All Forum Posts by: Brad Griffith

Thank you all for your input. I will get that book right now. I will stay in touch. Thanks again!

I am trying to find someone who currently or has owned larger mobile home parks that wouldn't mind speaking with me and sharing some knowledge. I recently put a 60 space park under contract and would really like to pick the brain of more experienced investors in mobile home parks. 

Thanks Adrian. I recently built a 2 bay shop with three offices so I have an idea. But I am still just thinking about different ideas.

I've always been interested in building a large 10 or so unit of large shop bays with separate entrances and utilities. I have also been interested in building or buying a 10-16 unit office complex specifically designed for multiple companies. I have recently put an option contract on a large parcel of land and am thinking of combining both options. I would like to build an office complex in the front with several units, one conference room to share and one reception desk. I am thinking about including a receptionist. In the back I would like to have large bays separated and a small storage yard behind the shops. I haven't seen a place where you can come in and say I want 2 offices and 1 large bay etc. It's always one or the other. I will be chasing carpenters, electricians, plumbers, oil and gas. Any company that needs a small office and a large bay or two. I currently own residential, multi-family, and commercial and am looking to expand. Let me know if anyone out there has any experienced with mixed use complexes like this and what advice you may have. Thank you in advance.

I try to keep it as simple as possible. I have 7 rentals. I use quick books to "manage" my operation funds which I keep in one cash account. Very easy to track income and expenses for each door. I keep 3 months of the total PITI for all properties as my minimum for the operating account. For me that has covered any vacancies and all repairs. I reset it every month and use any leftover money for upgrades to the properties or transfer to another investment account. If I have a large repair bill it may take a few months to recoup.

I really like your Christmas idea. I'm going to use that one. As far as raising rent I always take it tenant by tenant. As was mentioned earlier do your due diligence on what the market rent is so you know your being fair. But if I have tenants that have been there a while, always pay on time and are low maintenance. I would rather keep them at a market discount then raise their rents. With SFH's I really don't think there is a science to it.

Crunch the numbers but if you can get a better price paying cash than I would go that way. If it doesn't make a difference get a conventional loan. I've seemed to have better luck offering a quick cash closing then refi.