All Forum Posts by: Adrienne Markes

I've been trying to get an education on how much control park owners have over mobile home owners renting space in their park.  Here is the situation:

My 90 year old grandmother has owned a unit for 25+ years in a suburb of Los Angeles. About 15 years ago, my dad removed the swamp cooler and installed a HVAC unit on the roof of her unit (he is a HVAC contractor).  He was there doing some repair work the other day and the owner approached him and said the HVAC needs to be removed. That it didn't have the proper permit and even if he tried to get the permit, he (the park owner) would have to approve it and won't.

There are other people in the park who want to put in HVAC but he is saying no. So they are now asking why my grandma has it and they can't. Apparently, my grandma is "causing him problems because she has a/c".

The electric is metered by owner (my grandma pays her portion). She is on the same line with 7 other units. Electric hasn't been updated since 1960s. 

Who can we talk to to get help for my grandma to be able to keep her a/c? She can not continue to live there without a/c as temps get way too hot and for crying out loud, she's 90! 

Somebody help please!!

Lynnette,

Thanks for the response. It has been tricking figuring out how things work in other states. My property manager had referred me to an attorney so that's why I was going down that path. I will contact title. Thanks again!

I have a duplex in TX and two small SFH in TN that I have never seen. They were new construction and I found out about them through a trusted contact. I've never had a problem with them (knock on wood).

So I just saw a post about introductions. Here's my story....

My husband and I began investing in real estate about 20 years ago. Started with us buying a second home in Palm Desert and we ended up renting it out seasonally to help with the cost. We began buying more rentals and after a while (10 years ago) I decided to get my license so I could handle our purchases and sales myself.  

Friends and family began asking for help selling or buying and I discovered I loved helping people buy and sell houses.  So what began as a plan to increase my own portfolio developed into helping others do it too!

We have 18 properties, plus or primary. Two in Texas, two in Tennessee and the rest in sunny California.

As we are getting older and retirement isn't that far out (7-10 years) we really want to increase our passive income. 

We have $200k we need to park somewhere soon. This looks like a great place to learn and share knowledge. I look forward to getting to know you all!

Adrienne

We did a refi on a rental a few years back and had to take it out of our trust. We need to put it back in our trust. I've reached out to a couple of attorney's and haven't had any response. Who is the right person to contact for help with this? I mostly own in CA so not familiar with the practices in TN. Property is in Sumner county. Thanks!

Hi Daniel,

I just signed up today and am enjoying reading through the forum topics and blogs.   Welcome to the world of investing! It's super exciting. I've been a RE investor for nearly 20 years and have been a licensed broker for 10 years specializing in residential. 

There are so many opportunities out there for those that have some risk tolerance. When we first started out we sold a couple of properties in Irvine because we didn't want to be landlords. Next thing you know, a couple of years later we were landlords an kicking ourselves in the pants for selling those properties. Well, you can't look back, right? We learned the hard way in some cases. Wish I had found this site sooner.

Anyway, welcome and happy investing!

California girl here. I'm in the early stages of exploring mid-west areas to buy SFR or 2-4 multi family. I've heard there is a lot of opportunity in Cincy and Dayton areas. I've never been to OH, or many most mid-west states for that matter. I see SFR on MLS for $50-75k, what is the rental market like? Any property manager recommendations in the area? I'm open for any wisdom you care to share about this area or any others with great opportunities. Thanks!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $65,000
Cash invested: $65,000

This is an upper level, carriage unit condo in a gate community with a 1 car garage with direct access. 2 bedrooms, 2 baths, laundry. Rented with washer, dryer & fridge to compete with most apartments in the area.

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

My husband and I were having a conversation with another agent we knew from a local hang out. He shared a strategy one of his investor clients had and the search criteria. This was during the crash in CA. He sought out properties that were 5 years or newer, condo (low maintenance) and selling for half or less of the peak price.

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

It was listed for sale on the MLS as a bank owned.

How did you finance this deal?

Cash

How did you add value to the deal?

Did basic cosmetic updates, paint and carpet, added appliances.

What was the outcome?

Solid rental from day 1. Estimated value today is $202k.