All Forum Posts by: Sean Ridlon

"Drinking from the fire hose."

Hi @Leslie Jerue! Glad to see other people here from Wasilla.  I'm no expert, as I just purchased my first rental property too, but I hope to see you around the forums.

yes, almost every time a post a reply and ever time I reply to a PM.

@Jared Sorrentino was the property insured at the time of loss? The insurance company would be obligated to cut an ACV check to the insured for the damages and an RCV check when the repairs are made (assuming it was a homeowner policy). 

Offering to pay the deductible to help the owner initiate the claim's process may motivate the seller. The check will usually be cut to the mortgage company (if any) and the policy holder. Have the mortgage deposit it in escrow and provide a scope of work with detailed "phase payments" or draws on the account. Once the repairs are finished and the note satisfied, the ACV and RCV checks can be fully released.

It's a great way to get the repairs fully funded by the company obligated to pay for such losses.

If no policy was in place, it's all out of pocket.

Lol yeah, @Bill Neves I'll be sure to if I ever meet her!

Thanks for the tips!

Some of my answer depends on how mold is handled in your area. Mold in a non-living area isn't generally seen as serious as if it was present in a living area of the home.

What sort of foundation does the home sit on?

Depending on local codes, you may be able to install an in-ground vault and sump pump that removes ground water and pumps it outside the footers of the house. In my area, a vault and pump kit costs about $214. You need to dig some trenches to the lowest point and place the vault in the ground, attach the hose to the pump and find a place to exit the hose from the basement (usually out a rim joist). Then replace the vapor barrier.

Why cheaper then new drains.

Going through that in my area right now... prices and rents are raging hot. 

I've always heard "all markets are local". If you're sure prices are too high where you're already looking why not look elsewhere? People need a place to live even where the hot real estate markets don't exist.

Folks, what do I like about the idea of mobile home investing? 

Well, I spent many years living in mobile homes and I know that there are A LOT of them being rented out and also for sale in the part of the country I'm most interested in investing in.

Mobile homes are in my price range as far as out of pocket expenses, at least in the part of the country I'd like to own them in.

I'm learning the ropes about MH financing, landlord insurance, taxes etc online as much as I can.

I'd be a big help if you more experienced investors wanted to chime in with what kind of professionals you have on your team. Team-building is the stage of the process I'm in I'd say.

Thanks in advance

You nailed it- rubber cove base. Only buy it in rolls, not sticks, and you will have a seamless look.

Howdy @SEAN MCFADDEN. Sounds like we have a few things in common besides the name. I think having a GC background is a good base for REI. Claims adjusting (or if you're a GC who writes estimates on Xactimate) gives a guy an edge when trying to build deals. You're going to know about problems in homes your considering picking up and what they cost to fix much faster than someone who has to call in the GC or inspector. Also, knowing about what a home's insurance value might be helps cool the "fever" and lets you know if know if the asking price is too high or too low. I like to think of a home's full RCV as it's "intrinsic value" while it's price is more of a subjective value.

There's a financing section here on the BP forums you might look at, too. Perhaps you still have some contacts at a local bank who can help you out with the different strategies used in REI financing?

There's so much to learn but I think you've got a good foundation to work from.