All Forum Posts by: John Mark Pollard

@Greg Dickerson

Awesome and good point. Thank you, sir.

@Greg Dickerson

I wonder though if there might be a difference between the residential septic "guy" vs someone that specializes in large scale septic inspections....

I need some help in the due diligence piece of this deal. I have found a mobile home park, it is 20 pads, and all of the pads are rented, and the rent has been the same for over two years. The beauty of this deal to me is that all of the trailers are owned by the tenants the park does NOT own any of them. Even if I kept the lot rent the same this deal makes Financial sense. However, I will most likely increase lot rents marginally.

My biggest concern right now is the single septic system that all of the trailers are utilizing. I have watched numerous podcasts, numerous YouTube videos trying to educate myself on what to look for. I watched the do's and don'ts videos but I still just don't feel comfortable about the septic. Is the septic really an instant deal breaker? How do I get a MHP septic adequately inspected? What are the warning signs to look for what is the process any help at all would be greatly appreciated? Because I feel like if I keep teetering back and forth on this deal I'm going to lose my opportunity for a good investment.

@Keith A.

Thanks for the input. My understanding is that they are not Section 8. I can only guess, but I would think some of the tenants dont have SS#'s and others just suck at managing money and cant qualify to live anywhere else. I know that may sound like a red flag, but I see these weekly rate hotels in my area and they dont seem to be hurting for business, and they're charging MORE than $200/week too.

These people need a place to live too, and if they pay their rent...why not? That is just sort of where my head is at.

What are your thoughts on apartments that are weekly rentals? Good idea/bad idea? I'm not talking about short term rentals or Air bnb properties.

Here's the skinny, I have a potential opportunity to purchase a multifamily that (supposedly) doesnt have much turn over but all existing tenants pay $200/week. The cash flow from all the units would be incredible to me. It almost seems too good to be true. The owner does pay all utilities and cable but has historical records of the monthly charges, and again it still has incredible cash flow with that factored in.

What am I not considering that I should be? A property mgt company would be a must for me in this scenario, but other than that I just cant find any hidden costs or risks. Thoughts???

@Dante G. The vehicles are called out on the umbrella policy, but in order for them to qualify I had to have separate coverage for them (which I had anyways). Does that help any?

@Charles Carillo, thanks. And I had my numbers backwards it was actually only $259 for the Umbrella, for the record ha.

Hesitant to beat a dead horse, but maybe you're like me, steal struggling with the decision of starting an LLC or not. I'm still weighing my options and have not made a decision. However, from a liability standpoint I was surprised to find out I could get a $1M Umbrella Policy for 3 vehicles and 8 pieces of property for $295/year! I figure why not until I figure out this mystery behind should I or should I not start an LLC.

I'm going to speak with an attorney soon, and I'm "loaded for bear" as we say in my neck of the woods, but just so many questions keep coming up and I just cannot land on a conclusion on the subject of an LLC. I'll for sure follow up with my accountant too.

Two things though:

1. I wanted folks to know an Umbrella policy was pretty inexpensive (maybe I'm one of the few that didnt know that).

2. Anyone want to offer up any specific questions I should ask the attorney or my accountant on the subject of an LLC?

@Rhonda Blue

Count me in.

I just wanted to chime in as well, I'm a native to the Blount/Knox county area. I'm trying to expand my network as well. Thank you.