All Forum Posts by: Johnson Lo

Late to this thread but purchased a property with Spartan back in 2018.  This is the first rental property I purchased.  This is my third tenant so far if that is any indication of my frustration.  The first one paid a few months and then left without notice during wintertime.  The other was a good tenant but left for job reasons.  The third tenant signed a lease back in April to May of 2020 and has been late on rent for the past two to three months, maybe due to Covid?  I'm not sure if it's because this is a bad property or due to Covid.  Now the tenant just stopped paying with no communication as to why.  I have not had any profit for the past three years due to the vacancies and tenants not paying on time.  This investment has been a big source of frustration and anxiety every month wondering if the tenant is going to pay and seeing my reserves dwindling.   I'm seriously considering reaching out to some wholesalers since I've been getting postcards from them wanting to buy my property.  

Thanks for the input @Greg Dickerson and @Renee Harris.  If zoning is the issue, would that take a lobbying effort to get the zoning laws changed to be more accomodating to these efforts?  

Hi BP community,

I was curious as to what are your thoughts on building a manufactured housing community in the City of Los Angeles.  Is this feasible or a pipedream?  If it is feasible, what are some ways of getting it started?  With home ownership out of reach for the middle class in Los Angeles and rental costs skyrocketing, I think people would be interested in alternative solutions.

The community I was thinking about involves a combination of manufactured homes and mobile homes (tiny homes and RVs).  Residents would pay for rent for the land while they maintain ownership of the house.  

Some roadblocks I see are NIMBYism (not in my back yard) due to the social stigma of mobile home parks, zoning laws (which I'm not that familiar with in Los Angeles), and cost of land.

I think it might be an attractive investment if it could be done due to low maintenance, low capex, and lower vacancy due to the added costs of moving the home.

Thanks!

@Rob Hakes thanks for the update. It is good to have a long term perspective on it. My property was vacant since November and just recently I got a call that they found a tenant.

@Jared Friedman thanks for sharing your experience. I bought a property from Spartan back in May of this year and recently found out that the tenants just vacated without notice in November. Even around September and October I was getting worried because the tenants didn’t pay on time and Spartan had to charge a late fee penalty.

Sorry to hear about that Rob. Hopefully Spartan can find more reliable tenants.

Great Podcast Blake! Thank you for sharing your journey on there. The appraisal coming in $30k more than you bought it is amazing. I just closed on a property with Spartan last week. It appraised for $6k more than my purchase price so I’m happy about that.

@James Martin sure thing.  I would be happy to share my experience with you.  I'm currently waiting for the rehab work to be done so it will be radio silence for a few months.

Thank you for the recommendation @Denise Evans and @John Patton!

Thank you @Denise Evans and @Henri Meli for your input!  My property is in Bessemer, Alabama.  If you have any recommended attorneys in that area that would be greatly appreciated!