All Forum Posts by: Jared Lillard

I just ran across this thread, as this is something I'm looking into. I'm what your (any of you) experience has been after several months of renting your RV. Are you making money? If so, what's your ROI? Is the unit getting beat up by renters?

My attorney suggested this, but I thought it would be good to check with the BP community, too. Thank you all!

I'm looking at my first MHP purchase and my attorney suggested I get a Phase 1 Environmental Study done.  Is anyone doing this or have any experience with it?  Or not doing it and feel good about it?  Thanks in advance for your help.

@Blair Poelman To be honest, I don't really know.  However, this is a package deal that can be 4-7 units.  

@Rachel H. Thank you for your help.  I have requested those, plus financials.  I have legal representationI know that the rent on some of them is collected weekly.  Good advice on the contractor.  I don't know yet if these homes have had any reno work done.  A couple of them look pretty old....but I could just not buy that listing.  It's a package of multiple properties/listings.

What I really don't know are the risks of mobile homes. What am I on the lookout for that's different than other SFH and site-built homes? Septic tanks? Foundations? Insulation? Materials? What else?

My target purchase price for the package is around $80k.  Gross monthly rent is $2900.  If I'm to believe the seller, the monthly expenses are extremely low - well below 50% of gross rent.  Even at the 50% rule, the properties still cash flow $1400/mth, or 21% cash-on-cash return on an all cash deal.

I’ve come across two mobile home deals that look very good on paper. The cap rate on both us in the 25-30% range, depending on the final purchase price. They are on private land and currently rented. This deal looks too good to be true. What am I missing? I know virtually nothing about this niche of investing, so I’m depending on my fine BP friends to show me the way.

Is anyone out there in BP land invested in rental property in Muskogee, OK? I've heard it's a good rental market, but I'm not familiar with the area.

@Erik Harrison My first and only deal to this point was a flip I bought in the summer of 2007.....at the top of the market.  I still live in it.  I haven't done any since then.  I'm just now getting back in the game and am pouring over potential deals every day. 

I'd rent it and create some cash flow. Do you have an idea of what it might rent for? My advice would be to preserve capital by borrowing as much as possible on this house. That way you have created immediate cash flow and you have capital to pursue the next, bigger (more profitable) deal. I'm new, too, and all I seem to hear on this podcast is how capital is always a problem. My plan is to leverage as much as I'm comfortable with and stretch my capital across as many deals as possible. More capital equals more mobility.....for the home run deal that might pop up next month.

Thanks @James Jones and @Curt Davis.  I was mostly referring to all the 3810-something zips.  I have seen several properties for sale in those areas - at good price points, obviously - but am little skittish about being invested there.  You guys confirmed what I was already thinking and that is that I should shy away from the "danger" codes and shoot for the higher numbers a bit farther east.  I'm looking mostly for smaller multi-family (2-20), but wouldn't turn down a great deal on single-family.