All Forum Posts by: Trent Currie

My first step would be to contact the local building authority and see what documentation and process they take to approve a mobile home park. Well water and septic are typically significantly easier to do that setting up for city/public services. 

The number of buildings or units doesn't matter on if an entity is a property management company. What is the difference from 1 to 10 to 1000 units for a company? Only thing that changes is it's operations. 

If that property is under your name I believe you still have personal exposure. Additionally if you are operating the LLC as the property manager you have exposure there. But these statements are so broad. There are so many variables in what you are asking. Your best bet would to be getting an attorney who can hammer out agreements that would protect you in the way you want. Might be money saved long term.

My first step would be to get on the phone with each of the utilities and see what is even feasible.

Quite often you are limited by infrastructure and those limitations will cost you to improve them. For instance we had a property with a single 3/4" water stub which meant a single water meter. We wanted to sub-meter similar to you. After doing our due diligence on the deal it looked like we would have 8k in fees and 16k in labor, materials etc. For a $200-300 a year gain it was not worth it for us. We switched to a RUBS system and it worked fine.

1. Get a contractor to get you some numbers. Any estimate you throw out there without an actual scope of work may be troublesome.

2. Do some due diligence. Just because you don't know it now doesn't mean you cant. Roll up your sleeves make calls, read statistics, talk to the locals, get crime stats, and learn the market.

3. Can tell you without actual rehab costs.

Hey Ben. I would start with breaking down the numbers for each of your exit strategies. Just using the 50% rule the property doesn't look to meet the standards. Break down your numbers for each strategy and let's come up with a game plan from there.

I can't answer for New Jersey's laws. However why not just have them sign the lease starting the first and have them pay the month's rent?

Let them move in anytime if they are willing to do that.

Sounds like you are only a few documents away from setting it up as a proper property management company. Why have them sublet from the LLC when they can just have a lease as managed by the PM LLC

Don't put the money into an inspection yet. Get some bids from contractors or get some general rehab costs together. The deal may not even be doable without knowing those costs.

Contingent upon inspection would not be applicable to a rehab property. That is typically for something a bit more turnkey.

There is a lot in this question. Adopting an existing tenant can have come caveats. Check out

https://www.biggerpockets.com/renewsblog/2013/06/0...

An excellent shape retail SFH sounds like you might just have the option of placing your own tenant. Either way you will have to do your regular due diligence on the property and deal etc.

I would discard the ones with pets. So really you got 1 valid response. It is way too early to pull your add and run it at a higher rate. Let it go for a week and then reevaluate. A single valid response in the first 24 hours could be just luck, low vacancy rate, you were the only property that met their criteria, or so many other things.

Let it run it's course a little bit.