All Forum Posts by: Kevin Mika

I have not heard of any FHA or VA happening unless it is on private land.

The biggest worry is that you are marketing to a much smaller demographic choosing 55+. How did you come up with the value of 8-10k? I would say there is a definite market for 55+ but just know your exit strategy and how long the park is going to allow you to hold the property not being 55. I have a MH now that is in a 55 plus and I'm having a hard time getting buyers to look at it. Doing the Reno this week so I hope to have a buyer but it's slow go. Make sure the park is a desirable place to live.   

My first offer was 35,500 and I would make cash flow every month on that deal.  The seller will only come down to 42k.  I know MH are depreciating assets but my plan is to buy as a long term  rental. The rental value should stay around the same rate as long as routine maintaince is done. While the loan is being paid off I would cash flow the PM since I woUps be managing it myself.  Once the loan is paid off I would be able to pocket that extra cash flow for however many years I hold for  

If you could please leave me insight on this deal. 

1995 double wide MH on private land. 2 beds 2 bath with 2 driveways

Septic, Cental air, shed

Would need a Roof over $3000

Taxes $569/yr

Fees include trash, street light and hoa $280/yr

Rent should be $700 

Market value is around 45,000-$50000

I can only get seller to 42000 with half closing cost. 

Turnkey rental 

I tried to get the sellers down a little more to my first offer of $35,500.  With this I added in 5% vacancy, 10% capx, 10% PM, 10% repairs plus insurance.  It seems at this purchase price and a loan of 6% I would be breaking even each month until the loan is paid off. However I would be doing my own PM for a long time.  Any insight would help. Thanks Kevin. 

@Donnell Gardner  I would love to take a look at what you have. I am looking for my next rehab.  

agreed buy J Scott's book and write your own.  Also there are many free ones online.  I could also share one I have and you could use it as a format.  

@Ken Abdullah  check out Facebook page Tampa bay reia Krewe. It's local investors and is an awesome networking platform. It also has a calender that has all the local meetups.  There are a lot in St Pete also. I go to a few of the meetings around and have had good luck networking.  Let me know if you have anymore questions. 

Hello.  Yes BP is an awesome site for investors who are doing business at a distance.  Be active on the forums and follow up with others should help you get to where you are going.  The podcast are great and since I'm sure you have a lot of downtime while on duty "I'm a vet myself" take this time to listen to the podcasts and take notes. I'm in north Clearwater if you ever need anything up my way.  Thanks for your service and good luck. 

I would say the first thing you need to make sure of is that the park will let you rent it.  Most parks will not allow you to rent out the home inside there park. Are you over 55 or the parks age limit. If not the park could move to evict you. Just food for thought.  With that comes different questions on how much it's worth and what repairs are needed. If your not sure what your doing of Cours hire and do an inspection. I would not trust the parks inspection on the exterior.  After the inspection you should have an idea of what shape it is in and what repairs are needed. Craigslist is probably your best avaune for getting comps to either rent or sale.  Let me k ow if you have any questIons  if you have to sell you could always look at taking payment  But that is a whole different topic

wow sounds like my project.  I called and had 3 different contractors come out and they said they wanted the work and we're going to give me bids.  I received nothing and even after I tried contacting them multiple times I heard nothing back.  I have a name and number if your still looking.  Just PM me. Good luck.