All Forum Posts by: Renee Moomey

@Timothy Stromberg are you only working with investors in Texas?

@Scott Schaefer I would be curious how many other salons were in the area. Was this a successful salon? If so, you'll likely have better luck renting it out. As for COVId shut downs, if this is a small salon that would work for one stylist and one family/client at a time, it should adjust very well! In our area, the tiny salons havent been much affected vs those that have 5 chairs.

@Michael Baradell I'm a realtor who can list and sell mobile homes on leased land. I listed 12 this summer alone. I sell real estate in many surrounding areas and hope ai can offer some useful insight.

In rural areas and run down parks, I see lot rents at $200/month, these are not areas I work in due to such old homes and least desirable areas. It is better for those sellers to FSBO. The average lot rent is about $400 and the communities that are bettering the park are over $500/month. This is for eastern Iowa, Muscatine and Quad City areas as well as smaller towns. Two local parks charge $515/month and only cover trash. Those owners are buying all the parks in the area they can and are slowly raising to this lot rent. With that, people regularly tell me they prefer these parks due to screening/safety and overall feel of the place. Having a park for children and lots that allow people to enjoy the outdoors is huge. When working with potential buyers, if they can pay lot rent and the payment for the trailer for equal or even a little more than what they could rent an apartment for, the trailers move. In Davenport a 3 bedroom apartment is $1000/month easily. A 3BR house with similar amenities of a 2010 mobile home will rent for $1400/month. Most single wide mobile homes from 1995-2010 in this area are going for $30k or less and resale well in a couple years. People who want to have pets buy mobile homes and will pay more because they cant rent in most areas with a single pet. One park even has a dog park.

Another thing to consider is if subletting will be allowed. There is a high abandonment rate at those parks that do not allow subletting. It is much harder to find a buyer for a mobile home than a house due to 20% down payments. I have 12 month listing contracts and sometimes it takes longer so subletting really helps with ratings, park satisfaction and care of the lot. The parks charging $500/month and allow subletting have very few vacant homes.

I hope some of this is helpful to you. I'd be happy to lend my opinion of ever you need it.

@Manny Mejia as a realtor, if you arent getting calls back, busy or not, choose a different realtor. Ask others who they would recommend and try taking that route. If you're telling people you're interesting in investing, odds are the realtor doesnt understand investing themselves. Most don't. They may not feel like they are the right person for the job, but even at that, a good realtor would still call you and refer you to the right person. It makes the profession look bad when you can't get an answer. I'm truly sorry to hear you have this issue. Shouldn't be that way.

@Derek Miller we ran a cleaning business for a few years and did airbnb turns daily. This is a huge pain in the butt to schedule...we ended up losing money on the turns for commute costs and laundry issues, so we dropped the account. Make sure you get these figures from an experienced company, not just a cleaning lady. This could make or break the profits on an airbnb if overlooked. We have since shied away from any ideas of owning our own, but it can be done with the right people and any deal can look good on paper. Get the right numbers. Best of luck to you!

@Jake B. I thought FHA only allowed for single family homes?

@William Sullivan. If you come out ahead on your first deal, no matter how much ahead, that's a success. According to BP, many people are looking for that 20k ahead to even consider the deal because there are so many ways that can be eaten up. What's the backup plan if market value isn't high enough? Are you ok staying there longer? This would lower the risk as well and get you the experience you need.

@Lorenzo Swinton what are your long term plans? If you are looking for security and cash flow with little debt. Will these two properties conclude what you want in your portfolio? Look at the big picture first and go backwards to the beginning. For many people, having only 2 properties, even when paid off isnt the ideal portfolio.

@Aidan Hadley Most will not cover a house with knob and tube wiring. Nelson brothers had a company that will, as of last year.

@Marc Macialek one of my investors swears the best way to fill a rental with multiple applicants is to come in just under the competition. 2 bedrooms in that area rent for $700/month. If its vacant in the off season and no one bites on the $700, he drops it to $675.