All Forum Posts by: Edward Barnes

There's a million articles on BP discussing the BRRRR method, I would read some of those

Search the forums, there's a LOT of posts and articles on this. Basically, it's commercial property, so take your lot rent and some percentage for expenses, usually in the 35-40% range (lower if city sewer/water, higher if you have to maintain) and then whatever the going cap rate is. There's little/no value attached to park-owned homes as you usually can't borrow against them and generally they're avoided, if possible, by investors or even given away to tenants. Also have to be careful with mom and pop operators who often don't take into account all the services they provide and expenses they incur, so don't let them distort your valuation. Generally larger is better, just due to economies of scale. I think most people look for 50+ lots, some would say 75-100+ to support an on-site manager. I'm just a noob, never executed myself, just from what I've read. Lots of smart, experienced ppl on here.

And it’s a depreciating asset that can’t be borrowed against.

Just curious what everyone's thoughts are on this and what it means for investors. Obviously, in our area checking flood zones is critical, I'm just wondering if property in a "special service district" would deter or promote investment.

https://pilotonline.com/news/government/local/article_cf479978-91f0-11e9-9263-6bb8bcc94e30.html?fbclid=IwAR2_2OuuQUvy-0S-hsQZw-zvmFnsNDQubPfQRY5SGbsK3QQJMLN2tVw-O40

Small matter, but I've got a property manager for a condo. Water's billed bimonthly. He was screwing up last year and billing monthly the full amount to the tenant. We've decided this year to simplify things and just bill them $75/mo for water (Bill's roughly $150 every two months). In my newest statement from the property manager, he's got it listed as a "rent increase" and he's taking his percentage out of the rent including the water bill. Rent's actually stayed the same by the way. Fair or foul?

Just do a search. This might be the discussed topic in the MHP forum.

@Wendy Vaidic Id suspect you’d be grandfathered in as Jeffrey H. was saying. You can probably bring in new homes to existing lots, but not develop new lots. Least that’s how it works in our area with other property types, “continuous use” allows you to be grandfathered in, as long as you don’t go idle for 24 consecutive months.

No legal advice here. But if you wanted to use the VA loan in Quantico, I don't think it would be an issue. Lot of it has do with intent, I think ppl use a year as a safe guideline, but if you're going to be there for at least nine months, but potentially beyond and you really don't have a definitive end date, I don't think using a VA loan would be acting in bad faith.

@Neil Quinn Ah, sorry. Missed that. I think I listened to all of them from newest to oldest and then back, so I can't point to specific episodes offhand. I remember some of the earlier ones weren't as good/polished (sub-30 episodes). You could tell they were nervous and uptight and there's a couple of episodes where they should've screened the guest a little better. That being said, I think the earlier ones were more relevant to people just starting off and that's always biggerpockets focus because 90% of biggerpockets is always beginners or people that want to begin, but seems like the later episodes have more uber successful/advanced investor types and they don't hit on the beginning stuff as hard. 

I assume the BiggerPockets one is obvious. I like the two that Lee mentioned. Rod Khlief has one as well geared towards multifamily, focuses on investor psychology a lot. Has a driving force one I think he does every Friday or so, that's more or less a pep talk. Real Estate Guys is pretty good. They talk about macro and national real estate trends more than others and do a good job of explaining things at least theoretically. They don't give nitty gritty numbers of specific deals usually. Joe Fairless has a "Best Ever" podcast, that he does daily, so it covers a wide range of things and they tend to be shorter, usually no longer than 30 mins.