All Forum Posts by: Jim Stout

Congrats Frank! Keep doing what you're doing. Looks like a beautiful property. I hope it makes you a lot of money. Best of luck!

Congrats Justin! Keep doing what you're doing. Looks like a beautiful property. I hope it makes you a lot of money. Best of luck!

Congrats Jordan! Keep doing what you're doing. Looks like a beautiful property. I hope it makes you a lot of money. Best of luck!

Congrats Brian! Keep doing what you're doing. Looks like a beautiful property. I hope it makes you a lot of money. Best of luck!

Congrats Seth and yes God is amazing!  Keep doing what your doing.

Get a good local real estate agent and be faithful to them. It also helps to add other team members such as a property manager, home inspector, contractor, etc. Build the team now and be loyal to them by using them. They are additional sources for you for leads. Have your agent set you up an MLS auto email search and also learn to drive for dollars on your own. The deals are there, but you have to be patient and willing to walk away if the numbers don't make sense. The more properties you analyze you will begin to spot the winners quicker and easier as you gain experience.

I've used both rental platforms at the same time. RVshare seems to have the better website for client support though.

I just Google "room for rent in _______" and usually several local websites have listings that I can pull comps from ti review as to how they would compare with my rooms. Best of luck. Make sure you screen all tenants well and check with previous landlords.

Once you really do the research to see what the market rents are and if you find they would cover the $350/mo or more then chances are your tenant already knows they should be paying more. Renters often know the market better than some landlords. One way to soften the blow would be to show them that had you been raising the rents $100/mo the past 5 years plus this upcoming year then the $350+/mo won't look as bad to them.

The difficulty with a re-fi cash out for you is the age of the mobile home. The HUD guidelines have a cut off of 1976 for mobile homes. That leaves you with alternative financing like a hard money loan and that is going to cost you more than the extra funds may be worth to you. Hopefully a BiggerPockets member who is a lender can give you some better alternatives. In fact I would love to hear them because I have missed out on some really great rental opportunities because decent financing isn't available for homes older than 1976. Google "what is the cutoff age for mobile home financing" and you'll get a better explanation as to why it's so difficult.

Anyway, your head is in the right place. Keep studying any BP data you can find here on the site. Continue to ask questions on the forum. I am hoping someone gives you better news than me. Worst case scenario you come up with a 3rd Option that lands you a home run deal.