All Forum Posts by: John Lowry

Wow, I think the government or hell why not the RICH investors just pay for everything?  Real estate made Donald Trump wealthy....what about Warren Buffett?  Well I know we are ALL entitled to have our hand out and expect it to be filled.  Why do we need real estate investors?  Why can't the government just take care of that for us?  

Look there are always going to be divides and disagreements.  But I don't care who says what or who does what or how what gets done.  At the end of the day Real Estate Investors ARE needed.  Are there some folks out there that practice unethical business practices, sure there are.  This problem exists in EVERY industry.  Every single person has their own "demons", we deal and go on.  

Here is why I am saying these things:  I have a good friend that fell on hard times.  We have all had those friends or we haven't experienced hard times ourselves.  We are HUMAN.  I helped her check local parks for a home, 3 months later she found a home that was pretty nice and livable for 1000 dollars.  Blew my mind.  Her lot rent was 480 a month at that time, 3 years ago, now her lot rent is 620.  I wonder why?  Greedy park owner?  New Park owner?  Hmm just MEAN INVESTORS LOOKING TO PREY ON THE LAST DOLLAR OF EVERYONE IN THE PARK? .........

Nope, property taxes went up significantly due to growth in that area.  I am wondering how the investor/owner can manage property taxes.  Isn't that the government?  Oh wait the GOVERNMENT RAISED TAXES BECAUSE THE GOVERNMENT IS TRYING TO GET THAT LAST DOLLAR.  But I am sure the investor/owner is just supposed to absorb any increase in the costs associated with owning/operating a park.  That way the lot rents stay the same.  Heck, what were lot rents in the early days?  50 a month?  100 a month?  That would be like you trying to pay your light bill based on rates back then.  Wonder how long the light company would let you have light.

Now I am not advocating predatory lending or predatory people.  I do disagree with those practices.  But this sense of entitlement because the rich are rich and the poor are poor is ridiculous.  Look the rich are rich because the WORKED FOR IT....luck does NOT exist.  I am talking about the true rich.  Not the, "I inherited my granny's money and didn't have to work for it and have no skills" rich.  I am talking about the people who BUILT what they have.  WORK-DETERMINATION.

Find something else to chastise.  Once you own a park and get a true idea as to what it costs to run and operate a park.  Not to mention dealing with....um....PEOPLE THAT FEEL ENTITLED......those rose colored glasses will change.....especially if it starts affecting your money.  

I agree with video surveillance.  I have been in the Alarm/Fire/CCTV/Access Control Industry since 1992.  You will need to have internet access and setup a VPN in the park.  I use ubiquiti antenna's.  Making sure the network is only accessible from the router.  Build the VPN with its own set of IP's so if they are hacked no one can steal and abuse your internet service.  Make sure to turn the Wifi off on you router, you don't need Wifi, just a CAT5 from the NVR to the router.  Remember you are running video, so do cheap out on the internet speeds.

@Keith Kaufman - I am from Tulsa, moved to DFW 7 years ago to start an alarm company.  I still have property in the Tulsa area.  It takes me 4.5 hours one way.  LOL  I don't mind I love driving my Jetta.  I go back every couple of weeks to mow, visit friends and family...etc.  I do have, "boots" on the ground.  Great people I have trusted for and known for 20+ years.  I am looking there because I am not seasoned enough to tackle the DFW market.  It is CRAZY here.  You have to find deals fast and act faster with cash.  So, the market up north is way slower and the inventory up there is plentiful.  My biggest concern is not knowing the occupancy rate.  Tulsa is not a ghost town, but there are quite a few empty houses that's for sure.  If I am not successful renting it then I may do a lease/option for a year or so then OF it after they have proven they can pay.  

@Josh Caldwell - Thank you for your input.  I do appreciate that for sure.  You brought up one of my concerns, vacancies.  I do want to clarify when I say rural I am not talking like North or South Dakota kind of rural.  The nearest Wal-Mart supercenter is across the highway, less than 3 minutes away.  I am going to continue looking and educating myself on the markets I want to invest in.  This will take time and that is why I put this deal up here for all to see.  To get this feed back and take into account experiences of others.  

Thank you both very much.

Good Morning,

First real time to test the waters here.  I am looking to make a buy hold purchase.  

3/1 in a rural setting with a tornado shelter in a suburb 15 minutes from downtown Tulsa, OK.  

Been on the market 447 Days and started out at 84,900.00.

Recently, within 77 days, relisted at 44,900.  Currently at 39,900.  It is a short sale and the owners still have control.  Remodeled just a couple of years ago.  

Condition - House is solid - Carpets need ripped out and tile put in to buy and hold - back porch/deck needs some attention.

About 4k in cleanup and repair costs.

Area rental numbers for similar houses:

3/2 - 700 about half mile away

2/1 - 625 about a half mile away

3/2 - 725 same distance

2/1 - 600 same distance

All currently rented so those numbers should be pretty accurate.  The only thing I did not get, didn't ask but should have, occupancy rates and tenant turnover averages.  Just didn't feel comfortable asking that question.  I don't know why, is this something folks ask the owners of rentals when they are looking to purchase in an area?

Average to low crime area.  Very private street/area.

Realtor, if they figure out how important communicating is.......another story......, is getting me comps.

I wanted to line this out for opinions here and suggestions in making an offer to the owners that will have to get bank approval.  I am thinking 30K would be a good starting point.

Thanks so much.

John