All Forum Posts by: Robert Blanchard

@Nicholas Nunsant Many of them have blogs on this site and some of them have been asked to be on the Podcasts.   

Many MH Parks do not allow rentals (that are not their own) so be sure to go into the office and find out the rules for the park you are thinking of buying in. 

The best deals for MH's are when a relative moves, dies, or gets incarcerated and the family just wants out of the MH.  If you pay a $50 finders fee to people in a Park to find an OFF market deal, it can be very profitable.  Same thing applies when renting or selling.. Pay for them to "Pick their neighbors".  

Make sure the MH does not have an outstanding bill for water or power as in many states the bill stays with the Mobile and not the Owner or Tenant.   Sometimes the MH Park will also want back lot rent if they are not current when they sell.   

Sometimes, rare in my area any more, you can negotiate a lower Lot Rent while you are renovating the MH.  If you tell them that you are going to paint the outside of the  MH and improve the MH to bring in a better renter, it might be enough motivation for the to give you a break on Lot Rent.   

@Andrew Olsen Do you know if this is a privately owned or corporately own MHP?  If not a Corporate Park, you might be able to negotiate a bonus if you maintain a certain occupancy rate with a lower number of evictions or late pays. 

Also find out if they allow investors to put MH into their parks?   If they have more than a few empty lots, you and a partner could move MH's into the park and sell them which should net you a tidy profit if lower cost housing is in short supply in your area.

Please let us know if you do interview for the job.

What is his Job history like?  If he has not been at his current job that long and if the job requires driving or other things that could be affected by a DUI, his job might let him go.  

True, some people get their first DUI while not being a "drunk" but just getting behind a wheel when they should  not have.

I would look at some other factors on the background check before automatically rejecting him, but the cost of "dealing" with a DUI can be close to $10,000 which might cause him to get behind in rent or cause him to be on very limited funds for awhile.

A page that shows what happens with a DUI:

http://criminal-law.freeadvice.com/criminal-law/drunk_driving/north-carolina-dui.htm

@Jesse Knevel Does your insurance policy have a deductible higher than $250?  To have a door replaced along with the jam should not cost more than $500.  If you file a claim, your insurance premiums will go up the next time you sign a renewal, which might cost you more than $500 in higher premiums for the upcoming years. 

Make sure that whoever replaces the door, uses 6 " screws in the door hinges and strike plate.  Most doors come with only 2" or 4" screws.  This will make it much harder to kick in a door in the future.

Also make sure the lock is the new kind that can not be "bumped" and unlocked with a certain kind of key.

Maybe he thought as a primary residence you would spring for better materials.  

Even though he was on Angie's List , which he paid to be on, that does not necessary mean he is a good contractor.  

I rather deal with Contractors that are referred by other RE Investors via a REIA group or on BP.

Even at that, I would always get 2 or 3 quotes just to verify that they are not padding the price just to be able to go down or offer you a "do it now" price for a new Client.

@Chance Cooper Vehicles are a depreciating asset but the piece of mind of having a more reliable larger truck might be worth it.  

What about starting with a $5K Truck and after 6 months of saving, moving up to a $12-20K truck.   

I personally detest having a Auto payment but I got caught in the shiny object syndrome after going without a vehicle when I was in the military and went out and got a 2 year old Celica GTS.  It was a fun car but the extra insurance and monthly payments made it hard to do much else as a 22 year old.   

Your income should allow you to pay it off quickly and then start putting more money into your RE investments.   

@Daniel Lehman Have you figured out how much the one time funding fee that the VA charges for Mortgages for the multi family investment property that you are looking for? How much equity do you have in your current property?

The fee is usually 2.15%.   

Here is a link to a page that lists 5 things to know about VA Loans:

http://www.bankrate.com/finance/mortgages/getting-...

You stated that you are using two Credit Cards.  Are you doing this to get cash back or points?

How much do you have saved up to pay for repairs or vacancies?

Do you have 3-6 months of your living expenses saved up?  

I would hate to see you lose your property if you get into an accident or laid off and did not have a safety net in place.

If I were you, I would write down a very strict budget.  This will allow you to find out how much extra a month you can pay on your auto loan.  

Then write down your short and long term goals.  

Post it somewhere where you will see it daily.  Put a picture of something that you will reward yourself with when you meet your 1-3 year goals.  It could be a Vacation to somewhere or a knowing that you are out of debt except for a Mortgage.

Have you checked out if Prosper will give you a loan for 12%?  It might not be for the full 9K, but even at $4,500, you could use it to pay down your higher Auto loan.   12% is higher than what Credit Unions would charge, but if you were turned down for a refi, your debt to income ratio might be too high to qualify for a 4-8% loan. 

Good luck in your short and long term goals.

Congrats on your Apartment Bld. purchase.  Was it on the market and does it need any improvements or repairs that will increase your income with it?

My Father always bought 12-16 unit Buildings as he did not want to have to have a leasing office onsite.  Most of them he did not keep long as he bought problem buildings at a large discount. 

Slightly off topic but if you replace the supply lines of your toilets do not forget to use the braided metal lines on the Clothes Washers.  I have not had a line burst but many have seeped and dripped at the connections.