All Forum Posts by: Carlos Asuaje

welcome!

These are always interesting to look at. I think you also have to consider your market (who/quality of your tenants will be in the home), how much the land lease is for the property and how often the mobile home park has changed the pricing on their land leases. I personally has stayed away only because of those reasons and also not have the benefit of long term appreciation compared to normal homes. There can be money made though! It all has to be in line with your strategy 

45k condo in retirement community in south florida! cash flows 600$/mo 

The assessed value and the market value are two completely different things. One is not necessarily dependent on the other. Especially in FL with our homestead exemptions, if the owner of this property has owned it for a long time and has an active homestead exemption from the time they purchased it, the assessed value is capped at only increasing 3% annually. Unfortunately, if you were to purchase this property then the county would then reassess the property the following January and then YOU would pay the increased property tax rate. (which then you could homestead and cap the increase of the assessed value at 3% annually) 

If possible, this might be a great deal to use seller financing to acquire the property and later refinance. I closed on a deal for a duplex last month where I convinced the seller to give me terms on a 10 year mortgage which I plan on refinancing on much sooner then that. This method could keep a lot of money in your pocket and also can close a lot faster then with conventional financing. It might take a little more selling on your part and a little more leg work to make it happen but for me it's really been great!  

Hello everyone! As someone who is relatively new to the game of real estate (only own 5 units) I am interested if there are many people out there with more then 100 units to their name?? The century mark seems like such a long shot for me, but I believe that if other people have done something, then with the right skills and information, I also have the possibility of reaching that point in my life! 

Is a 100 units truly as far fetched as it seems? Or are there more people with 100+ units out there then I can imagine?! I'm sure like myself, there are several people who are very interested in this 

@Jonathan Alcindor

Great thanks. Yea I can see how those areas can be seen as not great, but certainly not like little haiti or opa locka etc. Im going to shoot you a PM with the wholesaler's information and we can talk more! 

If the rents for these units are that high I think this is a great deal on paper. After the repairs, I'm assuming the ARV will be in the low 300s (complete guess) so you'll be buying with quite a bit of equity.

You would be netting about 24% cash on cash which is awesome! Unless there's something crazy going on with this property it seems like a really good deal IMO. 

(Obviously have to take into account CAP ex, vacancy rates, misc expenses...but overall I think its a money maker for sure)

I think it's a very nice gesture for sure. Personally, I wouldn't give my tenants gifts as I already struggle with being too nice at times on certain issues but I think if you can maintain a healthy landlord/tenant relationship then there shouldn't be an issue.

The only thing I wouldn't like is for the tenants to view this as an expectation every year!! 

Thats great! Thank you for the response @Minna Reid 

Like I mentioned before, there's a wholesaler who does a ton of deal in the south Florida area (WPB to MIA) who I've worked with in the past and he's growing his market into north Florida as well. He's sent me deals anywhere from 70k-150k SFH which I would consider dirt cheap for Florida, but I wanted to do a little digging as to how common these homes are and if those price points indicate a terrible area or something else that might be off.

I know in my market, anything under 200k is probably in either disarray or in a bad area. But outside of the local south Florida market, I'm really not familiar with RE prices/trends. These deals were interesting obviously because of price point but also because I figured anything closer to GA/AL/LA would be cheaper and not necessarily mean "bad area"

Again, I'm not an expert by any means and I'm just trying to learn as much as possible so I appreciate you taking the time to enlighten me!! Thanks again