All Forum Posts by: John Van Uytven

Basic Contracts are in the File Place, but you should have a lawyer look it over for you.

What are the comps in the area?

Take Pictures.

That is the system here. 

My apartment is $3,000 as the refundable deposit and then $250 a month.

The Korean landlords are trying to go to the monthly rent system as well.

The problem for the landlord is they might have invested that somewhere else and then the tenant wants to leave early.

@Daniel Ryu

 or @Jacob Michaels

 can explain it better than me.

*Sometimes things just work themselves out.*

I acquired a rental house recently from one of my friends.

Part of our deal is he gets to be a minor stakeholder in my company for some of his equity in his property.

My friend bought this house and lived in it and house hacked with it for about 7 years or so while he was at University.

We had talked about this deal before. The problem we ran into was he wanted to over rehab a house meant for college students to rent. Because it was his house and he had lived there for so long. 

When he moved away he put some tenants in the house to help pay down his mortgage and while he was attempting to sell the house. We kept our lines of communication open about me buying the house. Especially since it already had tenants living there. He was also having work done on the property to get it looking good.

We kept disagreeing about how nice he should make the place. 
I was worried that if we did do a partnership that he would always be wanting to buy the nicer fixtures for our rental houses meant for college students.

Then he changed.

The tenants he put in the house started paying rent late, at first a couple of days. Then a week. Then 2 weeks late. This became a trend. This being his only rental property, he started to have to pay the contractors out of his own pocket.

Then the tenants where not taking very good of the house either.

I should also point out that he didn't do any tenant screening, he let them because they were friends of a friend.

His point of view on how nice the place should look took a drastic change, more inline with my ideas.

In the end things have worked out and we basically agree on everything now.

I think they are pretty neat for sure, if I was going to do something like this I would like to build it myself, something like Brandon Turner would build. Fully customized.

It would be cool for my dad and I to do together. If he would be up for the challenge.

@Daniel Ryu

I had that problem. Several friends said they wanted to invest, but when it came time to pony up the cash. 

They changed their minds or didn't have the extra.

It happens.

People are well intentioned, but just don't follow through.

A friend linked me to this article about Shedquarters for a home office.

I think it is pretty cool.

Would you want one of these?

http://lightersideofrealestate.com/real-estate-lif...

Awesome

Can't wait to listen the podcast you were a guest on.

@Daniel Ryu

Great write up about our group.

Looking forward to the next meeting, and having @Engelo Rumora

 as our virtual guest.

Plus @Jay Hinrichs

 in the future

I am new to park investing, and I am looking at my first one. I am looking for negotiation advice.

The current owner is several states away distant. He doesn't seem to have a good grasp of the local area. Believing it is much better than reality. I know that some of the claims made in the ad about the area are exaggerated, outdated, and even false. 

Current asking price is $750K with a 12% Cap, for a 2 small parks and a larger one = 90 space park. All in the same city and within a mile radius.

After running my numbers with a 10 Cap, 

I estimate it to be worth $720K on paper

This is where things get tricky/interesting. The park is 55-60% occupied and the sale includes mobile homes that need repaired and/or pulled out. 

It also includes 2 stick built homes that need extensive rehabs. I have driven buy the homes, but have not seen the insides.

Not really sure what to do with these homes. If you bought this park, would you fix the stick built homes or get them out and put in additional spaces for mobile homes? 

I am looking for in general advice here.

Once I see the insides that will be a huge deciding factor.

I don't have any experience negotiating something this unique. Any and all advice is appreciated. 

Thank you

Welcome Aboard

Always good to see another Illinois investor on the boards.

Have a good time and check out all BP has to offer.