All Forum Posts by: George Skidis

Members of Illinois REIA can go to Scott W and his crowd funded lending platform. Any questions my contact info is below.

Our members get crowd funded financing through a private source here in Illinois. As the owner of a Mobile Home Park I wish you well.

Prices vary across the country so I allowed for variance. Like I said $25 to $35 per month. 

A 1994 Belmont single wide 52 x 14 insured for $15,000 with $300,000 in liability, tenant occupied is costing me $27.06 per month. Paid annually that would be $302.00 per year but I like monthly budgeting.

Many insurance companies WILL NOT insure a mobile home over 20 years of age. Others will not insure tenant occupied homes.

Pick a neighborhood you would like to farm. No more than 25 miles from your residence. Go walk it and see how it feels. Attend yard sales and see the reason. Cleaning the clutter or getting ready to move. Have your materials with you. If you see something you want at the yard sale haggle over it politely. Get a feel for the people and the neighborhood. If it doesn't feel right choose another subdivision. Interview a dozen or more realtors until you find one that is investor friendly.

Burn through their MLS listings and pick the top ten to look at. Go look at them by yourself and save the real estate agent wasted effort. If you cannot be ready to pull the trigger on something, don't waste their time and gas. Respecting their time and resources will get you onto their preferred status list. When you are preferred you will sometimes get called "BEFORE" the MLS listing is posted.

Your focus should be on a 2 to 4 family unit that you would like to live in. As an owner occupant you can manage the tenants and toilets in the wee hours of the morning, or hire a property management company to deal with them while you learn the business slowly.

When you decide on Business cards should not have your photo or anything on them that says you are the owner. Use Senior Leasing Specialist, Resident Placement and Eviction Officer or some other nondescript name. Owners are targets. Be vague, be discreet and above all buy lots of liability insurance.

Avoid the big real estate shows that come into town. They will take your money and you won't have any left invest. Instead, join the local real estate investors association "REIA" in your area. Anything associated with the National Real Estate Investors Association is probably a safe bet.

Good Luck and Good Investing!

On Thursday, 09 November 2017, Illinois REIA is having their regular monthly meeting.

You will receive three great topics and hear two keynote speakers.

$10.00 - First Time Guest Fee

$20.00 - Returning Guest Fee

5:30 PM - Registration and free pizza

6:00 PM - Alton, IL and Landlord licensing

7:00 PM - RSI will announce the new  MEMBERS ONLY 15% only discount  for select Hampton Bay Kitchen and Bathroom cabinets. With our 2% Members only rebate that amounts to a 17%  SAVINGS

7:30 PM - Amy Parkinson director of Madison County Section 8 on how to participate and how it works.

Location: VFW Post 2859 - 231 East Edwardsville Road - Wood River, IL 62095 - Use front left entrance

Tickets: https://ilreia.memberflow.com/Event/Register?Id=2291&cal=true

Website: Illinois REIA

These classes will earn participants 2 credit hours towards earning the "Professional Housing Provider" (PHP) designation.

As a Mobile Home Park manager and licensed insurance agent in Illinois and Missouri I would recommend Foremost insurance stated value policies on the mobile homes. This will cost you $25 to $35 per month per home.  

Mobile homes are NOT real estate. They are personal property and should be insured separate from one another with each mobile home owned in a separate personal property trust. With foremost you get discounts for being a member of a Landlord's association, multiple policies, USAA membership and several others. Foremost has a wide variety of products

 Get the park insured separately with a major carrier in your state. In the Midwest I would go with Shelter insurance for the price and service My liability policy is under $300.00 per year. We use agent Mark Wojick of Belleville, IL. 

WE always recommend Gus Sharos of Sharos Masonry. You may be to far out how far is Holland from the greater St. Louis area?

Illinois REIA meets on the 2nd Tuesday of the month in Marion, IL about 12 miles from Carbondale. If you get out this way I will introduce you to the members who can help. What price range are you considering? How many units?

My contact info is below.

Chris Irvin

Attornies specialize. For estate planning and assett protection contact Richard "Dick" Erdman in Fairview Heights. If you have other needs let me know. My contact information is below.

ICOR - The investment club of the Rockies is managed by Tim & Sandy who are also member of National REIA. ICOR has three meetings a month. One of which may be in Colorado Springs.