All Forum Posts by: Jason C.

Hello all, recently maxed out on my loan limit (10) and looking for ways to get more nontraditional funding. 

Any recommendations/stories to share? 

How are rates compared to conventional rates?

What is the closing/underwriting process compared to conventional? 

Thanks in advance! 

I would love to hear from any investors who have experience in owning a trailer park (land only). I am considering one that is advertised as a 10% cap rate, listed at $720,000 with 12 pads that are all rented at $600 per. The listing states that the owner would be responsible to maintain the well and septic system and that there are a new pump and water holding tank as well. 

I have been looking for a deal like this where the owners own the trailers and only pay for the pad. Can anyone share:

1) How hands-off are these investments?

2) Do trailer owners get evicted like a regular tenant?  

3) Do trailer owners tend to stay or do they move around every few years?

Any insight would be greatly appreciated, I have a SFR portfolio of 10 homes and I am looking to expand into other cash flow areas.

So I have a rental listed for market rent at $1725 and today a temp housing company called and said they have a family looking for a place ASAP, their house burned down. The temp housing company will pay the rent and provide the furnishings for the family.

My question is can I negotiate $2500 for rent giving they are looking for only 6 months and I typically do not offer less than 1 year? Has anyone had experience this before? How much higher can I expect to negotiator the rent? Thank you!

@Cirilo Villar don't invest until you have 50k to work with. Use your own money and build your own empire. I started at 25 with nothing but saved up and have grown to nine SFR that produce 50k per year.... I'm 38 now, think long term not get rich quick.

What would you do?

So I purchased a unit in 2016 for $125k. We mortgaged about $87k and now the balance is about $80k. We are renting it for $1195 and making close to $600 per month positive CF.

I’m thinking about paying off the mortgage of $80k next month and will be CF positive $1195 per month now. But I’m losing some of the tax benefits of wetting off the mortgage interest.

So my question to you, would you pay off the mortgage or not? (Assuming purchasing another unit is not an option)

Thanks!

@Ned Carey agreed, the rents in my market are increasing slightly but I think they are pretty close to being maxed out now. Still finding deals but it’s getting tougher.

@Jason Gines when your property taxes are 12-15k per year that definitely changes your FI number

@Jay Hinrichs great post... so your completely out of SFR's?

@Marisa Rowe 200k in passive income ? That’s impressive I’m 25% that amount but that will jump to 75% in 5 years. What are you involved in?

I'm curious if anyone here who has been purchasing or acquiring new SFH's in recent months have seen a compression in their cash on cash returns? I've acquired two new rentals in the past 18 months and I've been noticing (in my market) the returns are getting squeezed but still very good. Anyone else seeing this?