Carl Mullin
Active 4 years, 8 months agoForum Replies Created
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Posts
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Don and Dee:
My plans would be first to sell the existing park homes to the current tenants with owner financing. I think the key to this deal lies in getting out from under the maintenance that an older MH brings with it. Long term I would want to just rent the dirt and have all the homes non-park owned. Then it would be a matter of maintaining the well and septic. The water is tested quarterly today and the septic is pumped and inspected bi-annually.
Don I like your idea of getting the tax returns. He may lie to me but think a little harder before lying to the IRS.
Dee as far as where this deal has been listed it is in the Marion County listings. Marion County has its own stand alone MLS system with no reciprocity with the adjacent and much larger Mid-Florida MLS system. This is not an economically depressed area. It is south of Ocala. The entire county is not that wealthy as this is primarily thoroughbred horse country. So there are a lot of farm jobs and small manufacturing jobs and a large FedEx distribution center. The wealth in the county is concentrated in the horse farm owners. ( One of the world famous trainers resides in Marion – Todd Pletcher, who always has one or two horses running in the Triple Crown events.) The owner has operated this park for 40 years and would like to retire.
As for myself I have been investing actively for the last three years. I have flipped 14 houses. I have done everything from paint and carpet to full blown gut jobs. I have also wholesaled three other deals. I have used lease options, owner finance, and cash. So I’m not exactly an excited newbie. As I said I’ve never dealt with mobiles before so I am looking for some good guidance on this possible deal.Deb:
I am in Florida but my primary focus is probate. I have a VA in the Phillipines who pulls the death certificates off the county web site at the first of each month. She then goes to the County Property Appraiser site ( sometimes its the Comptrollers site) and cross references the name against any property owned by the deceased. She then captures that data in an Excel spreadsheet and sends that to me. I usually have all five counties by mid month. I parse the list to take out anything I don’t want to look at outside of my sweet spot like million dollar houses. I then send it to a courthouse research company to send someone to the courthouse to look up the PR and lawyer info. Since I am so early in the process I usually only get that info for about 10% of the list. I then mail letters to the PRs, lawyers or “the family of”. This brought me all of my flip deals last year.
The benefit to you is the big savings over buying lists from list brokers. I was paying $300/county from two different brokers. My list costs today are about $250 for 5 counties. My undeliverable rate runs 4-6%. I had one list provider that had an undeliverable rate of 17% and couldn’t understand why I dropped them. It also keeps you out of the courthouse for days on end pulling two and three files at a time. Hope this helps. Good luck.
