All Forum Posts by: Ryan M.

We don't do financing, what you might call self finacing

We used to be challenged getting 1% back in 05 - 07. The last three duplexes are ranging from 1.8 - 2.1% times have changed for the better.

I should add these are the same areas we have always bought in.

Why online only?

What % does this cost?

We usually use 1k and leave it there untill we close or it dies

Offers - you don't know until you try. Some offers the don't counter b/c they think we are way off. It doesn't bother me when people laugh at the offers I just show them a spreadsheet showing why we are offering the price.

Inspections are just like buying anything else. The main thing on these SS we have found is cash is king to get them done. If all goes well it is a 3+ month process and some die along the way.

When buying with tenants the first place we go is to talk with tenants. They have a lot of info, some good, some BS.

For instance we are closing the 25th on a property (short sale) where the rents showed $750 on the lease. The tenant let me know he pays $550. There was a $200 rent concession in place on each unit! The place needs some rehabbing to get 'market' rent. Owners stated one of tenants had been there 4+ months. Tenant says we just moved in 2 weeks ago... and on and on.

Tenants in most cases know more about the building than the owner does, they live there.

If you do this deal please reply back on insurance cost. Fire/dwelling and the big one liability

Aly. That's a good one. I had someone use a address they didn't live at but the landlord number I talked to made them sound great. I knew the owner of the property where they said they lived. In the end they couldn't believe we figures it out.

Im in the same area, if this is a house you should be able to insure it around $750

What is the house worth if it was stand alone?

What is the water, sewer, electric. Public or private?

If the park owns water/sewer what is the construction of the pipes? What type of water risers does it have? Road condition? On street or off street parking?

This list goes on and on. There is a lot if due diligence in park purchasing. Around here we are running 20 - 32k/pad