All Forum Posts by: Joe Mills

Thanks so much for the great advice and information!  If I proceed with this tenant, I'll post again to let everyone know how it turned out.

I have a home available for rent and have a prospective tenant that says he has a pitbull as a service animal.  I usually charge a pet deposit and monthly fee, but from my limited research, believe I cannot charge for a service animal.  I'm also of the understanding that there can be no breed restrictions on service animals.  Do the laws vary from state to state, and if so, is anyone familiar with the laws concerning this in West Virginia?  Thanks!

That's great information Karen!  Thanks!

Thanks Roger - I'll post here again should anything change with the seller.  Have a great day!

Thanks Logan!  I spoke with the seller yesterday and they are only interested in selling the mobile homes with the land and they are not interested in seller financing.  So I'm going to pass.  Just more than I want to get into for the limited upside.

This is SO helpful Roger!  Exactly the kind of input I was looking for.  Thanks so much for taking the time to walk through this deal with me.  I'm going to think more about seeing if the seller is interested in keeping the trailers, selling me the land and holding the paper, and paying me lot rent.  As you mentioned in your first post, I would be surprised if they want to go this route.  But think I'll give it a shot.  Thanks again!

Thanks so much Rachel!  Good advice!

Thanks so much for the reply Roger.  I appreciate the sound advice.

While this is probably a wild goose chase, I wouldn't mind playing this out with the seller a bit (for my education at a minimum) and pursuing what you say about making an offer for the land only and letting them keep the trailers. If pad rent for the 4 trailers is say $1,000/month, what would be an appropriate offer? It's on public water and septic tank. The owner says the septic tank has recently been pumped, but I don't have information yet on the condition of drain field. The driveways are gravel and appear to be in pretty good shape. Taxes would be around $500/year for the land only. What expenses am I missing? I would likely make a cash offer and finance with a personal HELOC, currently at 8.5%. Thanks!

My portfolio currently consists of single-family stick-built rentals. I have the opportunity to purchase 4 mobile homes on an acre of land for $135,000. The owner reports gross rents of $2750/month (this includes the home plus lot rent). While the cash flow looks attractive, I am concerned about the long-term viability of the investment since the location is not ideal and these are older, albeit partially remodeled, mobile homes. I would like to have a good idea of the value of the mobile homes should I desire at some point to sell them off individually and then sell the land. Do mobile homes have a "book value" based on make/model, size, condition, etc. and if so, where can that information be found? My hope is that I would someday be able to sell the homes+land together as a "business" based on the NOI, but want to protect my downside should I need to liquidate everything on a piecemeal basis. Thanks in advance for some education on this topic!