All Forum Posts by: Jeff Ryan

@Aaron J Smith, @Philip Beckwith  thanks for the feedback.  The deadline for appealing was February 14 and I was REAL busy with my regular day job amongst other things and never did get to it or attempt.  Maybe with a little more time, hopefully next time, but G.R. will be a little richer this year!

@Philip Beckwith, Since this last post is only 5 months old and you are in Grand Rapids like me, have you had any follow up/results / success since this last post reply? I too have received my recent assessments for two G.R. SFH rentals, quite high IMO, and I have until this February 14th to appeal myself, date sneaking up on me. I'm riding the fence on going through the appeal at this point. Thanks much.

@Rachel H.  Thanks.  Have you always invested in owning the parks, or have you purchased some individual mobile homes in parks you haven't owned also?  I have listened to some very good podcasts on the merits of owning and investing in the parks, being the source of housing it is.

 Yes, the entire greater economy as a whole affected by this, with this housing just one sub-part of it, would be another large contentious topic taking entire books... 

@Drew Sygit  Thanks for the very useful information/response.  I love it.  You know, I don't know what my parents paid for it back in 2004 (ish).  I'm not sure if I could get that or not.  They paid it off in 2010.  As to the $120k estimate, I am probably a little hasty and loose with that too.  After my father's death 1.5 years ago, my mom had a neighbor offer her that she said is where I am getting it.  I thought I had reason to believe that was a credible piece of information, but I didn't hear it myself.  A new double wide is going in two spots down that is $140k they say, but that is new, but also no attached garage, etc.  

Long story shorter:  Yesterday I did have an appraiser come out who specializes in manufactured home appraisals.  So, I'll have valid info in 7 to 10 business days.  Thanks again.  

Thanks  @Greg Scott

   I was planning on getting an appraisal.  This one does have an attached (2 stall) garage, and perhaps the lot raises the value.  

  I was a little hasty to say, 'difficult to find cash flow'.  I usually use 1% rule and low 200's with 1600 month won't do it.  But as you say there are lots of places around.  Thanks. 

 Dominic,  Thanks for the thoughts on the increased risk of damage to that type of home.

Hello,

   I recently partially inherited a mobile home, along with two siblings.  This is a 'nicer' mobile home, double wide, 1998, shaped / looks more like a 'house', attached garage, on a very beautiful private lot.  It has a value of approximately $120k, to be confirmed with an appraiser yet.  I would need to buy my two siblings out, so my approximate purchase would be $80k.  I have talked to the park management, and they said current owners do allow renting out as a rental, but the tenants would need to be approved by them.  They did comment that the previous owners did not allow that, and I know through some research of my own that many parks don't.  This park changed ownership about 1 - 2 years ago.

In the metro-G.R. area where this is, I am, it is difficult to purchase anything that cash flows to rent otherwise, and it is a very hot market yet. rentometer.com says 3 bedroom , 1.5+ bath (this is 2), is about $2,300/month. With furniture in there we'll need to do something with, I could offer it furnished too. The lot rent is $700. If I pay for it initially with my primary residence HELOC , currently at 8%, the interest only payments would be $640, so $1,340 monthly expenses mostly. I'm unsure if I would use property management at this point, and there would be some insurance. There is some sentimental value I need to be wary of based on the inheritance, but it is a very nice home on a very nice lot, and it would be nice to own another rental in this area.

   I know there has been some other forum posts on this topic, but I was hoping to note my circumstances here.  For some others in the Bigger Pockets community, is there anything else to consider, what do you think, 'do it'?  Thanks to this community as always.

Hello,   I believe this program is fairly new, so I don't know if anyone would, but do any MI investors have experience using the "Lead Poisoning Prevention Fund" through an organization Michigan Saves?

I have applied, scheduled to have the lead investigation for hazards soon.  On another G.R. house, I have used a program through the city "Get the Lead Out", a somewhat more popular program for some time here.  This house didn't meet qualifications of that, no children under 6, not vacant.  But I was lead to this program as an alternative through a G.R. RE Conference session on 'Get the Lead Out'.  I don't suspect this particular home will have many / if any hazards, but it does still have the original (painted) wood siding, which was the impetus for me looking at this , or any similar, program.  I was just looking for general thoughts/feedback about this program since I'm pending for the investigation soon.  Or if anyone has had any other similar investigations with remediation in the area.   Thanks much.   

Thanks all, all are helpful.  As an update, I am getting a local foundation person out there and will update here with any findings.