All Forum Posts by: Gentry B.

I am considering buying a small mobile home park for $150k (7 unit) that needs 6 trailers, each $10k.  The rent on them is between $500-575.  The number pencil to give it around 11% cap rate.  Does anyone have any experience owning them?  Worth it?  Good deal?

Crystal, thank you!  That is very helpful.  

I want to make a checklist for single family and multi family investments, so both my assistant and I can survey and analyze properties more quickly.  Does anyone have a top 5, or 10 checklist items that you must have in order to invest?  Any suggestions are greatly appreciated.  

Regards,

@Mike Dunn When you say you kept your eyes open, you mean a property that you observed was not being cared for, and took a shot and found out, through tax records, that the owner is willing to sell? 

I'm looking at the MLS and KSL and Craigslist. I've never tried the letters. Have you found any success with that?

Is it wise to buy in a hot market where no deals are found?  I am in Utah, and the market is on fire.  Anything that even remotely resembles a deal is usually gobbled up by a cash offer.   So if I am to buy one, it will either be that I get lucky and find one that has fallen through the cracks, or pay retail.  What should I do?   And if that is the case, is it wise to buy in another state?

I just made an offer on a 4 plex. The market in my state is extremely hot, and EVERYTHING is overpriced. This unit has not been built yet, and it is the only one I can find that can cash flow. Disadvantages: I only get between 6-7% cap rate; the area that it is being built in is saturated with new apartments; high HOA fees. Advantages: The entire area is new development, so there is no run down areas or neighborhoods; the complex has a club house and a pool, which is attractive to tenets; the HOA covers all of the outside maintainence; they are building a campus extension of a local university; close to interstate; plans for business development in the area are extensive.

Thoughts, suggestions?  

I have property with Strongbrook.  They are legit (in that you do buy real property), but I would steer anyone away from them.  They take advantage of people not knowing real estate, and charge exorbitant fees.  Their agents find properties that will maximize THEIR returns, not the clients'.  Because they own the entire system (from the agent, to the title company), they charge what they want, and put people into expensive deals that would not otherwise suit them.  I would advise anyone to stay as far away from them as possible.