All Forum Posts by: Austin Works

@Chris Harper for a simple cosmetic remodel (throwing out old flooring, light fixtures, paint buckets, etc - I usually use a 10 or 12 yard roll off dumpster. 

Hey BP, I am wanting to narrow my focus down to help me scale, as this is something I am struggling with. I like buying single family houses as rentals, as flips and wholesaling them when they aren’t a fit for me. How can I narrow down further than this? Should I omit buying rentals and focus on flipping and wholesaling while trying to build up cash and then switch to only buying rentals once cash is built up or is focusing on single family properties narrowed down enough already and should I continue focusing on all three strategies?

@Tony Ferrero, I would normally use 18x18 gray tiles with small spacings between the tiles. This has proven to be very durable in my rentals and is heat resistant. It almost looks like a seamless solid countertop, too.

Where can I purchase this list?

I live in Louisiana, where lot rents are extremely low ($100-$200), and most investors & brokers seem to include the mobile home rental income in the valuation, which prices me out of valueing based on lot rents. It seems that all brokers and investors work off of this model in my area. Can anyone direct me to something that shows how to analyze a mobile home park this way? 

I would like to see more content on mobile home parks  - this seems to be lightly covered on BP

@Account Closed I use Trello and it has been perfect for me. It's also a customizable type of CRM, but fairly simple to set up. I don't mind sharing my setup if you want to PM me. The app works very well, so It's ideal since I often add properties while on the go.

Assuming that we are still lingering in the height of the peak phase with a recession looming around the corner, how are you finding deals today? Everything that used to work for me, no longer does, and I am in a bit of a dry period on finding deals. Any help is much appreciated!

@Frank Rolfe, I greatly appreciate the help and advice here, I trust your knowledge on this subject greatly. Due to lot rents in Louisiana being so low in comparison to other states, I would only ever consider the detached apartments perspective, since I only invest locally at the moment. However, I agree that these expenses seem very low and this would likely be a losing deal for me. I have only bought single family and smal multi-family up to this point, so the MHP's are new for me.  

I am considering buying my first mobile home park, but most information online is specific to the lot rent only model, and this park owns and rents all homes at the moment. What is the best method for putting a value on this? Numbers are below.

2019 income

$78,196.55

2019 Expenses

$24,588.40 (does not unclude any debt service payments)

NOI

$53,608.15

Asking price: $400,000

12 lots, 12 park owned mobile homes, all of which are older and in poor condition, but all are rented.