All Forum Posts by: Account Closed

I would check with your state inspector. Some will allow it depending on the levels and where they were located. They should be honest with you and let you know!

Great question! In my experience, manufactured housing typically sells for quite a bit less. However, for a cash flowing property, it can be a cheap way to get housing up quick and making money. Just keep in mind, when you go to sell that you may not get what you would like.

What do you mean by "keep track of them?" I'm guessing you mean how to track the finances, correct?

If thats the case, I use Quickbooks however that may be overkill for most people. There are plenty of free/cheap accounting software that would work great. Wave and Cloudbooks are both great options. When looking at software, just make sure there is a way to allocate expenses/income to specific properties. It may sound different for each software (locations, jobs, items, etc). Hope that helps some at least!

This is kind of a cop out answer, but I would say it really depends on the banker/bank. If you are turning your primary residence into a rental, then bankers are going to want that to be represented accurately on your Personal Financial Statement. They will also want your primary residence listed as well... just note that its your primary residence and not an investment.

Not sure if that helps at all or answers your question at all.

I agree 100% with you! You need to start documenting everything. As the property owner, you may be able to access a copy of the police reports, take pictures of everything, see if tenants can give written statements documenting their run-ins, etc. In Wisconsin, we have 5-Day Notice to Cure or Vacate notices that tend to help tenants realize the severity of breaking the lease (assuming the tenants are technically breaking specific areas of the lease).

I would make sure to continue to communicate with her when disputes occur. If the lease is broken, make sure to follow all local laws, but apply pressure if applicable. Worst case scenario, you are stuck for another 9 months until the lease runs out.

Hey Joe! I have a little experience with these so feel free to give me a call or shoot me an email!!

I agree... as the Seller, I would never lower a price preemptively for the condition of something. Let the Buyer comeback with a price and begin negations. At least that is what I have done in the past.

Oops... didn’t read it’s not in an LLCs name. That definitely seems a little high.

@Mo Muigai I think you are in the ballpark especially with a fixed rate. A little high but in the ballpark. It may come down with a ballon option.

That makes complete sense Becky! If the seasonal demand is there, make that money!! :) Keep me posted! I'm curious how it turns out!