All Forum Posts by: Brendan Jones

@Matthew Rolf in the Houston area we are willing to look at parks of pretty much any size. We have several parks in the MSA and so can add smaller parks to our existing operations fairly easily. Outside of the Houston area, we’d probably prefer at least 30-50 lots, but bigger is obviously better. 

We prefer city utilities, but are not afraid of parks on well/septic or with a treatment plant. Also, we’ve done really well in turning around parks with issues, and so really look for the value add opportunities.

Welp, looks like my last post crossed a line. Let me try again....

We own several MHPs in the Houston metro. I was able to initiate several deals this year, and we closed on 4 new parks. Looking to 2021 and beyond, I really want to grow.

My strategy thus far has been to identify parks that are of interest near our existing parks, seek out the owners and make an offer. Obviously this has worked well, but takes quite a bit of time and effort. 

I’d really like to supplement my efforts, by finding wholesalers that are active in Texas and in other states. For those of you who currently use wholesalers, how did you find them? Have you found good deals using a wholesaler? Any other suggestions on how to source off market deals in the MHP space?

Thanks!

Brendan

Looking for a CPA with SDIRA experience. Open to working remotely if they are out of the Houston area.

If there is an HOA, make sure there is no issue with using it as a rental.

The septic is a big turnoff, but an even bigger problem is the apparent value being given to some very old homes. A pre-1970s home in even decent condition is only worth a couple of thousand and the maintenance is gonna eat you up. What are lot rents in the area? I'd be looking to structure a deal with the plan to sell off the homes and just collecting lot rents. Valuation would be based on lot rents and rents on the stick built homes.

Sure sounds a lot like the one you have listed in the Marketplace.

https://www.biggerpockets.com/forums/517/topics/25...

Hey all,

First post on BP!

My father in law recently passed away leaving his 3/2 single family home to my wife and her 20 year old brother.  We've been wanting to start investing in real estate over the last couple of years, and want to keep the house as a rental, but also tap the equity. The house is located in a suburb of Houston. 

The house is currently on a 30 year note at 6%. There is about $60k owed with around $120k in equity. I'm thinking I'd like to refi and cash out about $60k of the equity. We'd use about $10k for updates and repairs, and use the remainder to invest further in real estate. Looking at other rentals in the neighborhood, we should be able to get between $1400-1600 a month in rent. I plan on setting up an LLC to own the house long term, with my wife and brother-in-law as owners of the LLC. Per the will, my wife is trustee for my BIL for a few more years.

Now my questions. My wife is a stay at home mom, and my BIL is a 20 year old student. Will I need to be on the loan for income purposes, or will the remaining equity be sufficient to do the refi? Should we do the refi before putting the house into the LLC or after? Other than my questions, how does my plan sound? Anything else I should be thinking about?