- Joined
- Nov 11, 2012
- Messages
- 71
It has taken alot of digging, alot of ups and downs, but one of my latest opportunities is like a Madroshka doll- you dig a little deeper and keep getting more. Let's explain....
In 2010, a developer came into my City and put in 10 modular homes. Of those, 7 were sold. The remaining 3 were listed for sale but never moved. and the years went by......
By 2016, they were still sitting. What had gone wrong? Essentially, there was a dispute between the developer and the City. The City would not issue occupancy permits as the infrastructure 'apparently' was done wrong. To me, this was opportunity.
This spring, I did an agreement for sale for all 3 homes (Thanks to learning from Barry McGuire), and they are all being moved to another municipality. I had to figure out who the owner was and make a deal. The owner was more interested in removing a problem and creating a win for the party interested in solving a problem. HE called it 'a reward.'
I will end up creating $40,000 per home once I place a mortage in the new town. Not bad so far, but don't forget to look behind the curtain, or in this case down the street....
Down the street was a mobile home from 1980 that was renovated with a good roof and new windows. I had to inquire about that.... I ended up paying the back taxes and picking up the home as well, for next to nothing. That home will follow the other 3 to the same town.
Could this get better? In discussing his Picasso collection with the 'successful' owner of the homes, I started learning his story. I found out he had more property. I took possession of an acreage as well... for back taxes. The acreage (14.53 acres) has a 26 x 36 bungalow, a double garage, and a mobile home on it. I got the house approved to move to the same town as the other four. The mobile home isn't in good repair but the deal is exceptional....
As I went a layer deeper and walked around the acreage, I discovered a tandem axle construction trailer, and 2-2008 camper trailers. Ok, its not a boat like Jared Hope, but 2 campers are not so bad.
The original deal, where I have an agreement for sale with NO MONEY IN, has landed me 5 homes to move, and a mobile home. The rents once these assets are set up will be $4,300/ mo. Created equity will be over $200k.... I won't have any money in, and I will have excellent cash flow. To top it off, I set up a Joint venture and truly won't have ever had any money in.
The icing on the cake will be selling the acreage. ....
And as I said, don't forget to peel back another layer and look further behind the curtain. The municipality has a municipal incentive, and I will get $25,000 back for doing these homes. All the sweeter. And if I want 54 undeveloped lots, I can get them as well....
What the other 6000 people in my town saw as an eyesore with 4 empty homes, I saw as my golden hen. She just keeps laying eggs.
What's your story?
In 2010, a developer came into my City and put in 10 modular homes. Of those, 7 were sold. The remaining 3 were listed for sale but never moved. and the years went by......
By 2016, they were still sitting. What had gone wrong? Essentially, there was a dispute between the developer and the City. The City would not issue occupancy permits as the infrastructure 'apparently' was done wrong. To me, this was opportunity.
This spring, I did an agreement for sale for all 3 homes (Thanks to learning from Barry McGuire), and they are all being moved to another municipality. I had to figure out who the owner was and make a deal. The owner was more interested in removing a problem and creating a win for the party interested in solving a problem. HE called it 'a reward.'
I will end up creating $40,000 per home once I place a mortage in the new town. Not bad so far, but don't forget to look behind the curtain, or in this case down the street....
Down the street was a mobile home from 1980 that was renovated with a good roof and new windows. I had to inquire about that.... I ended up paying the back taxes and picking up the home as well, for next to nothing. That home will follow the other 3 to the same town.
Could this get better? In discussing his Picasso collection with the 'successful' owner of the homes, I started learning his story. I found out he had more property. I took possession of an acreage as well... for back taxes. The acreage (14.53 acres) has a 26 x 36 bungalow, a double garage, and a mobile home on it. I got the house approved to move to the same town as the other four. The mobile home isn't in good repair but the deal is exceptional....
As I went a layer deeper and walked around the acreage, I discovered a tandem axle construction trailer, and 2-2008 camper trailers. Ok, its not a boat like Jared Hope, but 2 campers are not so bad.
The original deal, where I have an agreement for sale with NO MONEY IN, has landed me 5 homes to move, and a mobile home. The rents once these assets are set up will be $4,300/ mo. Created equity will be over $200k.... I won't have any money in, and I will have excellent cash flow. To top it off, I set up a Joint venture and truly won't have ever had any money in.
The icing on the cake will be selling the acreage. ....
And as I said, don't forget to peel back another layer and look further behind the curtain. The municipality has a municipal incentive, and I will get $25,000 back for doing these homes. All the sweeter. And if I want 54 undeveloped lots, I can get them as well....
What the other 6000 people in my town saw as an eyesore with 4 empty homes, I saw as my golden hen. She just keeps laying eggs.
What's your story?
