All Forum Posts by: Jibrell Davis

@Laura Gilles Any park I consider I call them or have them email me so I can find out what their covenants are pertaining to a potential home being used as a rental. 

@Laura Gilles Yes. In the area I'm looking I can get $525-575, which is the going rate for SFH rentals and apartments in comparable areas. That's why it's such an intriguing opportunity to me. Getting that type of rent on 5K-10K all in would be nice from a cash flow perspective.

I've been interested in purchasing land, but I've heard it's more difficult than it looks. Here are the things I can think of regarding due diligence:

1. Title search

2. Check zoning

3. Environmental assessment

4. Have it PERC tested

Is there anything I'm missing? I've been considering grabbing some via tax deed sales and flipping the land or selling via seller financing. Any advice would be greatly appreciated. Thanks 

I have three SFR, but recently an in-law has started purchasing mobile units and came to me for advice and it piqued my interests. He finds mobiles that need work for cheap ($1000-$3000) and fixes them alongside his carpenter. His current deal was $500 for the unit and his total investment was $3000, and he pays $125 for lot rent. He rents is for $450. He's a newbie and I told him the going rates in his area were upwards to $550-600.

If I were to purchase mobiles in this same area, the $550-600 rent range is where I would rent. The expenses I foresee on a mobile are: Lot rent; taxes; insurance; M/R; and Cap Ex. Assuming 40-45% to expense and $125 lot rent, I could potentially cash flow $205 to $235/month off a $3000-4000 investment.

I wondering if it would be a good play to branch out into a few mobile units (2-3) to get cash flow and use that to purchase my next SFH or first multi? Running some preliminary numbers, the cash flow I could receive is similar to what I'm getting with my SFH. The reason I'm considering mobiles is because the purchase requires less capital for the same cash flow results as my SFH. I wouldn't be using this as a long term play, just a way to expedite the purchasing process of the next SFH or MFH.

I know some of the cons are never getting appreciation, not owning the land, and the stigma of mobile units. I've been going back and forth and would love to hear your suggestions.

I have three SFR, but recently an in-law has started purchasing mobile units and came to me for advice and it piqued my interests. He finds mobiles that need work for cheap ($1000-$3000) and fixes them alongside his carpenter. His current deal was $500 for the unit and his total investment was $3000, and he pays $125 for lot rent. He rents is for $450. He's a newbie and I told him the going rates in his area were upwards to $550-600.

If I were to purchase mobiles in this same area, the $550-600 rent range is where I would rent. The expenses I foresee on a mobile are: Lot rent; taxes; insurance; M/R; and Cap Ex. Assuming 40-45% to expense and $125 lot rent, I could potentially cash flow $205 to $235/month off a $3000-4000 investment.

I wondering if it would be a good play to branch out into a few mobile units (2-3) to get cash flow and use that to purchase my next SFH or first multi? Running some preliminary numbers, the cash flow I could receive is similar to what I'm getting with my SFH. The reason I'm considering mobiles is because the purchase requires less capital for the same cash flow results as my SFH. I wouldn't be using this as a long term play, just a way to expedite the purchasing process of the next SFH or MFH.

I know some of the cons are never getting appreciation, not owning the land, and the stigma of mobile units. I've been going back and forth and would love to hear your suggestions.