All Forum Posts by: Joe Van

@Morgan Daniels

We would like to meet up as well and should be arriving this evening. Let us know when and where if something gets organized and we will try to be there.

Thanks everyone.   I have looked at yardi and that might be an option.  Never heard of Innago, but i'll check that out. 

That's a fantastic overall summary article of many of the softwares i've been looking at.  Thanks Davartay!

Hi everyone,

Looking for suggestions of a property management software that works for both mobile home parks and self storage.  If it also works for small multifamily properties that would be great, but mainly looking for the commercial side of things.  Currently will have under 50 units but looking to expand in the future.

Thanks in advance,

Joe

Thanks Eddie.   Rehab was right around 35k. I do a lot of the interior finish work myself.  Rents for 1000 per unit. 

Waterville area

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $99,000
Cash invested: $1,000

BRRRRed 2 unit, entire building fully renovated

How did you finance this deal?

Cash, pulling 99% of cash back out with refi

How did you add value to the deal?

Fully renovated inside and out

Lessons learned? Challenges?

Hiring more subs to do the work is a good thing. However, make sure to get those W9's before paying for completed work.

This was deal #6, but my first venture in the MH market.  Most of my units are in the Waterville area.  Next would be to do something larger, but not sure what that is yet.  Currently working on a duplex, but should be finished in the next week or 2.   After learning a ton from this one, i'm sure we could have done it cheaper.  I think buying them in a bit rougher shape for 7-10k and putting 7k into it with some sweat equity would have lead to a better profit margin.  That said, I only had about a month of time invested into this one.  

Ahh, no. 55k total invested and sold for 69k. About a 10k profit after taxes. 

Investment Info:

Mobile home fix & flip investment.

Purchase price: $55,000
Cash invested: $55,000
Sale price: $69,500

Single wide mobile home project. Purchased the land with a '69 mobil home on it. Gave that mobile home away for free. Purchased a newer mobile home, moved it onto the property, did some minor reno work and sold.

How did you find this deal and how did you negotiate it?

Found the land and trailer on FB

How did you finance this deal?

all cash

How did you add value to the deal?

removed the older MH and moved in a newer renovated one.

Lessons learned? Challenges?

Need to lower my finishing standards in the mobile home market