All Forum Posts by: Chris C.

@Thomas Gardner I would probably either do this as a cash deal to add to my portfolio or partner with some of my private money.  I intend to retire in the next couple of years so I am focused on cash flow more than wealth building with leveraging at this stage of my investing career.

@Celeste Fackrell 

Those do include the lot rent.

2 of the homes are from the 70's and the rest are from the 80's

I live about 2 hours from the park and would use property management

I will not be doing the labor.

I would love to see your evaluation sheet if you are willing to share.

@Robert Ware My intention would be to owner finance the homes and just focus on lot rent.  I have done this in the past with all the single wides I have acquired.  I generally keep double wides as rentals.

Thank both you for your contribution.

Don't want to get to wordy but would like some other experienced guys input on this deal.  I am an experienced investor but want to know what others would pay.

6.46 acre Mobile Home Park

20 minutes west of Columbia SC.  With 2 minutes of Interstate 20

C class area

Decent industry and jobs in the area.

14 lots

Individually metered power and water

Each lot has it's own septic.

7 Lots rented for $150 mth (Market could handle higher possibly to $200)

5 park owned homes

4 Single wides and 1 double wide

3 rented for $400 per mth

1 rented for $475

1 Rented for 375

2 vacant lots supposedly have all utilities just need a home sited

Expenses:

community lights 960 yr

taxes 2288 yr

ins 1000 yr

no expenses provided yet for maintenance or vacancy.

Supposedly mostly long term tenants.

Asking $175,000

Google "Upstate Creia".  There is a great local group.

1. Close with attorney in South Carolina

2. Courthouse Retrieval System is what I use. You can get a subscription to it or realtors on Spartanburg and Greenville MLS have access to it through the MLS system. That is where I get my list but I also run scripts that verify and update addresses based on county records.

3. Direct mail has been hands down my most productive method.

I have been using Jerry Puckett for my mailings and have been very pleased.

What's the opinion on a large duplex community?  75 to 100 units renting for 1100-1200 per month?  The idea is to sell some and keep some?  

I acquired a great piece of land in a great up and coming area with road frontage on 2 roads.  Spoke with a builder last night and he said if we developed it with another project he is doing we could build for $80-82 per sf.  This does not include site development obviously.

A quick word on NREIG mentioned above.  I like their ease of use however save every single communication you have with them. They have failed to cover two of my properties this year due to their error. I have had to prove my case with saved emails. Just got feedback from them on their last error. I will be moving all my properties. Their processes and systems are just not reliable enough for me to trust them.

I have not had a claim with them but I am concerned there will be issues when if I did.

A word about NREIG mentioned above. I like the ease of use however save every single communication you have with them. They have failed to cover two of my properties this year due to their error. I have had to prove my case with saved emails. This is going to make me shop other alternatives since I have not checked the market in a while.

I have not had a claim with them but I am concerned there will be issues when I do.

Update: Just got feedback from them on their last error. I will be moving all my properties. Their processes and systems are just not reliable enough for me to trust them.

If anyone does use NREIG then save every single communication you have with them. They have failed to cover two of my properties this year due to their error. I have had to prove my case with saved emails. This is going to make me shop other alternatives since I have not checked the market in a while.  Based on discussion here I believe I will look into Foremost also.

Just got feedback from them on their last error. I will be moving all my properties. Their processes and systems are just not reliable enough for me to trust them.

I have experienced the exact same inefficiencies at NREIG.  I like the ease of use and keep 20 to 25 properties covered by them. However save every single communication you have with them. They have failed to cover two of my properties this year due to their error. I have had to prove my case with saved emails. 

This is going to make me shop other alternatives since I have not checked the market in a while.

I have not had a claim with them but I am concerned there will be issues when I do.

Update: Just got feedback from them on their last error. I will be moving all my properties. Their processes and systems are just not reliable enough for me to trust them.