All Forum Posts by: Renee Moomey

@Jacob Knowles the vacancy costs are detrimental every time we try to run numbers we can't get around this. Lot rents in our area range $350-$535/month.

This is an interesting question! MH parks would have many more details to manage and larger expenses. It really depends on how involved you would want to be and what you would outsource as far as management. They are pretty different avenues. Look at your current business model and where you are going. MH parks with all the tenants, leases, utilities, vacancies, hauling out old and bringing in new...also depends on start up costs, location, demand. I would lean towards storage units. 

One thing that comes to mind is that 1900 is often assigned to homes as the build date because the home was already standing when recording happened. Most homes listed as 1900, are in fact, much older. Really, it comes down to overall quality of the home and the neighborhood. Older homes that are well-maintained but have poor flow, floor settling, or don't meet today's families expectations (small closets, narrow halls, low ceilings) should be appropriately comped. Once they have become a rental, it is very hard to have any other exit strategy. There are exceptions to the rule. Look at quality and neighborhoods as your determining factors.

We have extensively run the numbers for investing in mobile homes on leased land. The lot rent vacancy for one month would eat 6 months of profit. Not viable with someone else's hands in the pot.

It's business. Be straight right up front. It's going to upset people if you are not.

Fix the toilet, it may have gotten worse. And agree with other comments, could be underground leak.

Once you are under contract, the price is no longer negotiable, unless something major happened with inspections or if the home doesn't appraise and these contingencies are part of your offer. Do you have an experienced realtor on your team? One who understands your long and short term goals and has experience working with investors? This is the first place you should direct your questions. That person should also be the local expert on your team supplying you with the market evals that you need to set your mind at ease to to help you with a possible exit strategy the differs from long term rental. If these numbers make you nervous, know exactly how the numbers have to work for you before putting in the next offer. Getting the jitters now is common, but may be too late to rethink your numbers.

Look into the zoning in this area and purchase the home with the intention of making it a full duplex or returning to a single family. Homes like this are more difficult to finance and insure.

@Camilla Meyer I'm a realtor who works with many first time home buyers. Underwriting in 2020 has become much more strict. You could be at your first job for 3 months and get an FHA preapproval to buy it on your own. I would highly recommend this as you are looking for that first job, so many factors could change, including income. 3 months after the hire date is not long to wait at all. As a your realtor, ai would advise you that will be just around the corner. I would suggest to come in for a buyers consultation and introduce you to a lender. I would set you up with a listing alert that started sending listings your way, where we would be in touch getting in the same page. I would also send you information on each neighborhood you are considering. We would look into your timeline 3, 5, 10 years away and get that aligned with the type of house you want and co sider resale options. There is so much to learn here. Find a local realtor who will do these things for you and keep chasing down that job of yours. Don't rely on your parents. (From my experience: parents who help kids buy...makes it much harder for them to agree on a house, write an offer, negotiate, agree on inspections, and actually see to closing...add in that cosigning doesn't go as well in underwriting) Also consider these are amazing mortgage rates...if you were to refinance in q couple years to get their name off it, you will pay for it with a higher interest rate.

Happy house hunting!

@Felix Stone

There are some really good ideas on this thread.

I've heard from BP interviews that when there is more than one owner and a tenant wants an answer or someone to blame or get something out of, answer that you will need to run it by the owners, all the owners. This works even for couples. That way you dont get suckered I to answering on the spot not can you be labeled the bad guy. Not sure if that was what you were really asking, but I thought it was a good simple way to go about it.