All Forum Posts by: Chad Lundquist

Dear BP Family,

My wife and I added an apartment in the basement of our residence and have been renting it out for the past year and a half with great luck, but the one complaint we get is the noise from the main floor. When I rehabbed the basement I tore out the existing drywall ceiling and added sound-proofing insulation followed by a 5/8" fire-rated drywall thinking that would be enough, but apparently the tenants can hear us walking, the dogs claws (we have hardwoods) as well as the TV. I'm not sure what else to do, but we have a month before the new tenant moves in and we'd like to get something done that is cost effective (not tearing out the ceiling again :). I've looked into soundproofing matting to attach to the ceiling, then the Z channels and another layer of drywall, but I wondered if anyone else has dealt with this. I'm open to any and all suggestions.

Thanks in advance for the help,

Chad

Quote from @Alex Olson:

Since you are here and have connections here why not buy in your local market of KC? KC is a great market for cash flow and a lot of out of state investors invest here. There are also certain pockets that are better for appreciation and cash flow. 

 Thanks for the input Alex, but we already have properties in KC. We're looking to add something in this area as a 2nd home once we're a little older and closer to retirement and are looking to buy something that we can rent 90% of the time until the time comes to move down there on a more permanent basis.

Quote from @Rachel H.:

@Chad Lundquist It's best to pursue something both you and your wife are comfortable purchasing. If you're not sure about buying a mobile home in a 55+ community, it's best to find out more information about them in your local area. 

You may want to visit a few of these communities to see what's involved when purchasing them. Once you start talking to more people in the niche, you'll get a better idea of the process and whether or not you want to pursue buying in this niche. 

Honestly, I would not buy on price alone. It's best to be comfortable in whatever niche you decide to pursue as a real estate investor.

Personally, I've been in the mobile home investing space since 2007. Like any business, it has had its ups and downs. Though overall, it's been profitable. But, it's not for everyone. 

Feel free to DM if you have any questions. Hope that helps! 

 Thanks for the input Rachel. We've visited one of the two (2) communities we're thinking about investing in. My biggest concerns are the stigma (right or wrong) about mobile homes and since we're eventually planning to live in FL the activity levels of the people. We're both very active and are looking for similar people to spend time with. I'll DM you if I come up with any additional questions.

Thank you Rachel

Quote from @Account Closed:

Personally, I think going for the SF home might be the better bet in the long run. Sure, it's a bigger upfront investment, but it could pay off nicely, especially if you're planning to move there eventually. Mobile homes can be cheaper, but they might not appreciate in value like a regular house would. Plus, with a SF home, you have more options for renters. But hey, everyone's situation is different, so weigh your options and go with what feels right for you guys!

Thanks Gary, appreciate the feedback.

Quote from @Raymond J. Rodrigues:

Hi @Chad Lundquist, I recommend reaching out to @Josh Green. He is an expert in the area! 

 Thanks Raymond, I'll do that.

Dear BP family my wife and I are in the market to buy a SF rental property in the Bradenton, FL area and we have around $600k to spend, but we're trying to decide which direction to go - buy a SF house that can be a short-term / mid-term rental for the next several years until we temporarily move there (we're in KC, MO right now) or spend much less to buy a mobile home in a 55+ community and rent this until we move. I'm leaning towards the SF home, but my wife is wary of spending that much on a SF home and feels more comfortable spending far less ($200k or less) on a mobile home. Just wondering if anyone has had any experiences with this. 

Any info is welcomed and appreciated.

Quote from @Brett Deas:

Are you not advertising it on Airbnb? You can set the date requirement to plus 30+ or whatever date you choose. I find a good majority of my mid-term tenants come from Airbnb. 

 I haven't tried that, but I'll look into that as well.

Quote from @Brandon P.:

Take a look at roommies.com This is what I used last year to fill both of our house hack rooms. Tenants still in place today.

 Thanks Brandon, I'll take a look at that.

BP Team,

I have a high-end, fully furnished basement apartment and the current lease will be up at the end of September and I'm having a hard time finding the right way to go about marketing this unit. We can't do short term (AirBNB) with our HOA so we've been targeting the mid-term (3 - 6 months) market and have used furnished finder, but I was wondering if anyone has had any luck marketing another way.

If anyone has had any experience in this space I would welcome the suggestions.

As always, thank you.

Chad

Quote from @Dustin Street:

@Chad Lundquist so did you get the investing bug then? Or will this be your only project?

No Dustin, this is our 6th rental property (we still have 5 including this one). We've had rentals since late 2012 (check out my profile to see what we have), but we'd like to start adding more. Not to make excuses, but I've typically worked 60 - 70 hours / week for the past decade plus and now that our youngest child will be heading off to college in the fall we'd love to build our portfolio at a much quicker pace.



No Dustin, this is our 6th rental property (we still have 5 including this one). We've had rentals since late 2012 (check out my profile), but we'd like to start adding more. Not to make excuses, but I've typically worked 60 - 70 hours / week for the past decade plus and now that our youngest child will be heading off to college in the fall we'd love to build our portfolio at a much quicker pace.