All Forum Posts by: Joe Pitrolo

I actually appealed and won once , but they had mailed the notice to the wrong address. 

  you might try to speak to the supervisor and ask politiely for a reversal if it's your first mistake.

I have a triplex insured with Erie, Goff.

  They I sure the actual cost to rebuild, replacement cost.

It's about $1200 yr, but that is kanawha county. 

Check with some realtors or property management people to see if there is a strong demand in your particular area for renters.

If $1700 is market rent and market isn't saturated, the prince shouldn't be a problem and renters typically are renting because they don't want to commit to a mortgage and/or may not qualify or need to move in a few years.

With a TH, I would also consider that you probably have a HOA to deal with, HOA dues which can vary and the HOA may have rules about who or if you can rent, need to check the covenants and bi-laws.

As to 2 or 3, I think any can be successful, but you can charge a lot more for a 3 and may have higher demand.

That is definitely damages and not wear and tear, in my opinion; however, I would itemize damages thoroughly. For instance, if you can repair without replacing or repainting totally, some of the deposit may need refunded.
Your lease should address if normal wear and tear can be deducted. A tenant favorable lease would exclude this and a LL a favorable lease would not. I would also think that wear and tear would be more applicable to a long term tenant who has rented more than a year.

Thanks guys. Some very good answers.

I have a been a little uncertain about my terms, vacillating from 3 to 5 k down and options on Monthly payments. I like Jim's idea of having simple adds that explain a lot and probably eliminate a lot of wasteful calls.

Property MGT might definitely be worth a look, but I have always had less than 15 units.

I currently have several trailers for lease purchase and an apartment for rent. I run adds on Craigslist and weekly trader.
The volume of calls is wearing me out, especially weeding through ridiculous prospects.
I am to the point where I can normally tell after a few minutes whether or not I want to deal with someone (i.e. polite, practical, reasonable) One pet peeve is so many people will say, "I'm calling about your place for rent or sale, (Yes), Is it still available? (No, I just want to chat with you!!!) Drives me crazy.
I realize, being several hours away and directing serious callers to meet with my maintenance guy, I need a more polished system. I probably am passing over some prospects because I am not real enthusiastic on the phone. I could hire someone to show the properties, field calls, etc. , but it is hard to find someone who knows all the steps to selling or renting.
Just checking to see if anyone else gets frustrated with this process and has better solutions.
Another problem is that with so many calls, I rarely call people back or take good notes about who the good prospects might have been.

This is an excellent way to make 150% return or more; however, it can be tricky with capital required. I would have at least 5k and probably 10k and a very good maintenance or rehab person that knows what it would cost to get the home ready for resale or lease. I would not get into a major rehab, even if home is free because costs can add up. Lots of hidden costs creep up, like bad walls or or floors, windows that might need replaced.
Be prepared to make a small offer on homes in better shape.
Also, research and know your market, minus your costs to acquire home and get to market (don't forget lot rent, utilities, insurance, advertising)
Its best to have a team in place a head of time and approach the owner with confidence.

I have a note on a mobile home where the borrower has got behind because of work, around a grand. They probably owe 4500.
I'm thinking of restructuring the note for a fee, maybe a longer term and slightly higher interest rate. The other option is to demand payment of past debt or call the note and move on. The borrower has been pretty lax the last six months, job hopping, etc. I'd like to work with them, but I can only do so much. Any thoughts. Has anyone ever done a loan mod on a Lonnie Deal?

Leslie,
I don't do the repairs, but I have a small network of people who can do small jobs. Some are my maintenance people for apartments. In general, Trailers are pretty easy to work on and new carpet and paint really spruce them up.
Convenient location will also sell. Several, I've had to hook up the electrical where the meter was pulled. This adds an additional $500-$750.

I've been taking a "Fixer Upper" approach with my mobile home investing, buying fairly low and doing anywhere from 2 to 8k worth of work. It seems this is the best way to find less expensive homes. Things are looking a little better. I've gotten some good work done so far.