrades needing w/ comps selling for 13-17k.

Yes. What you should be doing is not leasing or rent-to-own. You are just plain selling. Read DoW before you do anything.

To clarify, I would attempt to get around 11-13k for the home financed w/ around 10% down and depending on the ability of the buyer to pay monthly, spread out the payments to w/e I like, preferably around $325/mo for 36 months. Which is a really good deal for anyone in the area. (i.e. 13k for the place 10% down 0% interest as AR has insane usury laws)

1. Where did you come up with 4.9k?

2. What kind of work does the home need?

3. Don't forget that the owner (and you until you sell it, unless you negotiate your way around it) will have to pay monthly lot rent to the park. So yeah $325 is a good deal, but if the lot rent is $350 and now they're paying $675...

4. Don't forget, too, that you (as lienholder) will want the buyer to insure the home. This way if they burn it down, you get paid.

1. Saved it, am currently employed full-time, also have other means of attaining extra capital. Will probably look to sell the note after I turn the home over. I estimate (with a high degree of probable error %) 2-3 weeks top to sell at 11-13k with financing. I have plenty of contacts w/ $ to purchase the note with a high amount of gain to the purchaser and I.

2. None that I can see, if I were to go ahead with the offer, it would be based on inspection.

3. I understand.

4. The insurance I haven't dealt with, so that would be something to look into and any input would be nice, haven't heard other people talk about it. At least other than asking what happens if everything burns down. I know spex said just get liability insurance.

http://www.indianspringspark.com/

Oopps the 4.9k I just realized what you were asking. Lol, yeah 4.9k is just the amount I think I can leverage the price into. (This is all still just speculation, I don't even know if the person is willing to sell at that price) I just feel that is the top amount I could pay for it, and wouldn't pay anymore than that. It seems as though the best formula for the LD's is finding homes at about 30% of the value of the comparable homes in the area, which is where I got the 4.9k of w/ an estimate of a few other items.

It is a 1996 Waverlee 16 x 80 btw.

http://littlerock.craigslist.org/for/1423572547.html

Again, I'm just speculating so that when I do see a deal, I'll know what to aim for.

The buyers get the insurance from wherever they have their cars insured. They do everything but you put it in the contract that if they don't have it, payment is due in full. And then you repossess if they don't pay in full. (In VA, the eviction/repossession can take up to 2 weeks)

Check bathroom floors especially well for water damage.

Also, all usury laws are in your state code. It doesn't take very long to do a few searches and read what pops up. Charging 0% interest seems bad, as does 10% down as standard.

The 0% is just what I want for it I could do 10k with 30% int and get the same money in the end. On cell so don't know exact # but u get it
Ty 4 other input

I dont know where you live but have you considered accepting section 8? The government pays from 75-100% of the rent so it gives u a bit more piece of mind cause the govt dosent pay late. Since the remaining amount the renter is responsible for is so low you should really have little problems. The only caveat is your property must always be in tip top shape as the do yearly inspections to make sure youre not a slum lord.

I was in RE before the bust and now that Im on the fence about jumping in again im wondering what happened to Hard Money Loans. Before they would lend u the money based on ARV and now they are doing it based on Purchase price. Is there anyone out there who knows a HML lender thats still giving loans based on ARV?

Yeah, I am. Market is still good though here in Montreal.


Shop around for them. Make sure you're finding ones using their own money. You pay less fees than the ones that broker the loans everywhere.

Tien, if you don't mind me asking, do you own rental property / have done deals in Toronto as well? Reason I am asking is that I live in Toronto but seem to find more / better deals in Montreal. What are you thoughts on Toronto Vs. Montreal in this regard?

just wondering if anyone here has experience renting apartments or whatnot in high-volume college student areas. i see how incredibly high rent is for these places in the horrendous north philadelphia area (surrounding temple universities campus) and it just seems like a steal. anyone find that college kids tend to be too destructive to a place, or default on rent payments too often, that it isn't worth it? for those who say it is worth it, any tips on getting started, how to get by, or anything else really? i haven't had any experience, nor do i know anything at all really, about real estate investing, and i am not looking for general advice (as i can read this thread, 20 books, take some classes, etc that would all be more beneficial than asking that), but i am just wondering if it's a good place to start, or too difficult to start at first or something. sorry if i'm too vague, ill gtfo if you tell me to

with the way the housing market is in this economy. what cities would you be looking for houses to flip if you lived in los angeles county in southern california??? assuming you have $150-200k cash to invest and you're trying to learn about flipping and this is gonna be your first fixer upper