Doublewide Rehab

[steveinaj]

@propertymanager post:12

Not depending on the cashflow? Investing for the future? Not me. The cash flow better come in each month or I’d be looking awfully thin. For me, this is a business. I MUST make money or my wife will be mighty unhappy. She has gotten accustomed to inside living, having a nice car, and going on the occassional vacation.

I normally don’t put any money down, so that doesn’t really apply so far. I try to do the initial rehab with cash from my cash flow. On occassion, I have paid cash for deals and then refinanced to get all my money back. I’m doing that right now. I have a doublewide on a full acre and permanent foundation that I’m just finishing. Everything was paid in cash and I’ll hopefully be ready to get my money back in the next few weeks (of course at 50% LTV or less).

Mike

Hi Mike,
This post has nothing to do with the 50% Rule, That’s why I changed the header.
You mentioned that you are doing a DW on an acre.
My niche market is mobile homes. I sell some on a note and others I hold and rent.
I have been purchasing and rehabbing mobiles with my own cash, but i will run out of money to fund future purchases and rehabs pretty soon.
My question to you is how do you fund most of your deals?
All of my deals so far have been mobiles in parks, so financing with a bank is not really an option, in my area banks don’t want to finance older mobile homes.
I’m about to run into a funding brick wall in my business. The cash flow from my existing notes and rentals support me, but there is nothing left to fund more deals.
:banghead I’m hoping you can share some insight.
Thank You
Steve Enlow
Goldfield Properties LLC

[kdhastedt]

steveinaj,

If you have a new idea, please start a new thread (Click on “New Topic” at the top of the page). It is considered very rude to highjack the threads of others.

Thanx,

Keith
Moderator