All Forum Posts by: Anthony Conway

What is the purchase price?

Sounds like a good one. Here are a couple more questions to ask. Occupancy? What kind of services? City water and sewer? All separately metered. What are the average lot rents in the area? Rents for mobile homes in the area? Long term tenants? Get insurance quotes to make sure that number doesn't go up significantly. Sometime it is hard to insure the old mobile homes so all the value will have to be put on the land and the houses that are on the property. There will be some kind of commercial financing with 20-25% down.

Sounds like a pretty good deal. Here are a couple questions. What kind of services? City water and sewer? All Paid by the tenants? Or septic? What are the average rents at the other parks? Average lot rent of the area? Nice that it is 45 homes all park owned. How many are occupied?

You can either have your own agent that represents you or go directly to the listing agent. Ask for the financial package or sales package on the property. If they don't have that, ask for the Profit and loss statements for the property.

Yep, sold our last home in West Ashley,SC to a bidder with this same technique. We even had a offer a little bit higher then there max, but still went with them because we liked the offer and the terms. Charleston is really a crazy market!!!

I love driving around picking up rent. I have recently been thinking how good it can be for the business also. You are technically killing two birds with one stone by checking on the property, tenants and also collecting rents. But I am a very hands on landlord and understand the need for rent collection companies and property management companies.

Welcome to bigger pockets. We should catch up sometime. Are you still active in the REIA Group

what is everyones outlook on real 3/4 hardwood. i am in the same situation on a rental property we are rehabbing now in summerville. i find it hard to believe that tenants could do any real damage to 3/4 hardwood flooring. i mean yes scrape the surface but nothing a quick sanding and re-polying couldn't fix right? i know the price is higher but is it worth it in the long run?

Sell it, I personally think the area is in a small bubble right now and will be adjusting itself in the near future. Mix the slight market correction and rising interest rates and the property is soon to be back under water. Did you use the BP calculator to figure cash flow? Did you add in cap-x and special assessment, property management? Because I think as soon as you add any other expense's you will find out it is not $450 cash flow heavy. Just the quick 10% rule, if you have loan at 157k and it is not renting for $1570 per month it is probable not a great investment.

50/50 has worked best for me. Easy to do the math and everyone is motivated in the same manner.