All Forum Posts by: Lawrence Allmond

Ideas for Cinder Block Walls Has anyone done anything creative to cover cinder block walls on the interior? I am purchasing a MF in a few months and planning a pretty big rehab on the interiors and exterior. I have been searching online for some ideas for covering cinder block walls, mostly to help insulate better.

Keep it simple, everything is about the current rental market in your area. Study it and make an informed decision. The good thing is you can do it one tenant at a time. I have a 6 unit apartment building and went from $450 to $634 in 3 of the 6 units . Getting rid of my worst tenants first. To be exact 2 of them $634.00 and 1 $825.00(section 8 me paying all utilities). I try not to get to personal with raising the rents that high but I do give a 60 day notice and look for other places for them to go. And I do reinvest some of the money back into the units.. Keep it businesses and you can't go wrong.. Ps Im going to work on raising rents for the other 3 units during income tax time. Notices are already sent out... Good luck!

Good question Mark, how much are you budgeting for moving? Are you selling them,dumping them or moving and set up elsewhere.

What you got cooking? 

No,it was in Greenville near the Greenville Hospital System, I passed on it though.

Thanks for the input Jeffrey, I really appreciate you. If I put back  $500.00 a month back into the park you think I could rehab them enough to make the park sustainable. What is the biggest expense with a very old mobile home 85 model. I drive around town and I see so many old mobile home parks here and there with people in them. The bigger and nicer parks cost hundreds of thousands or a million dollars or more.. I now the owner paid $80,000 for them in 2008 but I can't tell of any capital improvements. I feel like the park will pay for its self in 6 to 7 years.. Compared to any other investments right now, I don't see any. Even with the drawbacks to this deal. .. I need to show the seller the homes are not worth no more than $5000, but in his eyes the park is paid for and is making money..

Originally posted by @Lawrence Allmond:

I'm considering buying my 1st MHP in upstate South Carolina. . Detail or as follow :

7 single wides occupied 

3 are 3bd / 4 are 2bd

Age: 1970's -1980's model 

• Owner pays water( city water/ sewer ,homes have HVAC units, current rents $400-450 per unit.

Park looks old and dated.But location is ok. Owner wants a $100,000. I'm concerned about the age as it relates to the maintenance:roofs,hvac,siding and etc...

Vacancies rate?

How much should you keep in reserve? 

What kind of insurance policy do you keep in place? 

What is it worth? 

 The homes belongs to the park. Total monthly income is $3,000.. Yearly taxes $3200

Average monthly water bill is $400.00, paid by owner. Lot maintenance about $600.00 a year. Insurance don't know yet..

Thanks. The homes belongs to the park. Total monthly income is $3,000.. Yearly taxes $3200

Average monthly water bill is $400.00, paid by owner. Lot maintenance about $600.00 a year. Insurance don't know yet..

Just one shared water meter for the park 

I'm considering buying my 1st MHP in upstate South Carolina. . Detail or as follow :

7 single wides occupied 

3 are 3bd / 4 are 2bd

Age: 1970's -1980's model 

• Owner pays water( city water/ sewer ,homes have HVAC units, current rents $400-450 per unit.

Park looks old and dated.But location is ok. Owner wants a $100,000. I'm concerned about the age as it relates to the maintenance:roofs,hvac,siding and etc...

Vacancies rate?

How much should you keep in reserve? 

What kind of insurance policy do you keep in place? 

What is it worth?