Idaho Hard Money Deal - Close

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8 deals

Idaho

I have recently purchased three mobile homes in the Boise area all in established parks in great areas of Boise. I have one currently almost ready to List. This when I paid $15,500, I did most of the labor because of the hard times we are experiencing with the coronavirus, so I have about $2,000 in materials and upgrades. And this one will be listed for $55,000. And I assume it will sell very quickly. The second trailer house is a 1100 square-foot two bedroom two bathroom, right on the Greenbelt in river Inn Boise. In a very small quiet clean part only for Trailer’s total. I paid $28,000 for this specific Property, it needs about two or $3000 worth of work and it will be worth approximately $50,000 with a tenant in there without a tenant it be worth approximately $35,000. And the best one is the last one it is a two bedroom two bathroom Doublewide in a 55+ community which is the majority of parks here in Boise. The comps in this park alone support a sales price as it is of $25,000. I paid $4,500 for those trailer and plan to spend about $8000 in materials and labor. This trailer finished would be worth approximately $70,000 When remodeled. The good news about this trailer is that it has all new mechanical Systems. New furnace brand new air conditioner and water heater. I have been working in the mobile home World for about a year now. When I accidentally came upon the opportunity. They are and have proven to be great investment for me. Are usually buy them off market I’ve made great relationships with a lot of parks in the area so they have an in on one going to be sold I get first dibs on it. Are usually can buy them between five and $15,000 and make 30 to 40% on that. If for whatever reason and it’s only happened once I cannot sell it in 30 days I offer Owner financing with a significant down payment and interest. In the past I have requested loans from private lenders and based on my track record has been written a check on the spot. The most recent loan was for $22,500 at 20%, simple interest. So guaranteed 20% no matter what when the loan is paid back. I’ve never had to have a loan go past 90 days. I do ask for a 90 day term but can work with a 60 day term. Right now I am looking for money to finish the Renovations and get them on the market and secure one more property that needs work but I can acquire it at 5000. I should be able to have my next one on the market within one week: The trailer house with the tenant in it I should have that one done by the end of this coming week, and The third hopefully by the first week and of May. That one is in a different area of interest so days on market on that one might be higher than normal, but I believe the payout on that one is going to be worth the wait. I usually do not require loans like this, But as a real estate agent, coronavirus has hit me hard, I had four buyers in escrow that all backed out, and two sellers that canceled their listing agreements with me until everything settles down. Unfortunately my credit score is not where I’d like to be, with a recent divorce, I was left with a lot of debt I was not aware of that was acquired during and before the marriage. And most recently I found out that there were three credit cards taken out in my name after the divorce that had been charged off. I am working on getting those removed from my credit but that is where my bad scores coming from.