[DEANO VULCANO]

DEANO VULCANO

Unfortunately the MH you spoke about would only rent for $650.00 here in South Carolina.

That MH will bring $117,000 after 15 years at $650/mo.
Since MH`s tend not to appreciate much it may only be worth $50,000 after 15 years.
15 yr. cash flow($117,000) plus property value after 15 yrs.($50,000) = $167,000

Deal #2
15 yr. cash flow at $400/mo. = $72,000
If this property appreciates just 1% after 15 years it will be worth $171,526
15 yr. cash flow($72,000) plus property value after 15 yrs.($171,526) = $243,526

Plus the 16th year and then on the monthly cash flow on the stick built house would be $1,110/mo.
Compared to $650/ on the MH. (Obviously the rents would go up over the 15 yrs. on both properties, most likely more on the stick built over the MH).

Other factors on the stick built:
1-Since the house is appreciating, so will the monthly rent.
2-Starting the 16th year all the monthly rent will cash flow.
3-Owing 65,000 on a $125,000 property is only 52% LTV
4-With my credit score I can refinance up to 80% which would give me access to $35,000 cash, and it would cost me about $1,000 to refi.
5-Lending may get tough for stick built homes but never completely dry up, MH`s don?t seem to be as consistent.

I?m not against MH`s at all but I?m just trying to play out the whole scenario on both types of properties.

Deano

[DEANO VULCANO]

DEANO VULCANO

Jackie,
If I ever needed to pull out cash, in an environment like today, it would be very difficult, lenders won?t touch mobile homes right now.
Because of all the foreclosures on MH`S it is nearly impossible to get a high comp. in order to justify a present day value.
Also, 15 years down the line, when property #2`s mortgage is paid off would I rather own a brick house worth 86k, a 17 yr. old house worth 143k or a MH worth……..?

[DEANO VULCANO]

DEANO VULCANO

I have $30,000 sitting in the money market account collecting a measly 2.5%, any of the two deals mentioned would blow away the returns of the bank, I was just wondering what everyone else thought about the best long tem use of the 30k, one of the two deals mentioned or something else.
I have a 810 credit score, so I can access that money at any time.
You mentioned options, could you elaborate on that a bit.
Thanks for your response Greg.

[DEANO VULCANO]

DEANO VULCANO

Deano Vulcano – South Carolina

I have flipped almost 200 houses here in SC. If I can do it here it can be done anywhere. I still buy a majority of my houses at the foreclosure auction. You just have to be willing to do more research than the other guy.
I have built up a pretty good cash reserve, my kids are grown, I am debt free and I am ready to build some long term wealth. My main objective is to find the best vehicle to do that.
I have been inspired in my career by Jackie Lange, whom I consider to be one of the most knowledgeable RE investors in the business. I have never met anyone more willing to share their insider secrets. When I heard she was going to be involved with this site I was sold.
You can spend thousands of dollars on those so called ?Seminars?, which are really nothing more than a 3 day sales pitch for their more expensive products and services.

I hate seminars! With the technology available today I don?t believe seminars are needed, Webinars are just as effective and much cheaper.
I believe this site will supply all the info you need to successful, if you apply it.
Looking forward to exchanging ideas.