All Forum Posts by: Bruce L.

I do understand how the system works, I"m just trying to see if I could save myself & the seller some money.

The seller has a contract with her listing agent of say 6% of sales price. 3% of each side. And sometimes, the commission maybe lower (4%) if the listing agent finds the buyer to basically deal both ends.

As an investor, I'm always looking for way to save money. And while I agree that some realtors are useful, I also feel that some are useless.

Was wondering if any of you guys ever worked with the sellers directly when buying a property that's off the MLS?

There is a property that I'm interested that is listed on the MLS, and I have the sellers telephone number. I could call her and ask her if she's interested working directly with me and her agent since she has a contract with her agent.

Doing so, may save her some commission from having to pay the buyer's agent, thus my offer would look better.

One concern I have is that she might think that I maybe trying to scam her or something.

Thoughts?

Thanks.

Basically, I stood my ground and reply back to the tenants that it is what is it and that they are only going to get the security deposit I set.

They never reply back to me and never checked the cash. So, I put a stop on the check and got my money back.

If your paying cash, the cap rate & cash on cash is the same.

I use both Cap Rate & Cash on Cash, but I generally pay attention to Cash on Cash.

@Lee Smith What's the downside with cash on cash?

Thanks for all the feedback guys, I learned somethings I did not know about Mobile Home Parks.

I will be passing on this deal and will look for others.

Thanks again.

Hi Guys,

I came across this deal that I'm interested in and would appreciate your feedback as I've never owned a mobile home park before.

Details:

• Mobile Home Park
• Year Built - 1945
• Lot Size - 105,000SF
• Asking Price - $825K
• 60 Spaces
• Comes with Onsite Laundry (6 Washers & Dryer as extra income)
• Yearly Tax Bill: $4,300 (Have to double check, seems low)
• Income: Each space rents for $350/mo (Includes Water, Trash, Sewer)
• 40% vacancy (most of which are long term tenants)

I would consider this a D-Class area and needs rehab work, don't know the details yet. The property is surrounded by other multifamily, residential and commercial properties with nearby bus stops.

If moving forward, I would want to know the following:

• How much to insure property?
• What rehab work needs to be done and how much?
• How much is the Sewer, Water, and Trash Bill?
• How much does the property management co charge?
• What are the comparable rents in my area?
• Why is the property only 40% occupied?

Questions for BPers:

• What else would you ask when analyzing this deal?
• What would be the typical financing terms on a property such as this?

Thanks!!

Hi BP!

I was wondering if anyone here has tried creative ways to get your tenants to maintain your property well and to also retain good tenants.

I was thinking about setting up a point system similar to how the credit card companies do it. After so many points, you can opt to use your points for an item or cash back.

So, I would give points throughout the year for the following:
1) Prompt rental payment.
2) Property Inspection (3-4 times a year).
3) No Complains from neighbors.
4) Lease renewal.
5) And so on, can't think of anymore, please feel free to add to this.

Items would include things like a
- $50 Gift Card (Home Depot, lol jk)
- House Cleaning service
- Coffee Machine
- 42" Flat Screen TV
- and Ca$h.

The only way to get the good items would be to be an outstanding tenant with at least 2-3 year stay.

What do you guys think?

So, I think my tenant is avoiding me because I text him that I want to inspect the property. Next time, I'll just call so he doesn't know what I want.

I guess I could serve him with a certified letter that I will be inspecting the property at said date and time, but is there another way?

I never had that issue as all of my previous tenant were easy to get a hold of.

How would you handle this?

Thanks.

So, there is a thread out there about a newbie wanting to buy a Lambo and given that he just started, and had no money at the time, most people consensus is that buying a Lambo would not be a good idea at that time.

So, I was wondering when is a good time to reward yourself with lavish gifts? Of course it depends a lot on where you are financial and your comfort level.

What is your thought process as far as if you can afford a lavish item? Most people I know is all about the monthly payment, "Can I fit it in my monthly Budget?", I've never been like that, I have never had a car note, and now three rentals feel and clear and a nice nest egg.

One side of me says reward myself and buy that lavish liability, the other says buy more assets because it's the smart thing to do. I've been doing the smart things for many years now and feel like I should buy something stupid. lol

Congrats @Mark Ferguson !

Just curious, what's your exit strategy for all of your properties?

- Do you plan on renting them until they are paid off and just get passive income for life?

- Sell when prices you feel have peaked?

- Sell all and move on to bigger deals like apartments?