All Forum Posts by: Ryan Murdock

@Matt Dabek I have a few dozen doors in New England and all but one of them are less than 100 years old. I have several that are pre-Civil War. Like anything, the ones that are updated and renovated nicely attract great tenants, especially in that market where nearly all of the rental stock is the same age. The dumpy ones attract dumpy tenants. 

When buying anything that age the same principles apply - make sure you do thorough enough inspections to understand what you are buying and have adequate reserves in place to update and repair what is needed over the short term and long term. Same advice for any age property, just a little more to look for with the older stuff.

@Jimmy Lieu That's how it works my friend! With that $50k you pull out you can either take it in cash as part of the cash out refi, or, something I've done on occasion is just keep a line of credit (LOC) for that amount in addition to the mortgage.

In your example it would be a fixed rate mortgage for $137,500 and an LOC for $50k. That way you can draw on the $50k when you need it but you're not paying interest on it when you don't. You might be able to find either a fixed rate mortgage or LOC that will go as high as 80% LTV too instead of just 75%.

Nice job on this. And perfect example of why you should always have multiple exit/operating strategies with any rental property - especially AirBnB/STR's.

@Craig Salzer The low cost here likely assumes you can just tap right into existing sewer lines in your park and go for it. Totally depends on what the configuration of your system is. If you have a large park with 1:1 septics or anything other than a system that could perfectly tie into a city system you could be looking at hundreds of thousands of dollars to install/re-reroute your park lines. 

I priced out a similar project a couple years back at a ~70 lot park and bids ranged from $150-300k for all new sewer lines and city tie-ins.

@David Miller Congrats on your purchase!  

Be sure to check out the monthly Bangor Investor meetup with @Nathaniel Seekins

@Wade Joseph

Buying and renting a mobile home in a park is a great way to generate solid cash flow for relatively little upfront cost. Check out BiggerPockets Real Estate Podcast #361 with Tristan Thomas for some great tips and insight. 

@Tanaya Fisher

It appears that per your lease you are not obligated to pay.

Would I, in certain cases, pay for damages I didn't have to simply to keep the peace? Yes, but it's a judgement call.

Side note: Any tenant who lived in the unit beneath me who responds to anything at all with "see you in court" would find themselves looking for a new place to live as soon as I could find any legal way possible to remove them from my building.

I may schedule a competing event at Little Beach :-D

@Tony Spears Depends on the company and the contract but I always did it this way unless I either received a retainer or had control of the property owner's checkbook. As a PM, this gave me some level of protection against paying my vendors for repairs at properties and either not getting reimbursed or having a ton of my own cash paid out over potentially 100's of properties.

Regardless, this is something that should have been discussed with you upfront.

@Alan Bosca Are you sure it's not a typo on the estimate? $340 maybe...but $3400? No way.