All Forum Posts by: Tyler Gilpin
Tyler Gilpin has started 7 posts and replied 14 times.
Thanks for the info! I need to look at joining that group. In this particular scenario, both mobile homes are on their own lot that’s not in a park. So I’m thinking of buying and renting them out.
My ultimate goal is to own a mobile home park, I just need to find a good one that will do owner financing.
Looking to buy a trailer (that's not in a park, no HOA), and rent it to section 8. Is that possible or smart to do so?
I’m located on the Illinois side of St. Louis.
Man yeah that link helped a lot. I’m doing out of state too, might bounce some questions off you in the future. Are you doing section 8 or sticking to regular?
If you’re doing section 8 are you finding those numbers to be pretty accurate on that site? ^
Quote from @Arn Cenedella:
Each HUD office in every County publishes FMR ( Fair Market Rent ) reports each year.
Just google Name of Counit HUD FMR and it should pop up.
You might have to dig around to find it.
Or call the local HUD office and they will point you in the right direction
Quote from @James Wise:
Quote from @Tyler Gilpin:
Question,
Looking to buy some SFH in STL area and turn them into section 8. Is there anyway to find out what I'd get in rent? I know the rent is different per the bedroom count but where can I find that out?
Thanks
The way they determine the rent for each unit is kinda like this
Interesting 😂. Makes running the numbers a lil more difficult
Quote from @Jonathan Greene:
Have you ever done Section 8 rentals before? I ask because a lot of new investors are getting lured into the thought of them because you get paid by the government this alleged "guaranteed rent", but that's not really how it all works.
The Section 8 website for your area or the larger one should have metrics per square foot for the area.
Question,
Looking to buy some SFH in STL area and turn them into section 8. Is there anyway to find out what I'd get in rent? I know the rent is different per the bedroom count but where can I find that out?
Thanks
Post: Should I get an LLC with 10 properties or less?
- Posts 16
- Votes 12
Question. I have 3 properties in my personal name (to get best rates). Considered waiting till I get 10 and maybe putting them all in a blanket loan and switching them to an LLC, or should I make an LLC and switch them now. Open to better strategies. Thoughts?
Post: Lending on multiple properties at once
- Posts 16
- Votes 12
Quote from @Caleb Brown:
You'll have a hard time using conventional loans around those price points. How is the area? Also are the properties turn key at that price or would it be a BRRR type situation where you can use hard money then refi out?
Good point. They’re all turn-key. Planned on probably going the Section-8 route
Post: Lending on multiple properties at once
- Posts 16
- Votes 12
- Question. Nice amount of 60-80k houses in my area. I have 40k to put into it, in theory that’s 20% down for almost 2-3 units. As far as loans go, can I buy 2-3 different houses or can I only buy 1 at a time?