All Forum Posts by: Gerald Barron

Also curious. 
I just sat through a free webinar they put on and it was fairly informative for being free. The gentleman Chris Koerner seemed well educated on the topic (mobile home park investing) and he gave enough information and follow-up documents that you could take the information and run. In the webinar, he stated he's been buying/selling MHP for over 5yrs and just recently he and his partners started the investment group. Of course, at the end, he plugs a masterclass with more specialized small group training for $3000 (money-back guarantee if not satisfied). I just happened to stumble upon Chris and Blue Metric Group while I was researching making the jump from SFHs to a mobile home park. I haven't researched the accredited investor side yet but probably will look at it. They seem legit insofar as everything seems legal and kosher.  

That's a needle in a haystack right there! I manage my own rentals in both collier and lee county but if you ever find a decent PM down here that is actually affordable let me know :)

Investment Info:

Single-family residence buy & hold investment in Naples.

Purchase price: $250,000
Cash invested: $55,000

Our first rental and total remodel. We originally bought this to live in but our RV trip made us landlords and we haven't looked back! We get great cash flow from this property and have seen wonderful appreciation in the area. We put a lot of blood, sweat, tears into this one so it'll probably be in our portfolio for a long time

What made you interested in investing in this type of deal?

We originally bought this to live in but it ended up being our first rental.

How did you find this deal and how did you negotiate it?

We actually lucked out with this one as we offered well below list price. Fortunately, the owners husband who passed away was military as well so when she found out I was military too she accepted our offer over others she had received.

How did you finance this deal?

VA home loan

How did you add value to the deal?

We gutted this house. Removed as many walls as we could and opened up the entire floor plan. We were going to live in the house so we used higher end materials than we normally would but even with the extra expense the cash flow is still great!

What was the outcome?

A great deal with great cash flow and we have lots of equity in the house now.

Lessons learned? Challenges?

I think the best lesson we took away from this is that we could do it. We could not only remodel a house on our own we could be successful rental owners and landlords.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Our agent is one of the best in Naples. Bridget Copper Fagan

Bump.. I'm curious myself was looking through the forum to see if anyone has an opinion on this. 

Thanks to everyone for the responses. I'll be taking your advice and moving on to tenant #2. 

So here's my dilemma and I'm not sure how to handle it. I had a prospective tenant. we will call them Tenant #1, come see one of my units and start the application process. During the credit/background portion, they were locked out of the system because they forgot they froze their credit. Tenant #1 has no problems completing the credit/background once the system is unlocked and I have already verified employment and references so I don't see any red flags per se but they haven't completed the application process. Tenant #1 also negotiated a lower rent than what we had listed. On top of this, they agreed to give us a security deposit to hold the property until they can complete the application. I told her until I receive funds I will continue to show the property. All this was negotiated through text and I have not accepted any funds yet.  

Enter second prospective renter. Today, I had another prospective renter come to see the property just this morning. She loved the place and immediately after leaving filled out the application and completed a credit/background check. From what I can see on the credit report she has a much better debt to income ratio than prospective tenant #1 and a great rental history. She agreed to our full price rental listing and did not try to negotiate the rent down.  I mentioned to here that tenant #1 is also in the application process but had not completed it yet. She said no problem but let her know because she is ready to move in. 

So I guess my biggest concern is whether or not I'm obligated to take Tenant #1 since we agree to terms (nothing signed) but hasn't they completed the application process where Tenant #2 has already completed the application process (and arguably looks better on paper) and has agreed to full price rent? 

@Ricky Bass thanks Ricky, no worries about the amount. One, it’s hypothetical. Two, it’s for a friend..But always good advice to watch out for scammers.

What would you do if you received a 1.25 mil inheritance??

Details- You are 37, married, and have no kids. You already own 3 rental properties and have a fully paid off primary home.

... asking for a friend 😉

@Meryl McElwain.. Hi Meryl, thank you for taking the time to share you’re knowledge with the community. My question is:

What are the top questions you always ask when interviewing new possible GC’s/Contractors to work with?

you can find some pretty valuable information here. 

https://www.leepa.org/