All Forum Posts by: Dustin Wiskes

@Paul Moore I would love the opportunity to read your eBook, Paul. How may I get a copy?

Thanks!

Dustin

@Robert Fornwalt I would suggest checking out the Nolo book “Every Landlords Tax Deduction Guide”. I found this to be very helpful filing my own taxes and it will surely will give you lots of questions to ask your CPA.

https://store.nolo.com/products/every-landlords-tax-deduction-guide-dell.html

@Luke Simonetti In my experience, banks will not factor into account the rents for your mobile homes - only the lot rents. A small local bank might work, but the value is in the dirt, not the rents. This has been a hard one for me to wrap to head around since I operate some traditional rental properties, but MHPs are treated differently. You might consider factoring this into your underwriting, just my $0.02

Dustin

@Paul Gallardo I recommend taking a look at the WI lease that BiggerPockets has for sale. Very thorough and easy to read. It’s also easy to explain to the tenant, which is important to me when onboarding someone new.

Dustin

@Brad Bellstedt

I recommend Cozy.co

I wanted a service that was free for myself and my tenants and Cozy fit the bill. I also do electronic applications and expense tracking on their platform, which is pretty convenient.

@Nathan Hui

I shoot for $250-300/door/month.

I manage all my properties and do most of the maintenance myself, so these numbers will eventually change once I hire these job functions out. I also have pre-funded a Capex account, so this is not accounted for in the number above.

A recent side by side duplex (2bd/1.5bth) that I got under contract had numbers that went something like this:

Purchase price: $140k

Financed amount (75% LTV): $105k

Mortgage (4.75%, 30yr): $548/mn

Taxes: $270/mn

Insurance: $67/mn

Total: $885/mn

Rent @ $725/side

Cash flow: $565/mn or $282 per door

Again, you will definitely need to factor in other expenses if you want to have somebody else manage and you should also stock some away for a rainy day, but this will at least give you a jumping off point.

Best Regards,

Dustin