All Forum Posts by: Carlos Lopez

So I'm looking at a park that has a house on it and about 18 spaces. all empty .
park hasn't been used in years. seller says licenses/permits are up to date but it'll probably need new wiring, maybe fixes to sewer.
How do I go about figuring out a value for this particular property?Would you go for something like this? There are about 2 other parks within a 5 mile radius

I've read multiple articles on park valuation but they always take into account the rent income.  

HI Guys, 

Can landlord out there recommend a good property manager in Gainesville, Florida?

@Christopher Gingras and @Daria B  Could you give me the contact info for your handyman. I'm also looking for a property manager in Gainseville FL .  any recommendations?

Thank you for the suggestions.

Just as an update. My case went from bad to worse.  Short story long, the insurance company is not renewing my policy because they said I had " a claim in the first year of having their insurance"  

Now I'm looking at alternatives now which all charge more and are more picky and want to run inspections.  My house is 1930's.  sends shivers down my spine just to think about an inspection in such an old home. 

Oh and I'm also having trouble finding an insurance because the house is not fully restored yet.. and they keep asking me about my fuse box outside. (yes I still have  fuse boxes as opposed to a switch box. )

This is bad.

Thank you guys.  I saw some good ideas.  I have toyed with the idea of renting out some space for someone's boat or RV.  I think that may be a good passive income idea.  another the storage one is a good idea too, I'm checking on the liability I would incur, specially if they decided to store something illegal in my property.

Planting things... not a bad Idea but the passive income part is really key for me.

@Anthony Giannette 

Yes there is reserved space for family BBQ.

yes, there is a door to go inside the backyard that fits a car. 

Kenneling dogs may not be such a bad idea. I think I'll have to research that one more and check with my insurance, I think one of the questions they asked me when I got it was whether I owned any dogs.  

thank you all for the great suggestions.

hello everyone:

Does anyone out there have any ideas on how to generate income from a backyard that's hardly used?   The whole property is about .5 acres but part of it is being used by a 1400 sq ft home. the rest  has three sheds. there is certainly open space that I look out every day and it's doing nothing.   Maybe one of you has found ways to monetize this asset?

Hi Guys Maybe one of you has the expertise or knowledge to answer this question:

I live in Northern California,  recently a pipe broke in my house and it damaged top floor and basement of my house.  lots of damage. 

Insurance sent their adjustor ,  he came one day , took measurements , then they sent me a check saying that's what they were going to give me based on what he estimated. 

Any way I can submit my own estimates?  any of you know the law for this in california? 

Do you know the best way to negotiate with an insurance? .   The amount of money he estimated is too low for the work needed. 

Help.

Thank you for your answers:
Tim: I have a 420k FHA loan approved for the property, so the Idea for owner's credit is to pay the full 420k to the seller and then make a deal where he places money back into an escrow account for repairs. so he would eventually only get part of the 420kbecause he has to put some of that money back into an account for me to use in repairs.

Mike:
I'm currently approved for an FHA so it seems that I could get credit. Do you know if FHA has the same 6% limit ?
In the event that I could choose from the owner's credit or the 203k which do you think would make more sense?

Hello everyone I'm a new investor and would like to hear your opinion on this deal. I'm currently in escrow for a property for 420k.
After inspections, a lot of issues came up that need fixing: electrical, termites, plumbing, some foundation work.

Repairs will probably run around 80- 100k.

I'm currently approved for FHA at 3.5% down.

My question for you guys is.

1. Do you think it's better to ask for a reduction in price from the seller and use a 203k FHA loan to finance the repairs on the house

or

2. Ask for seller's credit

or

3. Maybe you know of a more creative financing Idea that would make more sense.

I'm interested in the pros and cons of each. i.e.: how it affects property taxes, insurance, speed of getting the loan, etc.

I'd love to hear your opinions on this topic.

Hey Gary did you go through with this deal? And if you did, how is it working out for you ?
Your situation is very similar to what I'm looking at right now.
Fourplex at 420k. (northern California) rents yield 4050 total if I wasn't to live in it. I'm also planning to use FHA. After all expenses and mortgage I'm calculating -$299. If I don't account for Property management I should break even.
How did things work out for you ? Specially the 'becoming a landlord part' some people advise me to be careful about going from zero landlord experience to managing 3 tenants....