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All Forum Posts by: Mike Reynolds

Mike Reynolds has started 31 posts and replied 2029 times.

Post: How many months should I wait to cash out if pay 100% cash?

Mike Reynolds
Posted
  • construction
  • Nacogdoches, TX
  • Posts 2,091
  • Votes 1,164
Quote from @Minh Tran:

I paid 100% cash for a house in Texas. I want to ask ab how many months should I wait to cash out? Okay

I had a deed put into my name on Tuesday once and applied for a loan on Thursday. I was busy that Wednesday though. This was Texas though. I don't know enough about it to know if it's a state thing or not. 

If I were a banker (and I'm not) I would run the numbers like any other deal. If they work and you are a good risk, then why not?

Post: Rent Payment Options in 2020

Mike Reynolds
Posted
  • construction
  • Nacogdoches, TX
  • Posts 2,091
  • Votes 1,164

I also use rent ready. Been liking it so far. 

Post: Mobile Home Park Development

Mike Reynolds
Posted
  • construction
  • Nacogdoches, TX
  • Posts 2,091
  • Votes 1,164
Quote from @Charles Chester:

Here is a snip from my model of the property.  The white hatch patterns represent existing buildings or concrete.  Blue & green are RV spaces.  20x40 each.  This is complete build out and best case.  There are a couple of spots that need to be omitted that are not practical.  The outcome of the asbestos survey and inspections will determine which building if any we can reno for office, laundromat & common areas.




I know your drawing is not to scale but looks like those in the middle should be pull-throughs instead of 2 back-ins. Keep in mind you need a setback from the property line. Even if there is no ordinance there. You dont want to get into legal trouble. Generally, the minimum would be 10' for most places but 15' is probably preferred. 

Keep in mind that 20x40 is usually the concrete pad space. Most codes require a 5' setback from that pad on all 4 sides. So the actual "space" would be 30'x50'. 

Now, that is out of the way, I have been RVing for a while. I was a road warrior at work. If I ever came up on a cramped park, I would go on to the next one. I think it is better to concentrate on quality instead of quantity. You can charge more per space and get it. You will have much milder and responsible patrons. You will probably make more money in the long run and you will make more on the sale. Just my 2 cents though. 

Post: Mobile Home Park Development

Mike Reynolds
Posted
  • construction
  • Nacogdoches, TX
  • Posts 2,091
  • Votes 1,164
Quote from @Charles Chester:

Here is a snip from my model of the property.  The white hatch patterns represent existing buildings or concrete.  Blue & green are RV spaces.  20x40 each.  This is complete build out and best case.  There are a couple of spots that need to be omitted that are not practical.  The outcome of the asbestos survey and inspections will determine which building if any we can reno for office, laundromat & common areas.




I know your drawing is not to scale but looks like those in the middle should be pull-throughs instead of 2 back-ins. Keep in mind you need a setback from the property line. Even if there is no ordinance there. You dont want to get into legal trouble. Generally, the minimum would be 10' for most places but 15' is probably preferred. 

Keep in mind that 20x40 is usually the concrete pad space. Most codes require a 5' setback from that pad on all 4 sides. So the actual "space" would be 30'x50'. 

Now, that is out of the way, I have been RVing for a while. I was a road warrior at work. If I ever came up on a cramped park, I would go on to the next one. I think it is better to concentrate on quality instead of quantity. You can charge more per space and get it. You will have much milder and responsible patrons. You will probably make more money in the long run and you will make more on the sale. Just my 2 cents though. 

Post: Flipping Mobile Homes

Mike Reynolds
Posted
  • construction
  • Nacogdoches, TX
  • Posts 2,091
  • Votes 1,164
Quote from @Eric Abel:

Hey there BP Community! I've recently started looking into flipping mobile homes. The way I see it, this business would take much less capital and risk versus a traditional Fix n' Flip. I also believe rehabbing mobile homes would provide great hands-on education for much less cost than rehabbing an entire SFH. I am posting this in hopes to connect with those who have some experience with mobile home flips. Or those who have any advice for me as I embark on this new real estate campaign. I look forward to hearing from each and every one of you!


 I wouldn't do it and I have remodeled dozens of them several dozens in fact. 

Then I bought a MHP with older houses. I had a flipper that wanted to buy all the vacants one or two at a time. On closing day we sold him the first one. 

He was still working on it after we sold the next 4. Then after we sold them all we paid 1000 dollars more after he had fixed most of it up, then resold it to someone else. 

We just ordered the houses as is to people who wanted to fix them up their selves. 

They are not the same as stick built houses as far as construction goes. They are much easier to work on I many ways. Much harder in others. I just think your time would be better spent elsewhere. 

Post: Hanging a swing from I joist

Mike Reynolds
Posted
  • construction
  • Nacogdoches, TX
  • Posts 2,091
  • Votes 1,164
Quote from @Terrell Garren:
Quote from @Mike Reynolds:

Yes, but not the way you think. 

The joist is designed to carry the weight but each component acts different. The top cord is under compression and the bottom cord is under tension. If you mount it to the bottom you stand a good chance of failure. 

Take a sheet of plywood and rip it the width of the joist. Then rip another piece the width of the inside measurement and attach these 2 together where it will fit inside the cords. Then do the same on the one next to it. Brace across those 2 joists and hang the swing between them. 

Glue the plywood and staple to the cords. 

Interesting solution.  Are you not transferring the weight of the loaded swing to the glue that binds the added plywood to the webbing?  As the flanges are not the load bearing component of an joist.




 That is why you attach to the top flange instead of the bottom one. The top flange carries the weight. 

Once you install the extra plywood stiffener, install to the top flange, you will be good for a swing that will carry more than 20-30lb per foot live load to a swing.  Keep in mind that the load will be distributed over the whole span of the joist. 

Post: Non-standard wall/ceiling height (8’ 6”)??

Mike Reynolds
Posted
  • construction
  • Nacogdoches, TX
  • Posts 2,091
  • Votes 1,164
Quote from @Ara Abrahamian:

I am designing/building a new construction, 2-story single-family house but we’ve run into an issue where the local code limitations (specifically with regard to the maximum top of plate height) are prohibiting us from doing our desired ceiling heights of 10’ on the first floor and 9’ on the second floor. The most we can do is 10’ and 8.5’ at the walls, then we can choose to vault the second floor ceiling if we want a bit more height in the 2nd story bedrooms.

My question is: since most lumber comes in 8’ or 10’ (sometimes 9’) lengths and since interior doors, closet doors, trim pieces, etc are also usually designed according to these more standard lengths, is it a really bad idea to have my 2nd story walls at 8’ 6” rather than the standard 8’?

This is going to be our own, personal forever home so we’d like to have higher ceilings if possible, but I also don’t want to do something that will make the build significantly more expensive or make the process of finding supplies even harder than it already is these days.


 I have never seen this limitation at all. WTH? 

An 8' stud is actually 92 5/8". That way, when you add the top and bottom plates you can use an 8' sheet of drywall with no cut piece at top or bottom. A 9' stud is 104 5/8". 10' is 116 5/8". If you dont buy studs, you will need to cut the dimension limber to this size or pay extra for your drywall. 

Why limit you on ceiling height? I dont see the issue. Do they want to keep the values down low or something? 

Post: How do I cash flow 20 acres of raw land?

Mike Reynolds
Posted
  • construction
  • Nacogdoches, TX
  • Posts 2,091
  • Votes 1,164
Quote from @Nathan Whittaker:

I have 20 acres of unfarmable raw ground in the county in Cache Valley, Utah. I also have a well dug that produces 24 gallons/min.  my land borders in Smithfield City. However, they will not let me annex in to develop, nor will the county allow me to subdivide and develop. I have looked at an RV campground which has some challenges due to Health department requirements. I am entertaining doing a solar farm. Any other ideas?

 I had 3/4 acre of land. Everyone told me I could not make money on it. I could not cash out refi. I was just stuck. The land was worth 100k because it was on Galveston bay. 

For years I just sat on it and tried different approaches. Nothing worked. Then I found a MHP in Little Rock that I really wanted. I just simply called the bank and they did the refi....no questions asked. I took out 80k and put down on the MHP. 

Now the land is worth 300k (thanks uncle Joe and Don) and they want me to pull more out. The MHP park I paid 230k for is now worth 1.1 million. I did a lot of work though (not out of pocket either).  I cash flow and pay all my notes. I have reserves. I have to pay taxes on it because I am not tax savvy. (That is my next research btw). 

Find out what works for you is my suggestion. Think outside the box. I will say, thanks to @Jay Hinrichs, I was able to think outside that box. There is a wealth of info on here that you can get from whoever you talk to. 

Post: QOTW: Are you buying properties in our current market and why

Mike Reynolds
Posted
  • construction
  • Nacogdoches, TX
  • Posts 2,091
  • Votes 1,164

No, I am not buying overpriced real estate. But I am buying good deals. Why would I pay extra money for bad deals. You invest to make money. There are always deals, it just takes longer to find them. 

Post: Closed on my first rental property!

Mike Reynolds
Posted
  • construction
  • Nacogdoches, TX
  • Posts 2,091
  • Votes 1,164

That is awesome @Lawrence Briggs. I know how you feel. It is a great feeling to be on the way to deciding your own destiny. I am east Texas but know a little about the Austin area. Feel free to pm me if you need to find subs in the area.