All Forum Posts by: Dominic Richardson

Hello, I am thinking of investing in a duplex to rent out and have my first rental property in Louisiana and I wanted to know if there is anyone out here in Bigger Pockets that is investing in Louisiana. Thanks!

Do you think $50/month for capex and $15/mo for maintenance is going to be enough? 

You are thinking you will have one month vacancy every two years. Is that realistic? I assume it is already rented, if not you will already be behind when you close on the home unless you find someone to rent it ASAP.  

To me this deal does not pencil out. Also its a small home which still have high maintenance costs. A fridge is a fridge etc. 

Dominic,

I will be tracking the responses you get on this one. I am supposed to close on my first mobile home flip in a couple weeks. It is close to where I live so I couldn't turn away from it. In my area some mobile homes on land are going for more than 300,000. There are a lot more buyers in my market then properties available so I see it as an opportunity. I expect the rehab will only take about a month so I will post how it all turns out. 

Yup. Ask a local trailer seller but I bet they’d say you’d be lucky to sell them for $10k retail. (Assuming they aren’t very new deluxe trailers, just run of the mill ones.)  If your seller thinks he can get more than $5k each offer him $100k less instead of $75k less, after he sells the homes to the renters.  Then they get their price and you are golden. But I bet they won’t take that deal. They should have already sold them if they were worth anything. My understanding is many homes cost more to move than they are worth. 

Not excited. By your numbers you are paying $95k for 5 used Mobile homes. I’d like that number to be closer to $25k. So I’d be $70k less MAX. 

The upside is you have zero matenance. Nobody moves them anyway. How much land is it and what’s the land worth by itself?

Does it have city water/sewer? This size park I wouldn’t want to have either of those capex expenses looming. Then I’d sell the homes and switch to just land rent.