All Forum Posts by: Mike Sedlacek

Yes. Go to www.jlc.com  Journal Of Light Construction. Go to the blog site and find contract articles. They have several by a attorney member. Many articles of house remodeling and construction. I have enjoyed the magazine since it first was published. Enjoy.

Is this just in California? I'm in Virginia Beach, VA

We buy at retail stores scratch and dent comes with 3 year warrantee and are new appliances at discount prices. We easily get 5 years out of them, with 3 year depreciation and then replace them. Each year we have them cleaned throughout because they do collect dust underneath causing poor performance and electric costs. In our low income properties we buy used, 5 years old, and get 3 years out of them, usually from appliance repair shops and Craigslist ads. We also found used appliances from large apartment complexes that replace old appliances that we have been able to pick up for less than $100.00 

And as for electric service we installed separate meters for each lot, wiring placed under ground, permits and advice from the local electric company and town.

Look into a zoning designation such as RR Rural Residential. It usually allows mobile homes and may allow up to 4 mobile homes without being considered a mobile home park which would fall under an entirely different set of regulations. 

To extend water and sewer you have to test for gallons per minute water flow in existing wells and for sewer you have to contact the town engineer for regulations on size of septic serves that handles a number of families connected to the system. 

We had to install another well to handle 4 families and we had to install a sand filter attached to a septic tank to accommodate a leach field for 4 families. You need 3 acres minimum for 4 family including the lots.

I have most often purchased owner Finance income properties with little down out of pocket. Right now I'm looking at a 2 family REO for $22,000 cash required. I have a private lending source for a 5 years amortized loan of LTV 80%. The 20% I can get an unsecured personal loan from a money broker in our town. However I will go for an $8,000 loan to cover expenses and any repairs needed to take care of any tenant complaints the day after I take possession. Some ideas for you.

I've been in the mobile home business some 10 years. I once owned a 50 unit mobile home park. I also managed other family owned parks. One thing I have to say about mobile homes is the up keep as they age. Roof issues, siding issues, leveling issues, HVAC issues and especially tenant issues. We have experienced that most tenants don't take care of thier mobile homes. You really have to stay on top of them, especially in your area when it comes to winter. Frozen sewer pipes and water pipes are always an issue. You have to be sure you winterize all the exposed pipes before winter sets in. We have had fires with electrical pipe wrap products. Another issue is trash around mobile homes, tenants don't seem to care about how much stuff is thrown around thier home, they don't pick up for themselves and un-registered cars seem to follow the mobile homes. 

On the good side, I have purchased used mobile homes, rehabbed them and sold them owner finance. Much better way to go then owning them. You get a monthly check on the loan and lot rent to boot. And you don't have to deal with trailor issues. We have purchased country houses with 3 acres and installed mobile home pads and extended utilities and rented out the lots with the house. Three mobile homes and a house on three acres. Lot rent at $275 times 3 = $825 add the house rent at $1,200 = $2,025 monthly. Then if you purchase 3 mobile homes under $10,000. Rehab them for under $5,000 and sell them at $20,000 with $5,000 down at 6% amortized at 25 years gives you about $166 per month. Add that to the lot rent $166 + $275 = $441 x 3 = $1,323 plus the house rent $1,200 = $2,523 per month x 12 months = $30,276 yearly. Then each year you raise the lot rent by $10.00 monthly if the market allows. 

Now repeat this 10 times over the next 10 years and you become well off for the rest of your life.

Do you have credit cards with cash advance?

Send them a bill for the situation and if they don't pay tell them your sending the invoice to a collection agency that will call them constantly till they pay. 

I have painted cabinets in my rental house with the contractor grade cabinets, myself. Cost was paint, my time was free. I lightly sanded the doors and cabinet frames. I applied an oil base primer thinned with paint thinner and painted with a oil paint brush a thin coat. The primer smoothed itself out as it dried. I lightly sanded again and tack clothed it all. I painted the dark color with an oil based paint thinned with a thinner then used a clean oil paint brush, applying a thin coat. Lightly sanded again and wiped with a tack cloth and applied a second coat. Again the paint smoothed out leaving no trace of brush marks. Turned out good and a hard finish and a professional look.  There were 18 cabinets, wall and base total, took me 3 working days to finish. I removed the doors and hardware of course and laid them on a bench of 2x4 and horses with plastic on the floor. I didn't take picture sorry.