Introduction and deal structure question

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  • Hi all! I’m a lurker in the forums and recently joined cashflow depot to enjoy the tremendous amount of imaginative real estate content available here.

    Jackie: this is a huge resource you got here. Thank you for doing this. I am working my way through all the calls you recorded with Peter Fortunato.

    I just completed a deal turning a $87,000 property into a $500,000 property with a $1 house that I moved onto the property and rehabbed. I did that deal all cash and cash out refi’d into a traditional mortgage afterwards.

    I am looking for another deal now, and I have several mobile homes being offered to me for little or nothing. As I understand it mobile homes are much harder to get a traditional refinance on.

    My dilemma is how to get my equity back out and working for me again.

    How would y’all do it?

    Hi John
    You might want to consider buying a fixer 3 bed 2 bath mobile home 1977 or newer. The are a much better mobile home with copper wiring
    no lead paint and no asbestos insulation. Also there is more financing available for such a home.
    Hope this help
    Dave Doyle

    John where are you geographically?
    Dave Doyle

    Located on the Pacific Northwest.

    One of the homes I am looking at is a ‘75. I pulled the electrical panel cover to discover only copper wiring, which I think was an update.

    I don’t know what I would be getting into with asbestos.

    I think probably of the Mobiles I am looking at would be non conforming for a traditional mortgage.

    I am wondering what other ideas people have about how to get cash back out of a mobile property that does not have the benefit of Fanny Mae or Freddy Mac.

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