All Forum Posts by: Charles Morgan

Buy a Keg of beer and have a fence building party. Seriously though, you should talk to your new contractor and see if he has any cost saving ideas. 

You should ask your bank about the withholding as it should be spelled out in the loan terms

Also since most PMs get paid a percentage of rent, they will naturally gravitate to higher rent areas.

There are lots of posts about calculating reserves, in your area I expect reserves for capital expenses to be higher than somewhere like West Texas or Southern New Mexico because of humidity, snow etc. You also need to consider utilities while vacant, sometimes insurance in an area requires you to have a policy rider for vacancies.

If you attend some real estate meetings in your area you can get more specific information pertinent to your area.

As far as reserves yes, keep those forever. You can however put that into assets that can be converted easily. I personally use my credit card as part of my reserves so that I can utilize my cash more efficiently but CC interest can kill you quickly if you don't have enough cash.

Great job! I have actually gotten 7 of my 8 off the MLS. Keeping your eyes open and checking frequently pays off.

Ditto to what @Thomas S. said. My kids should inherit a lot of cashflowing property with very little equity (except maybe a couple of Mobile homes). Make that a LOT of! Hopefully they will be smart enough to keep building on it.

Big difference from here. In my town the representatives show up some time between 9am and 3pm, find a spot to stand and start the bidding. I have seen 3 bids going on at the same time.

Replied before I saw the post about only 40ft. missing, wow, great looking place!

I was just about say, he probably would have had to replace the copper soon anyway, but PEX will likely cost $2,000 - $2,500. I spent $800 just on PEX and fittings for a one bath mobile.

I have a tenant paying through her Verizon account direct to the bank, one deposits personally in the bank, one likes money orders, one on Section 8 (check in mail). So far no problem collecting but I am trying to push the money order guy to direct deposit.

And don't get a mobile/manufactured unless it is your primary residence, almost impossible to get a refi on those.  I have yet to be able to buy a distressed home with conventional financing, good luck!