All Forum Posts by: John L.

Hi @Vincent Salviano , I know the area well.  Message me if you'd like more detail.

@Eric Bloom same here, PM me. 

Thanks @Thomas S. , @Patrick I. , and @Ashish Acharya

I'm looking to convert my primary residence to rental before the end of the year. There are some maintenance and improvements necessary to make suitable for rent.  For example, I need to fix some gutters and downspouts.  I also need to add some concrete for a driveway.  How are such expenses handled?  

Does the property officially become a rental the day it is rented or the day I can claim a new residence?

Is there a preferred order of operations for tax purposes?

I'm not evaluating to build, only to buy. 

The park doesn't seem overcrowded, but I'm not sure what is expected or normal.  

I believe all the pads have been in place for decades but I will be confirming this.

@Ryan Groene Thanks -- on that metric this is right in the middle. 

I've been evaluating a mobile home park with about 1/10 acre of land per pad.  Is this a typical amount of land a resident would expect? 

@Lane Kawaoka when you say mentor, do you mean a mentor to guide me through passive investing?

Thanks @Michael Bishop, @Lane Kawaoka, @Matt Popilek!

It seems reasonable to visit the property if you’re investing a good deal of money. Suppose I trust the lead and everything looks great on paper, is this overkill?  Is this less passive, but still proper?

How much due dilligence should be available prior to signing anything? For example, is it typical to sign some type of letter of intent in the process, or should all be available up front? 

Thanks @Lynn Dee Murrow.  On the investor end, it seems like part of what’s missing in this thread is that everyone starts somewhere.  Aside from joining various eductation groups, is it safe enough to consider your own reading, education, and research a qualifier for being sophisticated? 

On the syndicator end, there appears to be more involved in the governance of advertising your deals.

@Daniel Dietz, I believe some mentor/education programs for apartment investing have deals available. I would look into these. 

Is this how groups like Lifestyles Unlimited work, that is, by forming a relationship prior to deals?