All Forum Posts by: Keith Marble

I have been reading and learning a lot on these forums lately. After a few months of looking I have my first deal in escrow.

8 unit Annual Rent Income = $29,832

Annual Expenses

- Utilities = $2,700
- Insurance = $320
- Property Tax = $2323

The units are less than 300 sq/ft. Tenants pay their electricity. 

It will need a rehab of each unit. They are old and not appealing to the caliber of tenant that I am targeting, mainly college students. I am estimating $5,000 per unit. Once each unit is complete I could increase the income to $38,000. The roof will need about $18,000 of repairs (rough estimate) in the near future because of deferred maintenance by the current owner. Once I have an inspection I will know more of any other deferred maintenance. The property in its current condition is a C in a B neighborhood.

The price is $195,000 and I have 25% down.

Where this is my first property I want constructive criticisms and analyses from more seasoned investors. Do you have a similar experience? Was the result good or bad? Please tell me about it.

Thank you,

Hello all. I am interested to know more about the Pocatello area and I am looking for an experienced person that would be willing to chat. Specifically in regards to gov't subsidized housing and how to calculate ARV's in general. I am willing to learn and I have an open mind.

Hi Stasiu

I just checked out your site. This one is 20 units, looks like a real fixer. I'll give you a call in the morning if that's alright.

Hello all.

I am looking for your recommendations of an experienced broker/agent that can walk a distressed multifamily property in Cincinnati. I need an honest opinion and referrals for rehab and inspections.

Thank you,

Thank you Jack for confirming my thoughts on this. I have been working with a mentor that show me how to value the land. He said the homes were close to worthless. The value is 31% less than the asking price and even at that price I felt it was still too much. But I asked and got a no in response. No surprise there.

Thank you Jack and Ken for your insight.

After listening to all the podcasts on MHP's I am considering one to purchase. I have found a property where most of the units are park owned. I have some information on the units and ALL of the park owned units are at least 50 years old. After listening to some of the podcasts I realize I have a few options if I decide to invest:

1. Sell the units for whatever they are worth to tenants. This will decrease the monthly income as well as the maintenance costs. I would be able to recoup my down payment at half the cash flow.

2. Replace the units with newer units. I am not sure how much this will cost. I assume $5k-10K per replacement (unit + placement). Also depends on if local laws allow this.

3. Keep the units. Remodel within reason to increase rent.

This will be my first investment property. I have looked are a lot of properties now, even had a few failed offers. I have had this one on my radar for 3 months and keep coming back to it.

Does anyone here have experience with old park owned units?