All Forum Posts by: John Adamkewitz

Hi, I'm looking at this Duplex as My next (2nd) property. I'm hands on maintenance. Buy and hold for cash flow.

$165000 purchase price.

$1600 gross rents. Tenants pay all utility's. 2 bedroom, 1 bath. 1 car garage and full basements per side.

$2850 property taxes.

$800 insurance.

20% down @4% mortgage.

House is built in 1995 and is in excellent shape, w/new roof in 2010.

Would have to do lawn and snow Myself.

Here's the angle. Both basements are plumbed/stubbed for another full bath. With room for another legal bedroom and a nice size family room. Estimated cost of this upgrade $10-15k depending on finishes. Perimeter walls already insulated and drywalled. Electric service has room and hvac already ducted.

Potential rents of $1800-1900, realtor says more. I don't know.

I offered $160k (1% rule). They countered at $165k. Which is the new asking price, as of 2 weeks ago.

Owner was asking 185k for about a year. I'm on the fence here.

John

Opps, BP has a Mobile Home section.

http://www.biggerpockets.com/forums/30-mobile-homes-mobile-home-park-investing

I hate doing something stupid on My first day.

John

Hi Chervon, I'll take a stab and try to help You with My Mid-West experience.

The bankers up here use the Nada.com Guide, You'll have to pay $20-$30 for 1 Mobile Home appraisal, You'll also need to know Make Model and Year as well as options.

This is just for the home and doesn't include land or improvements.

Also checkout Fannie Mae's underwriting requirements for mobile home buyers, on their site. A lot has to do with if it's considered "Real" property or not, and that has a lot to do with foundation type and You state's laws.

There are states that still consider mobile homes the same as any other vehicle.

I don't know any of this but I think You have a good place to start You research from Your chair, ain't this interweb wonderful?

John

Thank You All for the Welcome.

Zechariah, I read a "Get Rich in Real Estate" book about 25 years ago, it was the max out your credit cards down payment system.. . I did'nt have any credit cards, but the other information in the book stuck in My head.

Fast forward 23 years, and after fruitlessly watching the MLS for 2 years in search of a duplex, I simply saw value were no one else did. And to My surprise it worked! I bought an REO 4plex condo building with outrageous taxes.

With a cooperative owner/bank, I returned it to fee simple, then rolled the dice with the assessor and village board after close, with lots of due diligence in between. I'm glad I did it!

Steve, at this time I'm trying to stay out of that game, as the big money seems to love it right now. Young kids from another country on J1 (?) visas seem too unpredictable to Me. My first property is about 20 miles South of Me right now.

Hi Dawn. I've read a lot of Your post's, Thank You.

Hey Dave, I'm going to be hands on for a while yet, so a 30 mile radius is probably a limiting factor for the next purchase, but of course money could make that midnight No heat/furnace call a bit easier to drive. I'm not even close to understanding the Madison market, Yet!

Thanks again BP.

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Hello BP, very impressive site You have here.

My name is John,

The first step of My goal is $10,000 a month in net rental income.

I have one fourplex under My belt for a year now and it's doing well. I'm ready for My next property and continuing My education.

Thanks for having Me.