All Forum Posts by: Chris Mcmahan

Good points.  I do have concerns about finding contractors.  Apparently theres a go to guy already there on the property that does a lot of that stuff but you never know if/when he will be leaving.  I have thought about building a shophouse on the back of the property but I also plan to be gone much of the time so would need systems in place for maintanence and groundskeeping.  But with a mobile home park (all tenant owned homes)  i cant imagine many maintanence surprises if the well and septic are in good condition....

Yes it would probably have to be owner financing...  hes open to it

Hey all, I have an accepted offer on a 19 unit mhp in rural montana and now that SGR im in need of some opinions.  This would be my first rental property and first mhp.  Current rents bring in 6650/mo and according to my figures debt service and all expenses should be under 3500/mo.  Current rents are all about 100/mo under market rents.  My concern is its location.  Its in a town of about 600, 20 min from a town of 1200, 45 min from a town of 5400 and 60 min from kalispell which is apparently 26,000 but theres probably 60k in the kalispell metro area.  

The park is currently fully occupied and apparently the seller has a waitlist!  He also said "they all get checks".  So im guessing its all retired/disabled folks on fixed incomes.  Im afraid that even though this thing currently cash flows nicely, and rents could even be bumped up a bit... I may have issues filling the spots once they leave.  Kalispell has been growing rapidly the last few years and prices are absurd so this is definitely a cheaper alternative... but who wants to drive 45-60 minutes to work?  

Perhaps I could pivot and make it into an rv park or even kind of a remote work community if occupancy really fell off down the road.  What are your thoughts?

Thanks so much!

 I intended it for personal residence but changed my mind.   Will be holding for less than a year.

3 completely different answers...

such is the internet :/

Hello, just needing some clarification on capital gains rules.  If i flip a house in under one year thats short term cap gains correct?  At what percent does that get taxed?

now heres the caveat.  I heard/read somewhere that if you earn less than around 40k a year that there would be zero cap gains.  Is this true?  Does this include the net profit from the flip or no?  And does it pertain to the year you bought it or the year you sold it?   

i bought in november 2021, and plan to sell in the next few weeks here in june 2022.  Last year i made less than 40k, this year i may earn more.

please advise!! 

thanks!

What would consitute "primary residence"?  What if we continue to fix it up, live here for say 6.5 months and then take off for hawaii?  keeping our mail and bills here, etc.  I have used my brothers address as my primary for those past 2.5 years on the road because it legit was.. even though i never was there, i had to have some sort of primary in which to register my vehicles, pay taxes etc etc....   so whose to say I have to physically be at my primary residence?

excellent information everyone thanks so much.  We wanted to buy a house at the time, we could afford it here but not out west.  WE really really did desire a house (been living in a camper on the road for 2.5 years)  so we absolutely did intend to stay.  I have also been going through depression, feeling very lost on what to do next in life so we ended up in western KY where we could be closer to family and afford a house.  Through the past month I have realized we are so unhappy because we arent doing any of the things we love and used to do and we simply cannot do them here.  I thought we could stick it out since we are least close to family while we figured out what to do next.  However we have rediscovered what is important to us and its imperative for our happiness that we go do them NOW.  Poke fun or make your comments but if you have never been through 2 years of depression you will never understand... It changes(ruins) your life and is an extremely difficult hole to get out of.  If I can take a step back to hapiness I will do whatever it takes, even if it means losing money although being good with money all of my life im of course trying to (legally) avoid it.  I want to do whats best for our happiness as well as make a sound financial decision.  

 i dont think that would work, im not allowed to rent it out either

 irrelevant.  but living in a work stay for free

 touchette, this is why im looking for advice, suggestions or LEGAL loopholes etc.  Im not going to risk it, just want to see if anyone has some good ideas.  You have been very helpful though thank you!