All Forum Posts by: Andrew R. Lucas

@WillGaston

 How many years are left on the current schedule?   

Personal opinion is that this property is over priced at the asking price.  Homepath usually prices their properties as if an owner occupant is going to purchase.  Get it at the right price and this could be a good buy.  

Investors can buy Homepath but they prefer owner occupant and will lean toward them in a multiple offer situation.  

@Dennis Humphries Bed bugs do not hibernate!  The tenants would have seen them much sooner than 6 months if they were there before.  You are not at fault either way so don't feel bad about evicting for non-payment.  Unfortunately, you will have to pay for the extermination.  Good news is that it only takes a couple days for them to be all gone. 

My pest control guy is also an investor and he suggested that I add an addendum to my lease that gives details on bed bugs specifically.  Spelling out that the tenant is responsible for removal or being charged for the service.  

I believe Arthur State Bank will do the mobile home as long as it is deeded. 

@Will Gaston I do not have any seller financed properties but...

You have a good relationship with them so be up front.  let them know you are consolidating and paying down some debt.  Let them know you are willing to pay lots of money up front to settle the debt.  Ask them what they would take.  

Maybe say "I've got $90k for you today.  Would you take that to settle the loan?" 

Worst they could say is No

@David Methvin have you googled you address?  See if he has it listed for rent or has had it listed.  Try contacting that number as they are probably more responsive to their sales line. 

@Ernest Rogers Consult an attorney :)  I would be careful of online attorneys because they are generalist and may not know the intricacies of SC law.  

A few things that you should know about SC LLC's:

A single owner LLC is not what you need. I can refer you to my attorney so he can explain the legalities of it all, but the gist of it is that you need a Multi-owner LLC and you Have to give it a term limit. If you ever get sued, this will protect your personal assets much better, and also allow you to keep some control of the LLC.

An attorney can easily draw up the paperwork to move the property under the LLC. However, you will still be on the loan as well as the property as collateral. You must know the risk of the Do On Sale clause.

Herring Insurance in Lexington has been great for me.  They've got my primary and all rentals.  Including multifamily, vacant rehabs, and even mobile homes. 

@Jasmine Norris i've worked with @Christopher Bunge and his partner, and he is serious when he says they work.  But I know they have having fun doing it :)

Good luck out there!

@Carter Bushman I have lots of questions and things she should be looking for.  

- If she is not managing the property then she should take the PM with her.

- Obviously, condition is a major factor in mobile home purchases.

- I recently purchased a 10 unit park and have learned Way too much about Septic tank issues.... They Stink!

- Certainly need to see all leases.  

- Don't simply trust the owner's word on financials.  Try to get some back up on expenses and most importantly the actual income.  I was surprised at how many tenants were on a "catch up" plan.

- however there is some upside here as the rents only average to $436 and she may able to move that up in the current Columbia market.

Feel free to direct message me or call me if you'd like to talk more about the property.