All Forum Posts by: John Kesner

@Pat Jackson

My understanding of the traveling nurse/dr industry is that the staff are either given a housing allowance or the placement agency that finds the work also provides the housing. The hospital is not involved in finding/providing housing. 

Facebook groups are a great place to start. There are a bunch that are devoted to travelling med staff looking for housing. The placement agencies are also prowling there as they are constantly looking for housing. Get a hold of a placement agency and they will likely be able to better answer your questions. 

@James Connor

I have flipped some mobiles. They have been quite profitable for me. The lack of affordable housing in my area has made the demand for mobiles high. That said they can be bought very cheap and I have found them to be very cost effective to rehab. No granite and hardwood required. Most have relatively low sq/ft (1000-1500) so kitchens and bathrooms are small keeping the cost to rehab low.

I focus on units that are in parks on rented spaces. I tend to stay away from the high end stuff ($50k+), in my market they are hard to sell. Folks with that much cash will find a way to buy a stick built home. 

Be sure to check out the laws pertaining to mobile/manufactured housing sales and repair in your area. They are HIGHLY regulated in my area and can make things difficult for investors. 

@Chris Lopez

I have had great service from Brian Cushing at Guild mortgage in Reno. They are on top of their game and can handle exactly what your after.

John West I have done this many times to check the demand on all kinds of things. It works great and no one is harmed. “Sorry, sold it” is the response. If anyone has a better, cheaper, faster way to preform market research, I’m all ears.

Amy Jo Holweger I think you need to sit down and crunch all the numbers. You said it appreciated $10k in “about a year”, thats 4.8% on your purchase price, not bad. But you only put $20k in, thats a 50% gain on your equity. That seems great to me. Plus you can have someone else pay your mortgage and cashflow $200/mth for about an 8% cash on cash return. I agree the maintenance costs should be well below a SFR. Add to that the mortgage pay down and this seems far from a “mistake” to me. You really should calculate your total return on what you have invested and I think you see the glass is half full. Real estate is a long game, if you want to get rich quick your going to have to look at something with far more risk.

Cameron Marmon Really consider your exit strategy. Many c/d condo buildings have a high non-owner occupancy. That means traditional financing is not possible for the average buyer. A piece of why the prices are reasonable is because they require cash to buy and a cash buyer when you sell. This can affect your time on market as well as your final sales price. I’m also not trying to talk you out of it (I have a couple myself) just make sure you factor it into your underwriting and make sure you buy right.

Zachariah Adkins You left out what you did after the sale of that house! Whats the rest of the story? Are you looking for another project? Whats the plan??

Lucy Tschappler I say make an offer that works for you. Let the seller decide if they are willing to accept it. You never know what’s motivating people so throw an offer out there and see where it goes. What people want and what they will accept can be two wildly different things. If you want to walk all the units (highly recommended) as part of your inspection/due diligence, put that in the offer. If you like the building, I say go for it!

Robert Crowley You won’t know unless you ask. If this property is a solid example of what you can find, make a nice little investor packet out of it. Put pics, all your numbers in an easy to read 1 or 2 page print out. Be sure to show the potential investor how they 1st get their investment back (exit strategy) and second how they earn a return. Hand it to some folks you think may have the ability to close the deal and listen to what they have to say. They will let you know if your on the right track. Just make sure your materials are well thought out from the investors point of view. I think there are folks out there that might be happy with the return your potentially offering.

Ram Wagle You know what they say. Build your own house, lose your spouse 😜