All Forum Posts by: Vishweshwar Chippa

you may be true, I sometimes realize that all the great movies I have seen about have become partial realities in one se ve or the other, yet I cannot discount great wars were fought, lives lost and those propagandas overturned. All I say is it’s inevitable, although we strive against these forces we as collective can only win in smaller groups. That said yes, land acquisition & hold is definitely one of the niche methods in short term and long term.

Nate congratulations on your first deal, some numbers look off to me. 

ARV Value needs to be adjusted to the Inflation adjusted values Vs Zillow or Redfin values. what it means is you should take 20% out of highest market prices in 2021. to give it a fair value for next 2 years. I am here estimating on the Right ARV here. Rehab Time and Cost: depends on contractors availability, permits in the county for major changes, and getting it ready for rent. i am in the area, if you would like to connect, on my way to get my first as well.

My 2 Cents: 

Cashflow: if your property can make cash flow inspite of the vacancy and other things today, going for a mortgage, you are good now  and for the upcoming future. traditionally, During recessions, the rental values haven't changed mush and the prices of homes fell but the amount since you are already baking into the calc the todays high prices, when they go low you can refinance and then be good on lowering the payments. remember the cashflow is the principle that is being paid to mortgage and Net income after mortgage payment. 

Appreciation: the market values are decreasing in the places where there is surplus, in some places people may not even want to sell in this market, hence the prices in those areas will continue to be lower by little. 

thinking like investor: you cannot replace your job income with 1 property, probably you need more under your belt, but to be in that position 3-5-8 years down the line you will need to take these properties and rent them out. so as a matter of time all these 4-8 properties will cease their mortgage and then start cash flowing upto your income levels. this is not just an incentive to start investing, but think of long term big picture. i am in the same boat as yours.

i know this is kind of an old thread, but just wanted to add a few things here: 

1. yes you will have to go through permitting process. you will also register this as a SFH with the county.

2. you will need to contact DMV to deregister this as a mobile home. 

3. you will have to make sure you remove the Axel and the wheels  under the home and make preparations to fix the property to the foundation you already have. 

currently dealing with similar situation in GA, hence researched a bit to find out the process.