All Forum Posts by: Uwe S.

Agree with Barrington Gallahad take a look to towns max 2 hours from NY. There plenty of opportunitys there I guess.

-Uwe

Columbus Ohio is a pretty good place to start investment actual its only depending on your pocket.

-Uwe

Hello Justin,
calculate only with actual numbers not with future!

I see your stated expenses and will ask you do you have an P&L of the last 3 years of this park?
Mostly I see 30-35% in expenses of an MHP so you should calculate with $46k for this park. This reduces the NOI to $85k with an price of $850k you can get an 10% CAP. looks good.

-Uwe

... and I forgot the eviction time in Ohio can be only 3 to 4 weeks.

-Uwe

Agree K. Marie Poe and Steve Babiak.

-Uwe

Welcome Phil,
you need an attorney for the eviction and I will tell you start the eviction process like Igor Generalov said.
A good attorney in Marion OH you will find here.

-Uwe

Brian,
first I want to reply to your response to Angelo:
If you don't have really much in reserve after the 3.5% down you have maybe next problem if there any bigger maintenance in next months.
How much you pay actually for your rent? More than $475, you estimated for the fourth unit in house, each month? If yes you should pay the same rent to you in your investment house.

Now to the CAP rate, I calculate as investor anytime a 10% CAP without any downpayment, so if you receive $11,9k NOI this house price should be only $119k. Beginner investors have mostly no much money, I guess you know and in this case they must borrow a big sum from the bank. Big sum from bank with interest can eat this 10% so its better to take this as minimal CAP rate. Much different is when you buy with 50% down (excample) so you can down to 7-8%.
Your propertie is now in this range of 7-8% CAP actual.
A good thing is you live in your own investment so you can drop the propertie management fee of around 10% from the monthly expenses.
So maybe a deal for you but not for an out of town investor.

-Uwe

Brian,
looks like you know about the 50% rule and so I assume you know also about the 10% CAP rate as beginning investor.
With the price of $155k and only $11,9k NOI you have an CAP rate of only 7.7% all the more with only 3.5% down.
Number don't work here in my mind so no deal for me.
Good luck.

-Uwe

Thats an statement, thanks J Scott

-Uwe

Scott French,
there is no offense from you. I told him what he can do and in same time I told him my doubts so I don't see an problem here.

If I had wrote "buy it now you would have no hassles and you will be rich in 2 years" yes this should be a high problem I guess.

Aaron Mazzrillo,
I´m not an naysayer I think.

-Uwe