All Forum Posts by: Mike Reynolds

 Agreed. I actually know more about 501c3's than universities including doing taxes for one. We had a few fire depts that had rent property they used for income. They did have to pay tax on that income over 10k IIRC. That has been 15 years ago so dont know the current laws. 

There is no way that university gives a chunk of that property to that student. At least not the ones I know of. The Pres would not let that happen. There was a BP member here a few years ago that took the money his parents gave him for college and bought a duplex with it. OKC I believe. Then he used the rent to travel all the way to the southern tip of south America. Took 2 years. Then took the money he saved and put down on another one when he got back. Now that's what I call an education there. 

Maybe someone else here remembers his name. 

Sorry if this is tedious but wanted to lay everything out that may be pertinent. 

Bought a MHP back in December. Made money on the purchase as we bought it for the appraisal of the land only. The previous owner only collected cash so no proof of income. (His bad) Day one we were netting over 2.5k/month after all bills, including notes, taxes and insurance. Since then, we have increased rents by adding new homes (2) and renting vacant lots. We only have 2 left and its a waiting list for those. (we have to get the 2 old dogs of trailers out of there first) We can literally pick the ones we want for the spot. Our company is very efficient. We bought for 240k and now with a 10 cap rate it is worth over 750k 3 months later. That brings me to my question. 

We found another one we want. We can refi, pay off liens and use the proceeds for the down on the next one. My figures have the one park paying off the note just barely. the new park will pay off easily the other note or both with ease.  With both parks income we will be aces. Is this the way I should do this or should I use the first park as collateral and just do both parks in one loan? My thought is less headache with one loan but what else am I missing? Would it be better to just have 2 loans. 

I dont know if you are still on BP as I see this was your only post. I can tell you that Little Rock is booming. I am investing there myself and I live 5 hours away. Let me know if I can help.  

 A 501c3 is allowed to make money on investments, including real property, under certain conditions. Other than that, I agree with everything you said. I work for a few universities and it is all about the money.  

I hear you. I used my knowledge in construction and extra side work to get into real estate. I love construction but my body will only go so far. I had to have a plan for when I got older. 

If you are doing rv repair I would look at rv parks for sale and partner up with someone to buy it. You could run that out of the park. 

 What part of East Texas? 

 That is a loaded question. Need more info really. 

How far is the  main line from the property? 

Will you do underground or overhead? 

Do you want just basic or do you want lighted sights with RV friendly boxes? 

Often you can pay up to 100k just to get electricity to the sight. Here it used to be (30 years ago) 1000 dollars a pole and 10 dollars a foot. Not 3 phase either but you should not need 3 phase anyway. 

 Arkansas

 I know but it's hard to use stock options for a monthly payment or down payment. In essence, they will be using disposable income for these bills. 

I know construction very well. I have been in it for 40 years. Now as a GC I can tell you that no matter how good you think you are there will be issues on every job. You can never go into a job and think conservative. I am not saying is isn't doable because it is. Just understand beforehand that one thing that is constant is problems with subs (or GC's). 

That being said, I am about to BRRRR a MHP into another MHP. But it has also come with challenges.