All Forum Posts by: Justin Guidry

Hey guys,

I have a 65 lot MHP under contract in Central/East Louisiana. It currently has 12 vacant lots with utilities ran to 11 of the 12 lots. Has anyone teamed up with a local MH dealership to move and setup 1 of their MH's in your park and have them sell it all setup ready to move in? Once it sells then I would start charging lot rent to the owners. I think this would be a creative way to fill in the vacant lots with minimal out of pocket costs. 

Thanks.

Is this still available?

Good ol lle des Canne apartments. Yea, definitely wanna stay away from that area. Haha. You can even look an hour down the road in Baton Rouge. 

@Tamika Wyche. Your rent needs to be 1% of the purchase price. For easy numbers, you buy a house for 100k the rent should be $1,000/mn. Of course there are other factors to consider, but this is just basic way of analyzing deals fast to see if they are worth digging deeper into.

@Brandon Graves The LOC is good as long as you own the house. There is a $50 annual charge. I got mine at my local bank were my checking account is.

@Max T. is correct..... His LOC would only be $4,000?? 70% - 320k = 224k - 220k = 4,000

@Thomas S. has a good point. Even at 2,100/mn you aren't hitting the 1% rule.

Was it a primary residence before you started renting it out?

LOC's are fairly cheap. When I did mine it was only $300. You won't get the full 100k, only a percentage of it, I think mine was 70%. I've been having a 45k LOC for over a year now and never used it. Still waiting for the right deal and it's nice knowing you have it in your back pocket.

It is 30 minutes to a mid sized city and an hour from a major city being Lafayette. I did have concerns on why it was switched to apartments. I can't get any info on the property prior to the previous owner. It was built 10 years so I wouldn't think anything major would have to be done to bring it up to code.

I'll probably start reaching out to other ALF's and advertising it for lease to see what happens. 

I've recently purchased a 15 unit building that was originally built to be an assisted living facility. The previous owner started renting out the units like apartments and that is how it is being ran today. Over the last couple months I've heard Gene Guarino and other guests talk about assisted living on multiple podcast which really got me interested in it. 

The property is a 15 unit, 15- 1 bed 1 bath units. Located in a rural town in South Louisiana. Each unit has it's own kitchen, living room, bedroom and bathroom. The main entrance has an office, multi purpose room, bathroom and coin-op laundry room. All units are interior so you have to walk through halls to get to the units. All units are individually metered.

The goal is not to actually operate the ALF. I would like to lease out to an assisted living operator. Before I actually begin to pursue an operator to lease, I would like to know if the building would be a good fit the way it is now. Being that it was built as an ALF, I will assume it is up to code. 

Main questions I have are what are the day to day duties of the caregiver? Are they there just in case someone needs them or do they actually check on and interact with the tenants multiple times a day? Do the tenants cook for themselves or does the operator have to supply all the meals? Maybe supplying all the meals is a perk to be able to charge more per bed? This building doesn't have a kitchen, but one could be added fairly easily. What is the best way to find ALF's that are actively looking for more space? Any other info on this subject would be greatly appreciated.

Thanks in advance for the help. Sorry if I didn't supply enough details as I'm still trying to educate myself on this. 

@Lane Babin

What's up Bab?!? Long time no see. I've been reading the forums on BP for awhile, I took a little break and have recently came back about 6-7 months ago when i really started looking into investing. 

I'll be closing on my first property in mid April. It's a 9-unit in the outskirts of Baton rouge. Being my first deal it's very exciting and nerve racking at the same time. For me, I'm always trying to find the negative in a property to talk myself out of it. I found this 9-unit, the numbers checked out and I'm running with. 

My advice would be to look for an 8-12 unit to start, but that's just me. Not sure if you've been listening to the BP podcast, but there is a lot of valuable info on there. I also listen to the Wheelbarrow Profits and Rod Khleif podcasts. The Wheelbarrow Profits podcast is aimed towards multifamily investing. Wheelbarrow Profits book will be next after i finish The ABC's of Real Estate Investing book.

I'm always looking for properties in Lake Charles, if I find something I'll definitely let you know and if you find something that you would like to partner up with let me know. Good luck.

Looking for a CPA recommendation in the Lafayette, La or south La area. Thanks.