All Forum Posts by: Matthew Shay

Where are you now in the process? Are you rehabbing it, do you have it listed? Would love to hear the scope of work if you have done any @Edward R.

How long do you hold your mobile homes for? I am trying to figure out how it would be profitable. Say I buy a used mobile home for $4,000 and it costs me $2000 to move it if its a singlewide. Now If I rent it for $500/month that is 6,000/yr and I didn't include other expenses like maintenance. How long do you hold them before breaking even. I would be interested to hear what your exit strategy is @Jason Mathew

For the .5 undeveloped commercial parcel do you plan to list it with an agent or on your own? How much are the taxes? NJ has pretty high taxes. How long do you expect to hold the property for until it is sold?  Did you use any particular websites to do your analysis for your estimation? Commercial lots tend to take longer to sell. For #2 How many sales have there been in that submarket in the land 6-12 months?

@Natalie Kolodij Thanks. Do you know what a used mobile home in decent shape would cost? What about buying used mobile homes and doing repairs. I found some mobile homes for sale by owner on craigslist. One was $1300 for a singular wide mobile home and another was $3,750 with pics and looks like it needs to be remodeled. Are the costs for repairs much different for MH vs. SFH? I am talking about the market in Cahokia, IL so I don't think it would be so high. The potential tenants would be blue collar workers, many that work in power plants and factories and I am told that you can get rent as high as $750/month.

I came across a deal where they are selling 3 vacant parcels and one has a mobile home on it. The owner has never visited the property. I wanted to find out about buying used mobile homes and putting them on the vacant parcels. I was told that there is an auction in the county where you can buy used mobile homes without the land and you can pick it up as low as $800. Does anyone have experience with this or with other avenues of buying used mobile homes and then putting them on the property? Is it a good strategy?

I forgot to mention one really important point. There is a deed restriction given in favor of an anchor tenant. I tried calling them and the closest I got was to the representative of one of the district offices. He told me that as long as there is no competition they would allow it. The county has a value of 30k b/c of the deed restriction but if there was no restriction it would be at $7/ft and this is almost 1 acre. Based on the property card this was bought for 1.3MM in 2003 and then changed hands thru a fund for 10MM in 2007 (I am guessing that was part of a portfolio purchase) I would be interested in flipping the land if the values are that high but I need to gather more information about this. If the anchor tenant goes out of business or moves (highly unlikely I'm guessing) the value would increase a lot due to the easing of the deed restriction. Not interested in gambling and holding onto this for a few years. The funny thing is that I don't think this was ever listed on the market and I was told that the present owner never proposed anything to build to the anchor tenant. But I think that is common with many owners that are institutional banks

I am interested in a vacant lot which is zoned commercial, it is an outparcel beside a shopping mall that is anchored by Kroger. I am looking at a few different strategies if I buy this. I can sell this as is or build a "blank building" and allow another business to purchase this and modify it to their needs and taste. I am working with an agent who is also a builder and property manager that works 10 minutes from this area. It is going to need at least 15k of fill dirt in site preparation and the cost of the structure would be around $250k. I am still in the early stages of researching this and doing due diligence  but I was hoping to hear from the BP community if you have any advice and if someone already built a blank structure before without securing a buyer/tenant. BTW when I mention a blank building I mean a slab with foundation, water, plumbing, HVAC. Obviously there will be a difference in cost to do the plumbing for a casual dining restaurant and an insurance office. Also, I wanted to see what are implications including for the holding cost if this is part of a Planned Unit Development community. I know it behaves like a condo is some matters

I am interested in a vacant lot which is zoned commercial, it is an outparcel beside a shopping mall that is anchored by Kroger. I am looking at a few different strategies if I buy this. I can sell this as is or build a "blank building" and allow another business to purchase this and modify it to their needs and taste. I am working with an agent who is also a builder and property manager that works 10 minutes from this area. It is going to need at least 15k of fill dirt in site preparation and the cost of the structure would be around $250k. I am still in the early stages of researching this and doing due diligence  but I was hoping to hear from the BP community if you have any advice and if someone already built a blank structure before without securing a buyer/tenant. BTW when I mention a blank building I mean a slab with foundation, water, plumbing, HVAC. Obviously there will be a difference in cost to do the plumbing for a casual dining restaurant and an insurance office

I am contacting owners who are in preforeclosure and have come across coops. Are these tougher to work with since they are subject to board approval. Would be interested in any success stories of someone who purchased a coop in preforeclosure

Would you care to share some of the details of your purchase? I would be interested in the neighborhood, what type of building, purchase price, how did you find the deal @Leema M.