All Forum Posts by: John Hall

I thought the same thing Mike, nobody has touched it for the 8 months it's been on the market, and I had to go through 5 lenders to find one that understood the situation and would loan on it. Man it's a relief when you find a lender that thinks about the property as an investor.

So, it's a strange setup really. about 65 monthly HOA, which covers insurance. it's a full house but classified as a condo, I think that's why people shied away from it. Taxes are around 800 a year. The area rents really quick too, the company I'm using has about 7 around that area and they're 100% filled out of their 47 homes they manage. It was built in 2003 as well, so it won't need anything done for awhile. AC, sprinklers all around, all that nice stuff. I just need to put a washer/dryer in there and it's ready to rent. (The sellers have even painted the inside)

I've been absent on here for a while because I've been busy working. Finally locked in a rate for the first property, 1,850 condo - 3bed/2bath @ 101k 25%down for 15 year loan. 560 Principal and Interest. That's 3.5%

Place should be bringing in 1,200 a month (I've got a management company I'm already working with and showing the place to this weekend)

I've been postponing adding this on here until I knew we were getting accepted, but the seller just talked to the loan officer on our side to make sure everything is approved. I'm excited, I mostly am excited about the 3.5 for an investment property, picked the right time. ;)

(not too happy w/ the 25% or the 15 term, but it's the first one, so I have to be flexible)

Hope everyone is doing great out there!

~John

https://www.google.com/intl/en/chrome/multitask.html

I was trying to post this before, but my computer kept powering off.

Hello Matthew Ficorilli, Welcome.

I don't know your area at all, but you are right. Most everyone is helpful and wants to give advice when they can. And I've been a member of a few sites and this is the only one that I'm active on anymore, so many smart people here. Hope you find what you're looking for, and good luck!
John

A lot of really good info guys, thanks! I did do some rounds today (drove about 100 miles in a few circles) and went through about 5 parks that I had called on.

I was pleasantly surprised at how nice the outsides looked, I was expecting kind of a dump tbh. A few downsides I've seen, the lot fee is high here in Denver. I'm looking at 550-620 inside Denver, and 300-500 outside of Denver. and a few of them had parking on the street which plugged up the roads like crazy. Parallel parking for your house isn't attractive.
I couldn't find many that were selling with the land included, but even at that price, I could steal the actual trailer.

I'm more worried about vacancy in a mobile home, I've called a few property management places around, but I haven't got any to call me back. I'm going to have to do some face to face I think.

I'll work to get one this week and I'll update to let you guys know how it turns out. I'll start small, and see if I can manage. I'm not a fan of managing my own, but I don't think there's many management companies that will handle mobile homes.

Thanks again everyone, this helped me a lot.

Joshua McGowan - Smart, and you don't have to spend any energy on it.
Greg B. - I'm with you there
Tod R. - that's what I'm thinking, there's a lot for sale that have just been all fixed up, so that will help a lot
Lynn Harrison - I wish SFH were an option, but for right now I'm working on some owner financing if I can get my hands on a good deal, otherwise, I'd be doing it your way.

~John

HA! I'll try and make sure I'm covered, but I do hope to prove you wrong if I go through with it ;) But, if it doesn't work out, at least you can say "I told ya so"! haha

Okay, all this is great info. Just what I was looking for. I'll go take a look at this one that seems promising (no repairs needed right now, all appliances included, motivated to get out this week) - And I'll gauge how it feels before actually signing anything. I don't want to stay in the MH business, but like I was saying, my options are limited for the time being.
But, I do think this would be good experience talking/dealing with people so when I go into the bigger deals down the road I am more comfortable.

Thanks for the info on the SAFE Act, I'll start reading through some of the posts on here.

Thanks again guys, I'll update with what happens after I check out the neighborhood/property.

Nathan - Yeah, that would be my goal for the time being because of my situation.

Bill - Well, the main reason I'm wanting to learn this is of course to make money off of it, and being in my situation it's something I can get started in right away.

I can sit and read, and learn and read some more all day, but I think I'll learn a lot more about the process and everything else if I just get started in it. I know I'm going to have set backs at some point, but to mitigate that I'm asking questions here, and trying to get some pointers before I just jump off the cliff ;)

But, to summarize what you're saying, you're advice is to stay away from MHs because the profit doesn't outweigh the work? That's advice I can listen to, especially since you've been there and done them. I'm currently looking into some seller financed SFHs as well, but I figured I could dip into something else to gain some more knowledge/experience as my impression is you can do pretty much anything for investing, as long as you do something. And this is something I can definitely get started with now.

That makes me cringe. They should do an itemized list of what they found when they go through everything. That's just amazing how some people can live.