All Forum Posts by: Rocky V.

Why pull the cash out of the raw land if it is currently on the market?  Do you not expect it to sell quickly?  I'm sure the $70K loan is costing you money so I would drop the price of the land in order for it to sell quickly then leverage that money to purchase additional rentals with 20% down.

Both great areas for rentals.  I would base my decision on the deal and your location from each city.

Why not RC Holdings or RC Investments?  I agree with @Ryan Parnow 

in not using your own name in the business name.

Welcome aboard, Chloe!  Network, Network, Network and research as much as you can on this site. 

Best of Luck!

Buying my first rental

@Adam Drummond 

I've stopped going after deals on MLS due to other investors over bidding and now primarily buy at Trustee Sales. You may consider this just make sure to do your homework before buying and always drive by the property before bidding. In the area I'm concentrating on you can get a mobile on 1 acre for $20-35K.

@Zac Preston 

A local bank I have used requires 10% to be placed in a CD as collateral. They will fund 100% of purchase price and rehab as long as it does not go beyond 80% ARV. Extremely competitive rates at under 9%, 1 point and 9 months. Keep on calling around and I'm sure you will find a bank that will not take all your profits.

Is this pier and beam or slab?  If it is off by 1-2 inches then I would probably not worry about it for now unless there is more movement.  Also keep that in mind when doing other renovations to property.  Here is a pic of one of my rentals where I had to install 60 piers.  Foundation was so bad that it caused plumbing leaks, flooring to crack and several large cracks in walls.  Tenants were living in residence for several years until I performed renovations.

Cut out the bad area and go with cement board that has stucco design. 

http://www.homedepot.com/s/siding%2520stuco?NCNI-5

I would personally tear out entire ceiling and install cement board.

@Adam Drummond 

I have a couple of mobile homes on land in my portfolio and they are cash cows.  Tenants are great and typically want the land to be left alone so they do not bother me with the little things.  Rents range from $600 to 900 in my area.  Taxes are extremely low as well.  I also just owner financed my first mobile a couple months ago.  Pic is of my very first mobile home (built in 1981) which I purchased for $12K but put $30K in rehab.  MH needed everything including new HVAC and Aerobic System.  This home leases for $900/month.  I say if you can purchase one for $30-35K and lease for $650-850 then do the deal.