All Forum Posts by: Jen Bastian

@Josh Bowser @Logan M. thank you both for your insights! The park is on city utilities, all submetered and paid by the tenants to the providers (woohoo!).  

Hello BP! Are you looking for a friendly, dependable accountant? My partner Sarah and I own a remote tax and accounting practice that offers services exclusively for real estate investors and affiliates. Together we have over 30 years of experience working in the real estate industry and are both CPAs. We are also investors, so we have half an idea of what some of that real estate jargon means. :)

We only charge flat rates, never hourly, and provide complimentary consultations. Because our practice is completely virtual, we have lower expenses and are therefore able to offer affordable accounting and tax solutions. Reply to this post or book in for your free consult below if you'd like to explore further. References available.

Thanks!

Jen & Sarah

619.244.9987

[email protected]

Book in for your free consultation here.

@Russ Sage Would you be open to a virtual CPA? My partner Sarah and I own a remote tax and accounting practice that offers services exclusively for real estate investors. Together we have over 30 years of experience working in the real estate industry and are both CPAs. We are also investors, so we have half an idea of what some of that real estate jargon means. :)

We only charge flat rates, never hourly, and provide complimentary consultations. 

Let me know if you're interested in exploring further. 

Thanks!

Jen & Sarah

Book in for your free consultation here.

Hello BP! Are you looking for a friendly, dependable accountant? My partner Sarah and I own a remote tax and accounting practice that offers services exclusively for real estate investors. Together we have over 30 years of experience working in the real estate industry and are both CPAs. We are also investors, so we have half an idea of what some of that real estate jargon means. :)

We only charge flat rates, never hourly, and provide complimentary consultations.  Because our practice is completely virtual, we have lower expenses and are therefore able to offer affordable accounting and tax solutions. Packages start at just $249/mo and there are no contracts. PM or reply to this post for more information or use any of the contact details below to book your free consult. Thanks! 

Jen & Sarah

619.244.9987

freedom45LLC@gmailcom

Book in for your free consultation here.

@Daniel Ryu excellent points, thank you. I ended up putting in an offer but the seller went with a cash deal instead. It was a bit of a relief to be honest because my assumptions were pretty aggressive and I’m not sure I would have gotten the return I was targeting at the price the park ended up selling for. It definitely seems to be a strong sellers market still so I’m just going to be patient and wait for for the right one to come along! 

@Jack Martin @Tony Ngo thank you both for your thoughts, much appreciated. @Tony Ngo congrats on your winning bid! 

Hi all! I'm looking to put an offer in on a park today, but the broker already has several offers over the list price of $275k. He said our offer would need to be significantly over asking to be considered. The numbers on the deal work out up to a sale price of $300k, which is about 10% over asking. Does 10% over seem like too much? I've never offered over list price and would appreciate any feedback, thank you! 

@Jack Martin Great points on the MSA, especially in this economy. It's likely to be all downhill from here at least for the next year or so! @Brandon Cravens I mirror your thoughts on the septic - Being a newbie myself I've only been targeting parks with city services until this one came along. The seller is not offering financing so overall the deal isn't adding up in my book. @Paul Moore I love the Titanic metaphor, and thanks for recommending Tim, I will reach out to him. @Rachel H. agree on the mega importance of focusing on collections right now, especially in NY. Overall I'm following my gut and the red flags on this one and leaving it be. Thanks all, I very much appreciate your candid feedback!

@Chris Pellicone thanks for your feedback and notes - Looks like the vacant vacation is around 10%, so that's a win. 

Hi all,

Looking for opinions on this MHP in NY, please.

Here’s a snapshot:

Pros:

-10 cap

- Value add (77% occupancy, potential to sub meter and bill back water)

-90% TOH

-Decent metro: 100k population, $96k median house price, $1k for 3 bedroom rent

-On site Mgr

-Solid recent rent collections

-The numbers work - good cash flow

Cons:

-Rent control (3% yoy max increase)

-Covid hot spot

-NY not landlord friendly

-18% vacancy in town (May be seasonal)

-Septic - uncertain of age or condition

The top employer in town, a glass and textile manufacturer, may also be tanking; They’ve laid off about 800 people YTD, which is about 8% of the town’s workforce. This is anticipated to have “tremendous negative impact” on the local economy, according to town officials.

With this birds eye view, would you move forward with the deal? Why or why not?

Thanks in advance!