All Forum Posts by: Daniel Gibson

My brother and I will participate. Happy to help in any other way. 

Phase 1 environmental study is an absolute must! They cost around $1500-$2000 and are a very in depth title search nationwide. Its a pretty cool report and shows you the history of your land going back to the beginning of time. Other than that, I would make sure to inspect sewer system (septic, city sewer camera, lagoon). Those are the two areas that will cause you the most trouble and are usually the big dollar items from our experience. Checking out the previous 6 months water bills will tell you a lot about the water lines and leaks, etc. Good luck!

Ethan, its interesting your bank cares about the serial/VIN numbers of the individual homes if you own the mobile homes. We have done bank financing and they never ask us about serial numbers even of the homes we own. If its just a couple then you can go through your county to get a new title (exact same process as replacing a car title). Some counties make it easy but others very difficult. Good luck and I'm interested to see how it pans out!

Craig- I would look into the SSIC meeting (Southside Investment Club), FasterHouse REI meeting and Lifeonaire.

All 3 are a great way to meeting local investors. Someone in my company goes to each of these every month.

Hope to see you guys around!

UPDATE:

I spoke with a couple different attorneys and here is the conclusion we came to on evictions for weekly rentals: in our lease we have a line item that states "You have the option to put down an extra security deposit of $400, if tenant declines, tenant then agrees to abide by our state's Innkeeper laws on removal from premises." This allows us to act like a hotel vs a normal monthly rental and we can change the locks the day a tenant does not pay.

Hey Ben, welcome. I am investor on both sides of the river. Would recommend getting into the local REIs. South side investment club, FasterHouse and Lifeonaire are the best. Let me know if you need more info!

Thanks for the responses. I have been getting responses from my investor friends in my area as well. I guess I will wait for the attorney's answer.

Hello All,

My partner and I just closed on a 3 property deal that we are very excited about. The 3 properties are operated legally as "rooming houses" or weekly rentals. We did our due diligence and closed a couple weeks ago. So far, the transition has been relatively smooth but I do have one question that I hope someone has experience with. 

Are weekly rental evictions easier to manage than normal monthly lease evictions? I have our attorney checking into it with the state and county but we are curious if it is treated more like a hotel in the sense that we can move tenant's stuff out for non payment? All of the furnishings are ours so really each tenant just has their personal belongings. 

Any thoughts or feedback would be great!

Thanks,

Dan

I have a similar situation except I am still living in my condo and deciding whether to keep it or just rent it out. I have 6 other rentals and my estimates are the condo will break even once rented out but it is in a great area with potential for some appreciation. So, I am going to just keep it and try to make a little money/break even for a few years and then sell when the time is right to make a better spread. 

I agree with Will as well but the area and potential for appreciation is something to consider as well. Maybe if you keep it for a couple years you could net closer to $30,000. 

Garen,

We are active buyers in St. Louis. We do around 4-6 fix n flips each year. We also try to acquire around 2-4 buy n holds per year as well ranging from cash purchases to owner financing deals. Would love to see what kind of deals you can find for us!

Regards,

Dan