All Forum Posts by: Tim Crumley

Anyone here use Xactimate or similar to estimate rehab costs?

Anyone here use Xactimate or other similar software for estimating rehab costs?

Welcome to the game.  You are not getting a late start so don't worry about that.  You will find a lot of deals in the Spartanburg area so keep your eyes open.  Read and learn and you will find your way quickly!

@Janene Tompkins

Thank you for the information.  Charleston sounds like a winner!  Ill see if I can find the dates so I can put in for some time off.  Thanks again and see you there!

@Jefferson Lilly

Are you aware of any similar bootcamps on the east coast?  Frank and Dave's is literally on the other side of the country.

And having never bought a mobile home park before how does diligence work?

Came across a dumpy little mobile home park today for sale for $47k.

6 lots 5 with homes and one empty.  All park owned homes.  All on city water and sewer.

#1 Rented for 400.  #2 rented for 350 #3 Undergoing renovation and not rented. #4 empty, no home #5 rented 350 and #6 rented 400.

What do you all think the likely hood is of getting the tenants to convert to a rent to own situation?  I was thinking of a lot rent around $150 should be doable.  

So 150*4(rented lots*)*12*.7(30% expense reserve)*10=50,400.  Seems like a good price on the park. At a 10 cap I would be getting free homes.  Now understand that these are not nice 2015 model homes but fairly old single-wides but free is free right.

Thoughts?

Septic tanks have maintenance and one day the city may require the park to be converted to sewer.  Have you listened to Podcast 111 yet?  Jefferson talks about utilities.

Podcast 111.  biggerpockets.com/show111