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I could tell you but then I'd have to kill youJeff-I'd be interested in hearing a little about buying a MH park. Do they go up for sale on the mls, newspaper, or do you specifically seek out the owner and offer to purchase?Thanks to Mike Anderson for doing some heavy lifting here lately.I'm more into the commercial aspects of RE now (mobile home parks specifically as of late) but I'm always looking in the Mid-Atlantic (Maryland, Virginia, Pennsylvania, WV and DE). Pretty much within 4-5 hours of a drive of Baltimore area.
PM me and I'll advise you on a good site 
As far as why I like MHPs, you need to seek them out and that often leads to a good deal. They are somewhat hard to sell - mostly because financing is tough for them.Holding MHPs can be quite a cash cow.
Hey Warhogs,Start by naming what area of the planet you're moving to......
Loopnet.comLearn it, live it, Love it.Jeff-I'd be interested in hearing a little about buying a MH park. Do they go up for sale on the mls, newspaper, or do you specifically seek out the owner and offer to purchase?Thanks to Mike Anderson for doing some heavy lifting here lately.I'm more into the commercial aspects of RE now (mobile home parks specifically as of late) but I'm always looking in the Mid-Atlantic (Maryland, Virginia, Pennsylvania, WV and DE). Pretty much within 4-5 hours of a drive of Baltimore area.
Site is a freaking goldmine.
I understand the concern, but it would make more sense to you if I fully explained the deal.Regarding the mortgage interest, there are rules as to what interest can be deducted, it's not as simple as everything on your 1098. I started another thread and there's some good discussion on it here: http://forums.footballguys.com/forum/index...howtopic=351649
Can't follow the link right now, what is it?any downsides to this?
http://cgi.ebay.com/Assume-mortgage-and-ea...1QQcmdZViewItem
edit - no idea how to make the link work other than to make sure the link has "ViewItem" at the end instead of "VieItem"
I try not to comment on markets I don't know directly.I'm starting to look more at the national view / "big picture", but real estate is highly local.
put this in the ebay search field 330176034202Can't follow the link right now, what is it?any downsides to this?
http://cgi.ebay.com/Assume-mortgage-and-ea...1QQcmdZViewItem
edit - no idea how to make the link work other than to make sure the link has "ViewItem" at the end instead of "VieItem"
This one isn't bad, but it's already cold, and like they are really not going to move in the pets.
Probably need to re-evaluate your Budget.
And of course there are a number of Emails that come with no Contact info of any kind since they are just posting to a Website, I don't capture the Email Addy. Doesn't do any good to send anything if you don't leave a Phone number of Email address.BUT.....
Wow, congrats Mike. Sounds like you've got a really nice thing going. Question for you, how many people do you have working for you? Do you have any employees or do you sub your flips? We're just wrapping up our flip we bought in June(?) and it just seems there's got to be a better way to do this. Tried some hourly help ($10/hr) but noone made it more than a few weeks. I'd really like to get these turned quicker.
Get a lawyer. I think you should have a lawyer in any real estate transaction but if doing FSBO no reason for a buyer's agent. No idea if rate is reasonable or not.
and only I would be considering changing from the retail banking industry to the mortgage industry at this time.Wow, the housing industry has crashed so much that this thread has been dead for almost three weeks?
It makes a little more sense considering I am unemployed right now but still. 
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In this market I can almost guarantee you that the seller has priced the house having already budgeted to pay closing costs. Once only a practice with lower price homes... It's become increasingly popular around here with some nicer homes as well.
Dump the realtor.
See if you can get on "Sell This House" on A&E (Tanya Memme 
). "Designed To Sell" on HGTV as well.
I think you are looking at this in exactly the opposite way you should be looking at it.I hold a RE license, I don't practice.
You are going to pay for whatever you negotiate in the contract.I would think that you can get the buyer to pay everything given the national hysteria about the market..As an example, I just closed a House where the seller was to pay every single cost of any kind. I also got a Seller recently to pay up to 10% of the purchase price in closing costs.You should know that the new HUD/FHA standards (As of January 1st) on lenders wanting to sell you on Freddie Mac and Fannie Mae is that the seller can pay no more than 2% of the purchase price in closing costs. So if you want buy using FHA/HUD or your lending institution is a re-seller, you can only get 2% paid.Work your deal accordingly.So if you are buying a $100K house, and the closing costs to the buyer are say $5K (Just pulling numbers out of the air) that's 5%. Since you can only get $2K or 2% covered, you either need to drop your purchase price, or have the seller throw in $2K for window coverings and say a new front loading Washer/Dryer set.Nothing is worse than leaving that $3K on the table at close because you didn't know.Talk to your Loan Originator.
I would say it depends on your market where you are and when you got in. The play in a hot CA market might be to hold out until the price goes back up if you bought at the top of the market. In that same market, if you bought a rambler for $200K, the value went up to $1M and is now back down to $700K, it could be a perfect time to sell if you are married as the Capital Gains exemption is for $500K if you have lived in it for 2 out of 5 years. Rent for a few years as the market falls more, and then get back in with a much bigger home at a great price.If it is a Rental, and you can do an exchange into a buying group in a better market where you are just really an Investor and not a LL, I might do it. If it's cash flowing, who cares, ride it out.
If you are buying together, how are you doing the Single Member LLC???? I don't follow that at all????The LLC can be added to at any time. You record the "loan" to the LLC. Then the LLC pays off the "loan". This this the way to go early on, as you will spend more than you make. It is extremely important to record the loan and payments back to you in the LLC Book (Forget what it's called, it's the book you get when you set it up)Down the road, the LLC will make disbursements to you. Talk to you accountant about a "Capital Account"
My early properties are in an LLC. The reality is that the market over the past decade was so good, that no Lending institution would have ever called a Loan that was transfered. The Worm is turning, and Lenders are shoring up their liability.I have heard stories of Countrywide and BoA going so far as to cancel or reduce existing unused HELOCs.I still doubt it, but they could begin to call loans in LLCs. I doubt they could on Loans with the LLC for say 5 years as a president has been established and the Bank didn't challenge it at the time.My Later properties are all outside of the LLC with a $2M umbrella for Liability.I am happier not using the LLC, they can be a pain in the rear, and if you don't do everything exactly correct, the LLC provides zero protection anyway. I would hazard a guess that at least 80% of the LLCs out there provide zero protection as the Managing Member screwed up at some point.
I am too exhausted to post a bunch on this right now, but I thought it was important to state clearly that I think RTOs are the Devil's work. Bass has a similar opinion.Jeff loves them. This subject has been beaten up in this thread for pages upon pages. It shouldn't be hard to find all sorts of comments pro and con.
Remind me to get back to this.However, I had a wild thought today as I was out driving today in the -20 degree wind. With the Rates going where they are going (The FED was the major if not basically the sole cause of the Great Depression last time around with their policy, they are doing the exact opposite policy wise this time around, you do learn from your past mistakes)Anyway, very soon, if not now, might be time to re-evaluate a ton of Rental properties for Refinance.
Thinking it will rent for $650-$675. Currently have $46k in it, including purchase price, rehab, and holding costs. The CMA came back at $90K so that my best guess to appraised value.Here's my thinking. I can sell it and split 30K or so with my brother. House is gone and I'm taxed on the gain. Or we can open a HELOC on it and cash out $72K (80% of $90K at prime -.5%) Payoff all balances and cash invested and have $26K left to split. And not pay taxes on the gain. And keep the house with like a $365 payment (plus taxes $65/mo and insurance $27/mo). If it rents for $650 we'll have about $200 leftover per month. My brother likes the idea and is cool with managing the property.Here's the only thing I dont like about it. Went to the bank yesterday. Went in wanting to get 80% LTV on a fixed 20 year mortgage. Not happening. She said for an investment property 65% LTV is all they can do. And the rate was 7.14% (minus .25% for setting up an EFT). She did say next week the rate should be a little better. Anyway if I do the HELOC on the house I can get prime minus a half point. But I dont get the fixed mortgage at these low rates which was my main reason for doing this. Let me know your thoughts. Right now I really like the plan as it allows us to get our money out, keep the house with 18K equity and get right into another one.
Good move...cheap cash and capital are king.
You might want to start a new thread about this as it's a narrow topic. I don't know anything about the business but my first thought was that in a recession people are going to have to cut expenses. Seems like this would be at the top of the list for most people.
Good point but wouldn't that also be the time to purchase them as profits are falling? Point taken though. I'll start a new thread on a day other than a Friday.
You are correct. I'm pretty sure I was pointing out the obivious to you, it's just the first thought that popped into my head.
Best way is to open the phone book and call them.I have a few sites I use on my own that I've cultivated over the years. Some are better than others. Craigslist at times too.Call managers of MHPs and see what's for sale.Get Commercial RE agents looking - but the best deals are pocket listings or no broker at all.Jeff-I'd be interested in hearing a little about buying a MH park. Do they go up for sale on the mls, newspaper, or do you specifically seek out the owner and offer to purchase?Thanks to Mike Anderson for doing some heavy lifting here lately.
The main issue with Loopnet is everyone is looking at those deals, and they are usually overpriced accordingly. (Basic supply/ demand - if you have lots of eyeballs on your property, you're hoping some sucker will pay too much for your property). The only deals on Loopnet are the ones you make lowball offers for (or gross miscalculations).Loopnet.comLearn it, live it, Love it.Jeff-I'd be interested in hearing a little about buying a MH park. Do they go up for sale on the mls, newspaper, or do you specifically seek out the owner and offer to purchase?Thanks to Mike Anderson for doing some heavy lifting here lately.
Often FSBOs are assumed to be willing to come down in price, right or wrong.I know it is lazy, but I often list with a realtor. But I ride them - hard. Most realtors suck - like most of any working category. I don't trust 80% of most any industry. Realtors are no different.Most won't "work" on your behalf - you have to push them. If you find a good one, hold on to them. Get a local recommendation and make sure they REALLY helped, not just pushed paper / pulled listings. A lot of realtors have been around 5 or less years due to the recent hot markets. Now most are scrambling. Go with older and established realtors but ones that will actually listen. I often like younger ones who are training under older agents.
