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XUL
OTD Janitor



Registered: 03/16/05
Posts: 28,261
Loc: America
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Getting into realestate
#25274102 - 06/17/18 09:43 AM (5 years, 7 months ago) |
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I want to purchase a used trailer, build my own cabin, or buy a pre-built Amish cabin, which also includes plumbing, electricity, and some form of heat. This is a 5 year plan.
The problem with a used single wide trailer is that I don't know how the hell it could be transported if I bought it. Say, I bought a used trailer. Will a company go pick it up and move it with a truck? I know the Amish will bring their cabins out to your location with a trailer, but the cabins aren't as big -- or they can be moved in pieces.
Maybe I am all wrong about this because I have no idea about this kind of thing, which is why I am here.
My main goal is to start out cheap, but not slummy.
What do you think?
Amish cabins: http://www.amishcabincompany.com/larger-photos/
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TRUMP 2020
Edited by XUL (06/17/18 09:54 AM)
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XUL
OTD Janitor



Registered: 03/16/05
Posts: 28,261
Loc: America
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Re: Getting into realestate [Re: XUL]
#25274364 - 06/17/18 11:52 AM (5 years, 7 months ago) |
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This is a 2 bedroom and 1 bath Amish cabin.
They deliver them to Pennsylvania from Kentucky.
I like this one. It's around 600 square ft.
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TRUMP 2020
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Humble Newcomer
Diddler de niños



Registered: 03/12/17
Posts: 1,483
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Re: Getting into realestate [Re: XUL]
#25278789 - 06/19/18 12:57 PM (5 years, 7 months ago) |
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And your goal is...... To purchase them cheap and sell them high? Be in housing sales?
Or are u putting them on land and selling as packages, hence the "real estate" in your title?
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XUL
OTD Janitor



Registered: 03/16/05
Posts: 28,261
Loc: America
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As rentals.
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TRUMP 2020
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Humble Newcomer
Diddler de niños



Registered: 03/12/17
Posts: 1,483
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Re: Getting into realestate [Re: XUL]
#25287288 - 06/23/18 12:44 PM (5 years, 7 months ago) |
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Yes there are companies that move and shuttle mobile homes they're the super squatty tractor trucks. I'd expect $500minimum to move it any kind of distance
I almost bought a 8k mobile home foreclosure over here and I'd suggest if you're looking into doing rentals (as I am /have) that you go that route and if you don't know how to build or repair a house you start that way.
Its probably the only way to be profitable while just a regular guy starting out.
Look up foreclosures, damaged homes etc and live in one while fixing it. Rent it for a while after you move on to the next one.
You can always sell it owner finance later and possibly reclaim possession of the property later, or at the very least you will make the interest off the amortization chart.
However depending on where you live you may look up rental laws and see if you're even interested. Texas protects it's tenants pretty well but its not too hard on the landlord, California for example I wouldn't be interested in renting.
Things like how long they have before you can evict them and squatters rights are key points
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XUL
OTD Janitor



Registered: 03/16/05
Posts: 28,261
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Thanks for that reply. I will research foreclosures and how I can get in on that.
Good stuff.
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TRUMP 2020
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Grey Fox

Registered: 01/22/15
Posts: 2,652
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Re: Getting into realestate [Re: XUL]
#25288389 - 06/23/18 10:52 PM (5 years, 7 months ago) |
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Manufactured homes that are moved from one property to another often are unable to be financed with a mortgage. If you're thinking about flipping then that is something to keep in mind. You would be limited to only selling to a cash buyer. They are definitely not the same as a house when it comes to investing.
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ashfiken
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Re: Getting into realestate [Re: Grey Fox]
#25288711 - 06/24/18 05:34 AM (5 years, 7 months ago) |
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Very true^^ Xul says he's just looking for cheap rentals though. As an economy (USA) more p and more people are having to rent for a longer portion of their lives. Giving them a reasonable and relatively cheap option to do that, I believe is super smart(business Saavy) and necessary. All the places being built now are pseudo luxury and charge exorbitant amounts for rent. Fixing up and renting some cheap property is a great way to be of service to the population (which is steady growing and will always need housing) and also give yourself some financial security.
Here in the south all the good ole boys love to retire by buying a trailer park and renting em out whilst fixing em just enough to be livable for a couple of renting cycles. It's the only way the little guy can get into "real estate" in any true and positive fashion. Good luck
cheers
-------------------- hmm... "I'm naked and fearless... And my fear is naked." "life isn't worth living without the threat of death" "I got my plans in a ziploc bag, let's see how unproductive we can be" "nobody lives their lives fully except for bull fighters" My Trade List
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Humble Newcomer
Diddler de niños



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Re: Getting into realestate [Re: ashfiken]
#25288757 - 06/24/18 06:35 AM (5 years, 7 months ago) |
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I didn't know that about modular homes.
Good points. I have a friend out here (in the south as well) his whole family runs rentals and that's all they do. Their dad had maybe 20 when he died split amongst them and they have started with that and grown.
We recently had hurricane Harvey come through and my town was ground zero basically, I live by Port Aransas Texas which was destroyed.
He's telling me there's a ton of houses available now where the owners didn't have insurance and the house took heavy damage but they've already gutted and demoed all the wet stuff and just want to walk away from the property, 10k cash can get you a house that needs a cheap comp roof, sheetrock and floors throughout and fix a few things.
If you were to hire a sheetrock crew that's 5k already 2500 each for sheetrock and tape/float/texture crew, the floors would be the same neighborhood, plumbing repairs on these Old homes etc, so for the ppl who have to hire it out, a they can't afford it and b) by the time they finish they will have spent 25k just to fix the 50k houss back up to square one But if you can do the work and especially if you can have a small job part of the week thay pays the electric bill and all your bills but allows you to work on the house half the week, you're paying yourself in the home equity you're building and paying yourself well.
I'm looking into buying one in the next few months and he recommends to build it basic but nice, rent it out for 3-4 years and in that time I'll recover my costs, and then sell owner finance.
By selling owner finance you can charge a large down payment (say ten or fifteen grand out of the 60k hypothetical sales price out here, which is like 15-25% down) and then you gain the interest of the note instead of the bank.
For him it works extra well because since you're not getting a lump sum payment you don't have to pay capital gains tax. But I've looked into it and the way I'm doing it works just as well the IRS has a home sales tax exclusion law where if you've lived in the home two of the past five years you can exclude ip to 250k of profit. It has to be your primary home tho no investment homes that's why he can't do it this way.
So I buy the beat up home for 10k. I live there for two years fixing it on the weekends at my leisure, it's my primary residence. Year 3-5 I move out and rent it and reclaim my investment. Day one of year 6 I can sell lump sum and STILL not pay taxes on the gain after making all investment back. Or keep renting it out and pushing back the sales date earning you more money in total per property. Or sell owner finance if you can do several of these over 10 or 20 years and have say five houses all sold on installment plans, that's five mortgage notes coming to you with five interest payments every month just like rentals and honestly five chances of reclaiming possession of their house in eight years when some shit goes down. But unlike rentals where you'll have to at some point stop working on aquiring new rentals and simply maintain your inventory full time, you can continue every two years putting a new house up for sale bc they are responsible for their own repairs. Hypothetically
I've rented out for several years and I've sold property and there's a proper time for each I think. Very case by case.
Edited by Humble Newcomer (06/24/18 12:21 PM)
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5150
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-------------------- "the way of the warrior is the resolute acceptance of death" Miyamoto Musashi
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