All Forum Posts by: Charlotte Dunford

@Kimberly Kesterke you should check your state landlord tenant law. The law overrules anything you put in your leases. I learned this the hard way.

@Andre Jernigan I was in your position about a year ago. I quit my full time job last March. I would be spending 3 hours per day commuting and that was like a part time job. I would listen to real estate podcasts and books on the way to and back from work everyday. I had no control over my life. It's been almost a year since I quit. It was tough at first because I had nothing, but now I can say that quitting was the best decision I've ever made in my life. Other than coming to America 10 years ago as a teenager. I found my niche and started my own investment firm focusing on mobile home parks. Currently Own 52 pads with investors and partners and the number is going up rapidly.

@Nick Carlson I've dealt with this before for my mobile home park business, not in NY though. How I deal with it is to give them the proper notice to raise rents (if you want to). The notice required depends on the state, some are 30 days and some are 60 days. Once you give them the notice, if they pay, then you've created tenancy at will. If they don't pay, you evict. 

It might be the easiest to just add everything to the rent. There might be legal repercussions if you try to submeter or implement RUBS. At least that's the case with mobile home parks where I am. I'm thinking it would be very similar for triplexes as well. 

Drop the price a little to get leads and improve the condition of the property to make sure it is clean and nice looking. 

Try Campbell & Brannon Buckhead. I closed all of my ATL deals with them. Great attorneys.

My favorite book of all time is "From Zero to One" by Paypal co-founder Peter Thiel. It is a business book all entrepreneurs should read. It talks about avoiding competition to win in business. Peter Thiel's concept in this book dictates how I run my company and influences how I develop my products.

I am an investor, not an agent. I've worked with agents before and I would say you need to choose an "investor friendly" agent. The most important thing is to close the deal

@Michael Baradell Being someone who owns parks on septic and well, I think 10-lot park is too small for that level of risk. It would be a different story if the well and septic are in good shape (even so, they are still expensive). Since I specialize in small parks, here's how I would make this deal work - Offer price would need to be significantly dropped to $130k with seller financing with very little down 10%, 3% interest rate, 30-year amortization, 10-year balloon. Explain to the seller that this is more like a development project and you are buying a vacant land rather than an established park. If the quote is $70k, expect $140k to finish the project. Private utilities can be very expensive to fix. You need to have enough cash on hand to finish the project. A bad deal can be a good deal at the right price and terms. Try that offer and see what happens. 

@Chad Kenerson You should totally invest in another one. Scale up to as many units as possible, with as little cash down as possible. Try looking into mobile home parks if you are interested in a less saturated space. Not sure how much cash you have on hand. With lower cash, you could consider smaller mobile home parks which is what I specialize in. If you have more cash, you could consider larger parks.