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All Forum Posts by: Josh Carlegis

Josh Carlegis has started 7 posts and replied 26 times.

Post: Mission statement for broker networking???

Josh CarlegisPosted
  • Investor
  • Jacksonville, AL
  • Posts 26
  • Votes 4

Hello everyone.  I am in the process of outgrowing my current market and would like to to move to bigger MF opportunities, in larger markets.  I am in the process of putting together a 1 page flyer to give to brokers at a first meeting to outline what I want, what I do, what Im capable of, etc.  Has anybody done this?  Any tips, suggestions, this works, that works, etc? Information to include?  Formatted example I can add my information in lol?  I have a general idea of what I want but I am definitely eager to hear experienced suggestions.

Post: MHP with multiple leaking septic tanks.

Josh CarlegisPosted
  • Investor
  • Jacksonville, AL
  • Posts 26
  • Votes 4
Samuel, the deal ended up not going through. We a little too far apart on the value. The seller thought a MHP that was 16% occupied needed to trade on a 10 CAP of revenue (including the income off the 3 trailers on owner finance). It will continue to spiral further downward, if that’s possible. As with all things in real estate, sometimes the deals you miss turn out to be the best. I would have been completely tied up with capital and time in the rehab of that property when a tornado came through town in March. Since I wasn’t stuck in that, I’ve been able to take that capital and buy 18 doors at huge discounts since that deal fell through. What was going to net me about $200k in equity after a gigantic headache, is going to end up netting conservatively about $400k in equity with minimal headache. I couldn’t have pulled the other deals off if I was tied up in that park.

Post: Do losses offset the original gains on 1031?

Josh CarlegisPosted
  • Investor
  • Jacksonville, AL
  • Posts 26
  • Votes 4
$305k

Post: Do losses offset the original gains on 1031?

Josh CarlegisPosted
  • Investor
  • Jacksonville, AL
  • Posts 26
  • Votes 4
Odd 1031 question.... Say you had $305k on a 1031 exchange that you used to purchase a small MFR. You mismanage it and it gets run down and dilapidated. An investor comes and pays you $100k for the distressed property. You lost $205k on the deal. What is your tax burden from the original 1031? Would it be $100k ($305 basis-$205 loss)? Or are you still responsible for the original $305k?

Post: MHP with multiple leaking septic tanks.

Josh CarlegisPosted
  • Investor
  • Jacksonville, AL
  • Posts 26
  • Votes 4
Thanks Jay. Planning on that next week. You just have gone here if you know about JSU lol.🐔

Post: MHP with multiple leaking septic tanks.

Josh CarlegisPosted
  • Investor
  • Jacksonville, AL
  • Posts 26
  • Votes 4
Hey guys and gals. So I’ve come across a potential MHP deal and wanted to get some feedback from people who have been here before. It’s a pretty big dump, but it’s surrounded by a good community of houses. It is a rough crowd of tenants, I’ll have to rebuild roads, deal with this septic issue, and scrap about 20 condemned trailers.My plan is to clear out the property of all homes and tenants, bring in new homes, and lease to own until full. I understand the costs associated with this will be large and I am prepared for that. Ive started talking to some people with knowledge of the area and the first thing I have learned is there are many sites with leaking septic tanks. My question right now is, what is the process to fix this? Can you just come in and drop new tanks on the lots or is there an expensive environmental remediation required? Im sure it varies state to state but I’d be interested to hear anyone’s similar experiences. The park is in Alabama. Thanks in advance!!

Post: Property management company Huntsville/Decatur AL area

Josh CarlegisPosted
  • Investor
  • Jacksonville, AL
  • Posts 26
  • Votes 4
Kashyap....I started at 10% with my PM down here but once you get over 3 properties they reduced to 8%. I have one that charges a flat fee ($500 I think) to take Mgmt and the one I use the most charges me one months rent to place the first tenant and 8% gross collected rent after.

Post: Property management company Huntsville/Decatur AL area

Josh CarlegisPosted
  • Investor
  • Jacksonville, AL
  • Posts 26
  • Votes 4
Thanks Annie! I will check in to them if I can get a deal. I am looking at anything but ideally it will be over 50 units.

Post: Investing in Small Towns

Josh CarlegisPosted
  • Investor
  • Jacksonville, AL
  • Posts 26
  • Votes 4
You definitely want some sort of anchor business or college in small towns. I invest in a small college town. Houses are cheap, rent is not great but the percentages work out well. Only downside is it costs the same to fix an HVAC in a $600/mo house as it does a $1200/mo house. I'm hoping for the college to continue to grow and drive rents up. Military bases are great as well but if they are ever shut down the surrounding areas can get hit pretty hard. It happened here when Ft. McClellan closed.

Post: Sewer Treatment Plant in apartment complex

Josh CarlegisPosted
  • Investor
  • Jacksonville, AL
  • Posts 26
  • Votes 4
Thanks Pat. Is there a particular reason it would be attached to a property? I'm planning to budget septic installation but am curious as to why anyone wouldn't just do that in the first place....unless for some reason septic is not an option? Basically, why would any property, anywhere, deal with the hassle of a sewer plant?