All Forum Posts by: Andrew Otten

The vacancy looks a little low but that is very market dependant anyways.  I usually run a calculator assuming a 1 month vacancy on every unit once a year (8.34%).   Not sure what the rates are on commercial loans but 4% seems a tad low also. Even then this building looks like a great buy!  What class property is it ?

I own part of a duplex with my family and I own some shares of NLY.  Its a huge MBS buyer.  There are many flavors of REITS, NLY just buys the paper and uses massive leverage to increase the cashflow.  Other REITS actually own the properties.  Personally at this point of my life I'd rather own another duplex but cant as of right now.

I had thought about doing one of those but it was such a cheap mobile home that almost anyone could've paid cash for it and from what I've been reading online, lonnie deals are of questionable legality now with the Safe Act and others.

@Paul Jamgotch

Yea I walked. Not sure if she sold it or not yet but dont think I'd take it even if she gave it to me for free! haha

edit:not sure how to do @ replies on this forum yet

Ok thanks for the reply. Thats the feeling I was getting from it while walking through. Maybe there is a little sum of money to be made but is it really worth all that work? not really haha

Alright I just got back from the place. All the floorboards were just replaced except for the bathroom and the back bedroom. Both of those areas are pretty spongy and probably should be replaced. They ripped up part of the carpet in the back and there is water stains there, probably from when the tub overflowed. Needs new carpet throughout as most rooms just have the floorboards. She has lived there for 3 years and is moving back with parents to save money, also sewage, waste and water are included in the lot rent of $370/month. The home itself is a 1980 Fairmont, cant find the KBB mobile home estimator, any ideas how much its worth? Shes asking 1800

Just called the park and they do not allow tenants. Anyone living in the trailer needs to show proof of ownership on the home and be approved by park management. Is it still worth looking at? She said she had to sell it last week so maybe could get it for a steal and sell it 2 weeks from now for much more.

The lot rent is $370/month for the park it is in right now. Couldnt get hold of the park because it is a sunday. Thats a good idea to stop in the office before meeting with the buyer to check if its all current and what the policy is on renters. Thanks for pointing out they can simply take the trailer if I fell behind for some reason didnt know they could do that, probably another question I will ask the management office when I stop in haha.

Never was too excited about mobile homes until recently when a friend started telling me about them, I have a sizable chunk of cash saved up but since I dont have a job buying a house is rather difficult. Hoping I can cut my teeth on a mobile home while still turning a small profit. Will let you know what its like after I check it out tomorrow!

Tomorrow I am looking at a mobile home in my area, west michigan, and it is incredibly cheap. The seller seems to be pretty motivated and the asking price is <$5k. The pictures show it needs some work but the seller says all it really needs it paint and carpet, she has updated alot of the other stuff recently. Im wondering what kind of things I should be on the lookout for? Im hoping I can buy it and rent it out but havent checked with the park management yet if they allow renters or not. If they do it would be pretty tempting to buy it and fix it up but not sure if its worth it to throw money at it. I am currently unemployed otherwise I would just buy a duplex. Mobile homes seem like a good way to get into 'real estate' without having tons of cash/credit.