All Forum Posts by: Eric Mcginn

Looking for an affordable well driller that will work in Joshua Tree. I spoke to one company that estimates $65k all in for a solar powered well and pump. Estimated 500’ depth and quoted 50’ distance needed from Quail Wash, a seasonal drainage way. I do like that he knew exactly what he was taking about but that’s a big chunk of change!!
At that price I’m not in a hurry to do anything, we will camp there a few times as allowed by the county and will list it for sale (at a profit) as soon as we get good pictures.
But I’m looking for ideas and regional experience on what to do with it. It’s between copper mountain college and downtown Joshua tree just north of 29 palms road.

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Don’t demo anything.
Pause work.
apply for your permits.

Call them a week or so after your plans get approved for the inspection.
proceed from there, legally.

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Well the main issue is that you can’t sell it as a 2 bathroom (or 3 bedroom?) when you’re ready to sell. Another issue I’d be concerned with is liability if you are renting it. Insurance isn’t going to want to cover you if someone gets electrocuted (or less fatal incidents) in an unpermited bathroom.

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San Francisco, California

Per federal regulations, manufactured homes can be placed on any buildable lot.

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Quote from @Chris Gavre:

Hey guys. I'm looking for individual mobile home lots in my area. Not parks, but just a lot. I've been doing marketing for them (texting, calling) however, the problem I'm running into is I have no way of filtering my list by zoning to target just these lots. Many of the leads on my list are lots that don't allow mobile homes. Does anyone have a list providing software that could solve this problem? Or any other ideas on how I can target specifically these lots?

Any buildable lot can have a mobile home on it. I just bought an acre with a mobile home septic and well for $90k

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Listed $109k purchased $90k

I bought it for my handyman of 4 or so years. He's been trying to move out of his rented home in a park for years.

A beautiful acre of pasture surrounded by woods, in Shapleigh Maine. Previous owner, an old couple had a little mini farm with a small barn and some mature landscaping.
Mobile home is in decent shape and has a couple large additions, all metal roof. Completely filled with junk.

I refinanced a duplex I own to buy it, rate is rough at 8.6% (it’s commercial mortgage) but they did a 30 year amortization which helps with cashflow.

Handyman will pay $950/month after a month or so of repairs.

PROS:

A cashflowing deal in a tough market (southern maine)

Equity gained

Potential for a second rental unit on property

Helping a friend

Cons:

Pre HUD mobile home leaves equity less accessible

Dependent on handyman’s help

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Quote from @Bruce Woodruff:

Quote from @Eric Mcginn:

Quote from @Bruce Woodruff:

Quote from @Eric Mcginn:

Sure, I’d let them fix it

Admittedly, this is an easy one, but at what point do you stop allowing a tenant to hire Contractors and workers to fix/improve your property? That is the more pertinent question.....

I don’t know that there is a point I’d stop them from improving the properties.
it totally depends on the scenario, I have a tenant that does all sorts of fixes for me. If he wanted to hire someone for anything I’d say go for it.
if my brand new section 8 tenant wanted to put in a washer and dryer hookup in her unit, I’d just tell her it has to be a licensed plumber otherwise she can wait for me to get someone to do it.
it’s definitely a case by case scenario but generally I would be inclined to let them improve the property as they like.

Hmmm, we'll do what you like, but I'd bet that that policy bites you one day...not having control over your own properties is an accident waiting to happen, IMHO.

Thanks I will. But allowing my tenants to improve their home doesn’t seem like a loss of control to me.

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Milwaukee, Wisconsin

Congrats!
So tenants are planning on purchasing? For how much? Seller finance?

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Quote from @Jose Rocha:

Hey everyone! My wife and I currently own two properties. One is a rental, which we manage, and the other is our primary residence. The rental is easy to manage right now as my sister-in-law and her family are occupying it. My wife and I currently manage the property, but can we and does it make sense for us to start a Property Management LLC to write-off expenses, travel, etc.? Can this help us when we manage future LTRs and STRs? Or am I making this more complicated than I need to, and we do not need to create an LLC? We don't have either property under an LLC. I am trying to find tax advantages to help us for the years to come.

Look forward to everyone's responses! Appreciate you in advance! 😀

An LLC won’t help you out with taxes. You can write off expenses as it is filing schedule E.
an LLC will protect you against liability so that you tenant can’t sue you for you primary home in theory.

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Quote from @Ian Hoeft:

Can a 17 year old invest into mobile homes without any restrictions and rent them?

Shouldn’t be any different to rent out a mobile vs a regular house.
in a park? honestly I have no idea how financing works for underage people.

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Milwaukee, Wisconsin

All Forum Posts by: Eric Mcginn

Eric Mcginn has started 37 posts and replied 221 times.

Post: 10 acres in Joshua Tree

Post: Un-permitted bathroom addition

Post: Steps to build a bathroom

Post: Mobile home lots

Post: Mobile home lots

Post: 1 acre with a pre-HUD mobile home

Post: Tenant want to hire and pay for a plumber themselves

Post: My First Rental Property

Post: Property Management LLC

Post: Mobile Home Investing For Nonadults