All Forum Posts by: Devin Duval

@Alexander Ramirez Thanks for the information!

@Brian Ciuchta Thanks for the info and I will definitely reach out to chat sometime!

@Janice V. Thanks for the advice! Around half of the homes are owned by the tenants. And utilities are city not well. But I do plan to do more research as this would be my first mobile home park investment.

I found a 19 unit mobile home park for sale and was wanting some input on whether it is a good deal and some advice moving forward. The price currently is $480,000 and it has 19 mobile homes, 1 single family home(3 BR, 2 BA, 1400 sq. ft.), 1 office building with a one bedroom apartment, and a shop with a garage.  I haven't gone out to take a look at the property yet, but from the pictures that are listed with the property it looks like everything is in order.

The mobile homes and single family home are making around $11,000 a month.  The person who rents the single family home is currently a maintenance man for the mobile homes.  The office apartment could be rented as well along with the shop possibly.  All homes are currently rented out and have tenants lined up.  All utilities are currently paid for by tenants. 

So my questions are should I pursue this property?  I have a friend who is a real estate investor who thinks it is a good deal.  This would be my first property purchased as an investment.  I currently have a mortgage on a single family home that is $1100 a month and have a yearly salary of $67,000.  If it was a good deal, can I get a loan showing the homes rented out?  Or would I need to find the funds from someone and then go to a bank after purchasing the property?  Any advice or opinions are welcome!  Thanks in advance!

@Natalie Schanne Hey! Thanks for the response! My wife and I have been together for 9 years now and we are in total agreement on downsizing if we go that route. 4 bedrooms is just too big for us and going into it we thought it would be fine. I appreciate the ideas of doing AirBnB. I don't really know what goes into doing that. I actually have never looked into it. But my passion has become real estate and that is what I really enjoy learning about and doing with my mentor friend. So I am in a position now where I am trying to figure out the best way to transition from my 55 hour job where I make 66k a year to something in real estate that make around the same. For me it isn't about money as it is more about getting into what I am passionate about. I am just trying to figure out how to get started down that path. Hope that helps clarify some things in my post and thanks again for the response!

@Cory Carlson Thanks for laying that all out for me. Looks like the better option at least for now would be to rent. And thanks @Theresa Harris and @Daniel Jewell for the input as well.

@Cory Carlson

The purchase price of the home was $172,000 and I put 5% down or $8600 which brought total financed to $163,400.

And my effective tax rate would be .125 I guess. I paid in $8300 and then divided that by $66000.

Also I may not have mentioned this in my post earlier, but taxes and insurance are included in my monthly payment of $1100.

@Cory Carlson Thanks for your response! Here is the info you requested.

Taxes: $75.03 Monthly/$900.36 Annually

Insurance:$108.08 Monthly/$1200.96 Annually

Repair Est.: $100.00 Monthly/$1200.00 Annually (House is in great shape and only 10 years old)

Property Management: $144 Monthly/$1728 Annually (Figuring on .08 percent of $1800 a month in rent)

Reserves:$1000 (Not sure what this is for) Maybe you can clarify

Loan origination date is June 1st, 2018 and my current interest rate is 4.625.

@Daniel Jewell I appreciate the response! I agree I need to start doing things now. It just seems like I am stuck until I can figure out where to go from here. Also HOA is fine with renting.

@Taylor L Parton I appreciate the response! I have checked the HOA rules and talked with them. Renting is allowed.