All Forum Posts by: Jennifer Rysdam

I would check with local ordinances first and see what you can do. I've heard from others that a lot of places do not allow new mobile home parks to be built. Does it say it allows new parks or just mobile homes (residential). Then run the numbers and see what works best for you. I think both options have their pluses and minuses. Mobile home parks may be harder to fill at the get-go, depending on your area. It might take a lot of funds to get that started if you are going to purchase the homes yourself and then rent or lease them to tenants. An apartment building could be filled as soon as it's finished. You'll have the upkeep of the building and parking lot of deal with. Of course you're not in MN like I am and won't have to deal with the snow removal expense.

Check with @Jason Bott He got me set up with Berkshire Hathaway GUARD a couple of years ago for my 8-plex. Maybe he can help you out.

Thanks @Nathan Gesner I always appreciate your advice and experience :)

I had to evict a tenant. He owes back rent and court/attorney's fees. Should I take him to small claims court or can/should I just send it to a collection agency? Also, any great ways to find out someone's address that won't give it to you? Thanks!

My 8-plex is in a tiny town. I have a hard time estimating what my market rent should be. I often look at surrounding towns, while realizing that they are larger and have more amenities. Another thing to also consider is any utilities that are or are not included. There are some rentals in my neighboring town that are $200 more per month, however they include all utilities and I don't. My tenants have to pay their own electric, which also is their heat and AC. That bill can vary a lot depending on the time of year.
I tried Rentometer and we weren't even on their radar, lol!

I wanted to add that in my 8-plex I use the same brand of deadbolts for all of the units. When I switch one out I only have to remove 2 screws and switch out the outside part of the deadbolt as the rest is the same. Only the keyed part needs to be changed. It's SO easy to do.
Another option is to have a locksmith rekey all of your locks for a master key, plus a couple of extras. Then play musical locks with those ones. Then you'll only need one master key.

I change my own. I just play musical deadbolts.

I just got my loan with the rehab money included. I just had to give them a list of the improvements that I was going to do on it and they asked the appraiser to give a number based on that. Not only did I get the rehab money, I didn't have to pay anything down because it was going to resell at a much higher price.

You can do it. I posted some tips on your other thread, but I wanted to add that I only prime if I'm going over a really dark color or have a unit that has been smoked in and I need to get rid of the smell. The day before I start I go through with a little bucket of mudd and fill in all of the holes so that they can dry overnight. Be sure to do your edging first and then roll the paint on. That way you won't get too close with the roller and screw up your ceiling. Another thing I do is paint it Agreeable Gray with an accent wall in the living room. It just classes it up a little. Many people live in apartments their whole lives and are sick of the white. Good luck!

I would not disqualify someone because they are just moving to the area. What is their job history like where they came from? Where are they working now? People relocate to new cities all the time. I would put more stock in their credit report and background check. Good luck!