All Forum Posts by: Adam N.

Quote from @Joshua D.:

The biggest issue I see in this realm is weather or not actual Land is involved.  I would think you would have to be in a crazy hot market to rehab mobiles on a rented lot and make it worth you headache and money. 

However, if it is a well built mid 90's mobile on a half acre of land in Columbus, mt (where i live)  it would be worth rehabbing and flipping.  These will sell great all fixed up! 

I also want to hear what @John Fedro has to say.

In Ohio, mobile homes are considered "personal property" not real property, because it is not secured to the ground like a stick-built home is to a foundation. Remember your monthly fee to the park is a rental fee.

Quote from @Ramon Contreras:

Originally posted by @Brian Gibbons:

Mobile homes with or without If you're buying for cash and so I am terms you going to be really careful, see @John Fedro 

 What if I own the property,  and I want to start filling up this land with mobile homes and rent it out,  does this  will be a good idea?

 Don't you have to install water, septic, electrical and or gas? Not to mention, concrete pads?

I have found that Covid has impacted the skilled labor market. I remember my go-to-guys eager and hungry for business, now say they have larger projects or just don’t care. I have had 2 flakes not show up and had to fire 2 contractors for poor workmanship. Be very careful who you choose.

Thank you Bill for the clarification. I think I may just man up and pay the tax, because I don't believe I can find a SFR that will cash flow after debt service, if I do a 1031. I did see 2 duplexes recently listed in the $170k range, that would work for an exchange, but once again there would be no positive cash flow. The house I plan to sell should go for $229k with approx. $59k gain. So unless my numbers are really off, this gain applied through a 1031 represents only 17% of a normal 20% down. I am not sure after all expenses if there will be any cash comining in?

Ok, so say I bought a SFR for 100k, and sold it for 200k and had a 100k gain, if I was to do a 1031 exchange, to make it work, I would have to find another property or properties equal to or greater in value. But is this value based on what I paid for it originally or what I sold it for? Thank you.

Wow! Thank you for taking the time to explain the different options! I am about to list a property and expect a tax exposure of approx. 10k. Does the new property have to be equal to or greater than what it did for? And is only the tax deferred or does the entire capital gain need to be used?

If you are still looking, you may want to reach out to a company I used to sell my home in Sherman Oaks a few years back. Check out Ron Smith at Partners Trust, he is one of the owners, and they have a number of offices around the WLA area. Good luck!

Hello. Anyone have experience doing a Construction/Improvement 1031 Exchange? I would be interested in learning more about the profitability and pitfalls. Thank you.

Thank you George for the update. Like I said, I am no expert!

I would call a few mold mediation companies for quotes. They may even require the property be tested first so they know what type of mold they are dealing with and how to meditate it. And if tested before work begins, they will retest it afterwards too. This is standard. They may also be able to pump the basement as part of their quote. Using a septic company is preferable to doing it yourself, because their machines are super powerful, and their hoses are huge! So their run time will be could be hours instead of days. Once dry, get an electrician in, set up a temporary pole, contact the electric co. and move forward to enabling power. A plumber can get you set up with new sump(s), perhaps even with a battery backup, just in case you lose power during a storm. Check the basement walls go buckling, then move ahead.