All Forum Posts by: Nicolas Franckenfeld

Aaron,

If you live in Mounds and the property is in Tulsa, how are you doing the apt. management (leasing, collections, etc)?  My concern with these small complexes is that they are not big enough to have a full-time manager so that falls back to me (which I don't have time for).

Just curious how you guys are handling it.

I'm not sure how one can just dismiss the above as being "predatory".  e.g. If a solid percentage of buyers end of buying their homes or if the monthly purchase price is less than what a reasonable rent would be or if that is the fair market value for the home, etc, etc.

Market forces and a wealth of readily available resources (the internet) has made true predatory lending a small segment of the housing industry in recent year.  The old laws on the books, if enforced, were sufficient IMO.

I guess the gov't wants all of the hundreds of thousands of people living in "Lonnie deal" homes to instead just rent their homes and deal with the cut-off water, the no air-conditioning repair, the roach and vermin infestation, the leaking toilet, the broken dishwasher that their landlord refuses to repair while the local courts get an influx of eviction cases. 

Question for the BP Mobile home experts:

If a park has a fair number of mobile's with Rent-To-Own / Contract-for-Title on them, should the park keep the titles in the park's name or should the titles put them in the buyers' names with a lien?

I am conflicted on what is best as I see good and bad to doing either.

In park name - easier to manage administrative work, ensure taxes are paid, easier to recover if owner walks away or quits paying park rent

In buyer name - they pay taxes, if home is damaged would seem to limit park's responsibility, no insurance cost

If value of the homes is an issue, the mobiles in question are of low value $2-10K ea.

Again, looking for the industry best practices on this.

Thanks!

• Latest handful - Craigslist ( I scan every day)
• last house - wholesaler
• Previous package of about 20 houses - combined wholesaler and my internet searching
• I also got a great deal by posting an ad in Craigslist myself (not the typical "I buy houses for cash!" BS), but a targeted ad that struck gold.
• rest were with a regular realtor who knows the REI business

Never had any luck with advertisted (listed or unlisted) FSBOs. 

And exactly how do you know that is not my real name? Do you need me to send you some sort of proof?  Just odd.....oh well.

@K. marie P.     Why the call out?  Did I break some sort of BP protocol? If so, apologies as I am new on this board.   If not, why do you want to limit this forum to only those you believe have experience? And to only those that post what you believe is their real name?  Why do you not use your real name? 

As a side note, you might be surprised if you knew about my experience in REI. If you need help with something, I won't pre-judge you and will be more than happy to answer....especially if you start using your real name. (just kidding)

Thanks all.  It is an interesting topic once you get past some of the hyperbolic and jump-to-conclusions posts. 

The particular condition of this property at this specific time

@Nicole A.  Sorry about that Nicole.   Obviously that is not true about all Pit owners.  I was just concentrating my particular owners and in haste to respond to Tom made the mistake.   I know many Pits and many Pit owners.  Most are great dogs and most are good or great owners.

I also think Pits are just about the nicest dogs out there although I would never own one, nor do I trust them.   This is one of those topics that get people riled up.  I am basically indifferent for many reasons.

Again, apologies.

@John Casmon  I do have a Manager, but I need to go out there occasionally to check up on the place as we move the property out of this state.  But more to your point, yes, I want the managers to handle 100% of the issues but I know I will likely be physically involved in some things as we improve the place.  The 'company man' is just an off-the-cuff response if they ask...which they will.

And as I mentioned in my OP, yes, I plan on turning over about 50% of the tenants to rid it of the underbelly of society.   Actually, three sets of tenants are supposedly causing 90% of the problems.  Sounds simple but they are all related to each other. 

@David Krulac  Yes, I can tell you read that book "How to Be Invisible" and you made a good summary.  Thanks for the reminder.  I have a friend who reads this forum who follows those things 100%. 

@Tom V.  Yes, I am with you on Pit Bulls, but if I offered you a property that had a 40%+ Cap rate would you buy the property and then deal with the Pit situation?  I would.   'Junk properties' as you call them don't have to remain junk properties and in the interim, getting a big return is not a bad thing IMO.

There is a scale for risk and reward.  This property meets my criteria.