All Forum Posts by: Adam Shelley

I agree with Scott. I don't think I could come near 1.5-2.0% in my market. I shoot for 1% rule combined with the 50% rule. As far as I'm concerned a rental doesn't have an "intrinsic value" per se. To me it's worth 1% and 50% rule after repairs. 

So, for example, if the market rate rent is $750 I would be looking to pay $75k after doing repairs to make it ready for market.  In addition, I would want the total expenses to come out to less than 50% of the rent. If I'm reading your pro-forma correctly your debt payment plus expenses comes to $685 only leaving you $65 per month net. 

I wouldn't do that much work for $65.  

Like Scott said, maybe the rent is way below market value, but it would have to be WAY low to hit that 50% rule. 

Best of luck! Let us know how it turns out! 

EDIT: I see on the BP calculator they are not including the debt payment in the 50% rule. Just an FYI.

It's really difficult to generalize. I've moved ONE mobile home and it's in Kentucky. My costs were: approx. $10k for septic/utility run to the site, $4000 for moving and setup, plus the cost of the 1 acre lot. You can find (in my area) pretty nice double-wide mobile homes for around $30K, but since it's two sections, you have to figure the moving costs twice (moving 2, not 1 unit). 

 Hi Arlen, How were you able to get 100LTV on a commercial? Thanks!

@RayHarrell that's disappointing to hear! 

If it's New Albany, Indiana, I'd love the name, too. Contractors are HARD TO FIND!!

Whatever happened here? Did it just die?

If this meetup is on May 25th then I'd love to come. Thanks!

Hi Doug,

Jeremy Ward is a great resource. He knows the community very well and is extremely knowledgeable. He helped us purchase 2 properties in Corydon so far. He works with Remax. Just google him. Good luck! Corydon is a great place to live!