All Forum Posts by: Andrew K.

Derek Duplechin this is an incredible project to follow! So what's been some of your biggest lessons learned so far? Anything you would have done differently? I'm impressed with your progress. Keep going and I look forward to following along! -Andrew

Kirsten Ostby how long is the new lease? Did you consider having the tenant sign a 6-9 month or 18 month lease--in an attempt to get the house back on the spring/summer peak lease season? I have a rental in Sanford, NC that just went vacant and am considering having the next tenant sign a longer/shorter duration lease to get the house back on cycle. Also, if you ever need property management recommendations feel free to ask. Mine has been great. Glad the place is leased up! -Andrew

Absolutely amazing to see this site grow! Congrats to Josh and the entire BP team for building such an incredible resource! -Andrew

Adam Soyak close up the existing window and add a long, narrow window near the top of the wall. The window can either be clear glass or glass block, still provides natural light, increases privacy, and frees up the wall space. Take a pic and post it once you're done! -Andrew

Cliff Harrison this is awesome! I'm very interested in seeing how this turns out. Good luck and keep us posted, I'll be rooting for you!

Stephen Gantz will you be living in one of the units? Either way, what's your strategy to purchase it? E.g. FHA loan, conventional w/20% down, cash, etc. I also use rentmeter to get an idea of rates for an area. I also like to determine a ball park price/square foot amount as a screening tool--based on the average rental rate in an area. For example, I use .50-.60 cents/square foot to determine an estimated rental rate in some of the areas I look at. Again, a quick screening tool. Good luck and keep us posted on this deal. -Andrew

Ryan Cameron assuming you used the $20k to pay off a rental, how long is the pay back period? In other words, if you save up the cash flow each month how long until you have $20k again? Let's say you paid the place off, and now it's cash flowing $2k/month. You'd only wait 10 months to get that balance back up to $20k. Can you wait that long? Can you afford the opportunity cost? Is this the appropriate risk tolerance level for you? Good luck! -Andrew

Zach Hubert-Allen I also highly recommend the BP podcasts. You'll likely learn something from every show, regardless of your REI niche. Also check out the following podcasts. Again, lots of varied content to learn from: -Michael Quarles Real Estate Show (short and to the point episodes) -Mobile Home Park Investing (great tips, even if this isn't your niche) -Flipping Junkie (actionable tips for just about every REI level) Between everyone's recommendations you'll have tons of content to keep your commute educational! Best of luck. -Andrew

@Travis Elliott, @Account Closed provided a ton of excellent info to help analyze this deal. I recommend that you search for Charlie and Kevin Bupp's podcast and their website. I'm sure you'll also gain a ton of insight listening to a bunch of their episodes and spending time on their site. 

It's been great following this conversation, as it's helped me narrow down my own MHP criteria/analysis skills. 

Good luck with the deal and keep us posted!

-Andrew

@Andy Cross it does sound like you have a great deal on your hands!  Any idea how much the seller's financial commitment is?  Is it possible to delay that financial commitment X days?

Are yo willing to shorten your contract extension clause--this show the seller good faith?

Also, have you laid the groundwork with your money partner? Meaning, shared with them only the pertinent details to get them interested in closing on this property? I presume that if you've shown them to bring these kinds of deals to them in the past, they'll be more than ready to meet the 15 day closing timeline. 

Best of luck to you and please share how this turns out!

-Andrew