All Forum Posts by: Stephen Benson

In my area 3/1 don't rent for any more than 3/2 if you are holding it for rental then I wouldn't bother but if you plan on selling it then it would make a difference to the buy you will sell a 3/2 much faster. I talked to my realtor in the longview  Tx area and he agreed with this thought process. Im not sure where your from but in my area that's how it typical works. Im sure location would affect the outcome also. 

If it helps I have a forum post along the same lines what I basically got from it was that in my case the animal was Brought onto the property without permission and when asked to remove the dog the tenants got the dog linked to an emotional support animal which you can do online for a fee. But I believe you don't have allow emotional support animals into your property but a service dog you can't discriminate. For more info check out my discussions from my profile there are about 30 posts related to this similar topic.

Ok Bigger Pockets wisdom givers, I have a problem that I am trying to get through. I have started off my real estate career off well with some mobile home purchases. I have 5 that I owner financed all together which so far has turned out great. My problem now is that I have found some others that are good and will cash flow but I don't really want to just pay cash and loss all my safety net. I can go and get a 3-5 year personal loan at 9% interest rate for 20K but that leaves me not meeting my criteria that I set up but it will pay off in 3-5 years then it will cash flow like a King. So I guess what I am asking is for some guidance or maybe recommendations on how to finance these and continue my cash flow chasing goals. Any wisdom from Y'all would be greatly appreciated thank you again in advance.

Investment Info:

Mobile home buy & hold investment.

Purchase price: $190,000

I bought a portfolio from a retiring real estate investor who was ready to get out. It was 5 mobile house financed on owner financing 0% interest rate 15 year term 0 down. It was the perfect starter investment for me. cash flows very well to get me started.

What made you interested in investing in this type of deal?

The cost to get in was very low and the cash flow was very high.

How did you find this deal and how did you negotiate it?

For from a family member.

How did you finance this deal?

Owner finance

How did you add value to the deal?

by taking it off the hands of the investor who was ready to get out.

What was the outcome?

owned for 2 months now just getting all the tenants lined out.

Lessons learned? Challenges?

inheriting tenants is not always the best route to go.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

yes I did his name was David Benson Pinnacle Realtor.

Thanks again to everyone that has commented on this thread it has been some good reading and a lot of good info.

Thank you to everyone who has responded some great info to work with my property manager on.

@Marcia Maynard thank you for that detailed answer

Ok I really need help I just bought this property and the tenant has dogs. After looking at the contract the tenant isnt allowed dogs according to the contract. When I approached the tenant about it I found out he has 2 dogs both pitbulls both fully grown living in the house. So after letting the management company issue a remove or vacate letter the tenant got rid of one dog but gave us a service dog letter he got on line for the other. So this is the problem I have been told by the insurance company and the PM company that they will not insure or manage it with the pitbull in the property. I need advice on what to do. Thanks in advance.

Reliable so far has been great the owner is very open the comments if you look are all from tenants that have been evicted or left things a mess no owners that I have seen, i guess when you deal with 1300 properties and 40 staff members you going to have some issues. I spoke with 5 owners who have been with reliable for as little as a year and one who's got 30 properties with them and been with them for 10 plus years and they had nothing but good things to say. They charge 10% a month but zero leasing fee which every other place i called and sat down with had that. Also he gave me the first month, the transition month free which is great. I now have 5 properties with them I guess ask me again in 6 months to a year and I'll let you know. Oh also they do everything in house wholesale prices for example a new AC unit is approx 5500 and they charge 3500 thats just one example and they ask before doing anything which is nice. But yeah so far so good. Let me know how your experience with summer is going.

Thanks Tom I'm going with reliable for my 5 properties I just closed on I've called other owners around longview and had nothing but good said about them. So anyway thanks again