All Forum Posts by: Chase Schneider

@Dave Foster thank you very much. 

There are a number of cabins at the RV park but no mobile homes. Same thing? 

I have a grouping of four rental properties (house, house, townhome and duplex) that are currently bundled in one loan. 

I am looking at selling them and using that money on a downpayment for an RV Park. 

Would that be "like-kind" enough to qualify for a 1031 exchange?

Thank you,

Chase 

I have a friend of a friend type situation that owes $7,000 in back taxes on a house that is paid off. They can not afford to pay the taxes. The house needs roughly $10,000 worth of repairs. The ARV would be around $100k.

Would there ever be a situation where they sell me the house for $1.00, I pay the taxes and fix it up, then we sell it and split the profit?

Would love any recommendations. 

@Daniel Johnson How did you go about finding out about he zoning? 

I am looking at doing the same thing with a duplex. The seller already started converting the basement into another unit but not sure how to confirm it is actually legal. 

Thanks, 
Chase 

Thanks for sharing all the real numbers, as well as, the issues that can arise even in a great deal. 

I talked with the Housing Authority of KC. To increase rent on Section 8 renters you must first have the renter sign the new contract that includes the new rent price. 

You then send it to the Housing Authority for final approval. If the amount is too high they will send back what the max could be. I didn't get a straight answer on a max besides, "it depends on the renters income and other fair market rents." 

@Tyler Schell @Lee Ripma

When increasing rent for Section 8 tenants, does it have to be approved by Section 8 prior to the tenants signing the new lease?

Below is a website for rates in Kansas City. Any idea if this is the standard or more of a guide? 

https://www.huduser.gov/portal/datasets/fmr/fmrs/F...

@Derek Dombeck

Thanks for all the info. 

If a buyer puts under 20% down does the seller charge PMI or does PMI not exist in seller financing?

Thanks, 

Thanks @Mike D'Arrigo, excited to see where this will lead. 

@Craig His We purchased one unit of a town home. We ended up agreeing on $47,000 with them paying to fix the roof prior to closing and then giving us $900 at closing to fix the back sliding door. 

We put 20% down and got financing through a local credit union. 

We inherited renters that have been there for 12 years and would like to stay. They pay $725 in rent and there is a $90 HOA fee per month that we will pay.

Overall we won't do many updates since the current tenants like it how it is. 

Prior to putting in an offer on this one I would guess that I ran the numbers on 50 plus properties. When I found this one I texted a realtor friend that night and called a couple banks the next morning. 

Good luck as you continue to look for your first deal.