All Forum Posts by: Dawn Young

I really have no opinion on what you should do, here.  But here's some brainstorming thoughts:

John Fedro has  a lot of youtube videos, too.  If you reach out to him, he will email back.  At least in the past, he has.  I believe he has even done deals in florida, so that's pretty cool. 

Around here to move a singlewide is around 3k, and double, 4k, to move them 25 miles or less. (including tear down/set up) More the farther it is away. That was a while back, so add in for inflation, and maybe deduct some if prevailing wages are less in Florida, than here in WA state. I'm sure you can call around for estimates, of course. They are usually investors themselves, so there's some people to add to your list of connections!
 

 This doesn't include foundation, skirting, hookups, well, septic, etc, as you know. There's a lot to think about.  When we did this, it was a small part-time job for me to "manage" all the contractors, and make sure everything went on time, but I loved it!  

Good job!  Keep it up!  I love mobiles, and they are cash cows, but there's no good way to borrow to get your money, (or in this case jeep)  back out, except by selling, of course, and over time, the land value will probably go up, or even the house and land value.  

If you sell just the land on payments rather than for cash, you could potentially get a nice down and a totally retail price, one payment at a time, which also locks up your money, unless you sell the note.  So if you want to sell the note, make sure you research that so that you make it a note someone wants to buy.  If you kept the note, and  if they stop paying, you get the land back and get to sell all over again.  Maybe you've already thought of this, but I thought I'd mention it. :-)  I've not done notes before, but they seem like a good thing in their own right.  Just brainstormin'!

Also, was the county specific on what type of mobiles were allowed?  sometimes there's stipulations about age and size, single or doublewide, etc.  

Stupid add on.  If you decide to move a mobile, make sure you know exactly where the spigots are, and your concrete guy(if you need concrete) doesn't put the crawl space entrance immediately below it.  lol.  There's always something to learn!  Keep us posted on what you decide to do.  

Hi, first of all, thanks all for reading and responding!  Its work to answer these posts, and we appreciate it!  My husband and are researching buying(or partnering to buy--we could go either way) multifamily housing (or mobile home park or self-storage) in our "neck of the woods".  But I need to know a very general idea of what the cap rates multifamily are being sold at. Not what they are listed at (that I know), but what  cap rates the deals people actually get are.  If that makes sense.  I'm fairly certain self- storage will be a couple numbers lower-- Since its easy, and "desireable" right now.  Feel free to correct me if I'm wrong. We are open to different areas, as long as they're in our corner here.  I know that's only one piece to the puzzle.  Also looking for a commercial agent for these areas.   Thanks a million if you respond!  Let me know if there's anything I can do for you! :-)

I've done a lot of research on mhp's, and I lived in one as a kid, but I don't own one.  Forwarned! Ignore if you want. :-)  I'll be asking questions when MY time comes, too!  

 But here are my thoughts, if you just want some brain storming.  In order to be comfortable with the utility situation, I'd research what it would cost to repair/replace them if needed.  And the age/condition of them, if you can.  Or if its close enough to "town" to hook into the water/sewer.  Then you can evaluate what your "emergency fund" would need to be for that, should a system go down.   A lot of the pros simply stay away from private utilities, unless they're close to town, but I think us smaller investors have to break in somewhere!  

Did the last buyer put those buyers on paper contracts? or just a handshake?  Because I don't think think they can hold you accountable if he set up a fair contract and you just bought it. If anything was hazy on them, I'd be scared, but if they're fair, and the tenant thinks their fair, I doubt that would be any problem.  Most people aren't going to sue, anyway.  Is it really worth it to them?  to sue over an 8k balance?    I think if you are good to them, they'll be good to you,..... or they'll sell back the house .....or give it to you, .....or abandon it....all of which will work out in the end.  I know its not as "clean and fresh" as "paper notes" you could by elsewhere, but oh well. Like I said, if they're hazy, that's another matter.  

There is a way to get titles.  I've seen articles on it, https://www.biggerpockets.com/renewsblog/2014/11/1...  But it happens all the time.  People's lives go crazy and they just walk away.  I'd start by calling the county, explain the situation.  You probably have to file some kind of abandonment paperwork.  I think its funny that he's letting them stay there for the cost of lot rent!  Hope they haven't been there more than 7 years!  Can they get squatters rights?   

Is the owner a nice guy?  There's a park here in tricities, where a whole bunch of tenants are moving their mobiles out of this big, nice park, because the owner is just not nice at all.  really not nice.  I really want to buy his park!  lol.  I would be a little nervous taking over titles of abandoned houses in THAT park, just because he probably chased them off.  I'd try to let the owners know first that there's new management, and see if they wanted to come back.  Then if they didn't come back I'd have to get titles.  

Just my 2 bits, worth something or not.  I heart mobile homes!  

Let us know how it goes!  

 You "moved" a house and turned it into a triplex?  Wow, if you feel like sharing that story, I'd sure love to hear it!!!

Bp, the podcasts, Craigslist, and and REI group, going to landlording meetings, and reading the book of Proverbs in the Bible, plus just flat listening (also discerning the good advice from the bad!) are like going to college for free! I have exactly 1 year of college under "my belt" , but it hasn't done me anywhere near the amount of good the other things I listed have. Honestly you can do both. My husband works a regular job, had good credit, and I had saved up a down payment, and that got us started. most people can't totally rely on real estate from the get go. Most people would go broke first, so having some kind of job is great. My hubs worked at a grocery store, but he hated it for a long time. Now he is a bus/driver/para ed for the school. He does not make much money, but he likes working with the kids, (and who wouldn't like to drive a bus?!) You're getting started so young, maybe you'll be the next "Brandon Turner" lol. then you can quit your job.

As soon as you can, build up your credit.  Go to a bank and ask for a secured card.  Even if you don't good credit for your first deal, you never know, and its better to have it taken care of.  

Save money. I have kids, they work for me and the neighbors and put a min of half in savings.  It adds up. You're probably already doing this, but I'm just saying it anyway, lol!  Bear with me! :-) 

You can do it.  You totally can.  Don't let anyone tell you you can't.  Buying young is really good.  Even if the market dropped temporarily, you could "ride it out".  Probably you'll just be amazed at how much things go up! I am.  sheesh.  Its unbelieveable. :-)

Taylor Hazard thanks!  Just messaged you.

We are interested in investing in self-storage, and need a commercial real estate agent.  We live in Wa, but are close to the border of Or.

https://www.remodelingexpense.com/costs/cost-of-tpo-roof/  Has a calculator, hope it helps!

ditto fema.  its much more expensive for land lords than for home owners, I'm sorry to say.  Just crunch the numbers to see if it will work for you.  Maybe if your mortgage payments are low enough vs the rent value.  Its worth looking into, don't just drop them like hot potatoes.  It is pretty dissappointing, though.  There is no way I know of, other than what Naomi said, to get around it, but my neighbor somehow did(I can't contact her since she moved) .  Soooo, maybe some really smart person on this site will figure it out.  :-)