All Forum Posts by: Jennifer Rysdam

I'm looking at purchasing a self-storage with 55 units of various sizes. What cap rate should I be looking for? It's not fancy with fences or security, just the units, but they are all full, so I'm thinking there's some rental growth there. It's also close to a University. Thanks!

When I look at parks I keep seeing things like chain-link dog kennels (some used as storage), fire pits (some homes are only 10 feet apart), several vehicles, piles of construction demo, trampolines, strollers, recliners, etc. Some even have plastic sheeting for skirting! I feel like when I buy a park I'm going to feel like such nit-picker, but I want the park to look nice. What are your rules?

I've noticed that a lot of the tenants in these mobile home parks that I'm looking at have very delinquent taxes. Do you ever require your tenants to get current on their mobile home taxes so that they don't lose their home, or do the counties just not care? Some of them haven't paid their taxes in 5 years!

I would purchase an investment property and use the cash flow from that to pay off the student loans. That way in 2-3 years you will not only have the student loans paid off, but you'll still have the rental income. If you just pay off the student loans you will only have that and no cash flow to show for it.
If you are able to, I would very much recommend getting a triplex or 4-plex and living in one unit while renting out the others. You can get a low down payment FHA loan and then let the renters pay the bills. Good luck! In the end you have to do what works best for you :)

 I feel your pain. I use QuickBooks and it takes 5 business days there too. If they pay on a Friday, it can be up to 10 days with the 2 weekends in there. Not to mention if there's a holiday in there!

If they can't produce a receipt then it wasn't done. You should make them do it or charge them. I don't have my tenants shampoo carpets because I know they'd do a crappy job anyways. I bought my own shampooer and do it myself. Less wear and tear of them doing it and them me redoing it. Plus I worry that the upstairs tenants would use too much or spill water and cause ceiling leaks downstairs.

I would make the aggressive dog leave. Part of my leasing process is not to allow aggressive dogs. What if it happens again and a kid tries to intervene? Just tell that tenant that they have the option to rehome the dog or get out of their lease early. Just explain to them that as an owner it's a huge liability for you. Also, you can insure yourself for a ton, but if something happens and they find out that it has happened previously they may try to find a way to deny your coverage. Your property, your rules. It will also make it clear to the other renters that they need to keep their own dogs in check. I would also create a dog policy of keeping them on leashes at all times. Good luck!

They have that here in MN in some places too. Mostly college towns. Too many people turning an old 5 bedroom house into a by-the-room rental. Neighbors complain about all of the cars out front taking up all the street parking. Now you need a rental license and it states how many unrelated people can occupy the home. 

That kind of changes things for me. Maybe ask them for a copy of their home purchase agreement and confirm with their realtor. You have to go with your guy. Only you have met the tenants. I would wonder if they are legit or not.

I'm looking at purchasing a mobile home park and I can see in the Google images that several of the homes have chain link dog kennels/areas outside. What are your rules for things like this and pets in general?
Since I'm asking, what are all of your general rules for your parks? I own an apartment building but that is quite different. Does anyone have a lease or tenant rules and regulations document that they could share with me? Thanks!