All Forum Posts by: Kyle Grimm

Hi everyone!

I run into this issue every time a buy another property! The banks need updated finacial statements and I have no good way to track this. In the past, I have just filled out the banks financial statement form... but I would like to use something preferably online that I can update regularly.

Where/How do you track your personal finacial statement?

Thanks!

@Bill F. This is the kind of input I really need! Thankful there are guys out there much smarter than me!  Most likely I would be fronting the cash to bring in the new homes myself due to the park not being a real attractive one to bring your own home into.  It just really puts it into perspective when you show the numbers like you did.

@Neil Schoepp Very valid points! I keep trying to convince myself that I can make this a deal with adding the homes, sub-metering the park, and a slight bump up in rents.  I've been looking for parks for well over a year and just ready to pull the trigger.  But I know it's not worth buying a deal that doesn't make sense.

@Ryan Groene Thanks for your input as well! I agree that with these smaller parks, there is less room for error in regards to absorbing the cost.  I will keep grinding away until I find a park that actually makes sense. 

• 22 Spaces
• 4 vacant lots (1 of those is too small to put trailer on)
• 1 park owned home needing renovated but will bring in 450$ additional income once 5k dumped into renovations.
• Park manager gets free lot rent 
• 16 lots currently collecting lot rent for gross annual income of 42,168
• City Water/City Sewer 
• Tenants pay all utilities besides water (water paid by owner)

I feel that my expenses as listed in my rough numbers are very low.  These are numbers I got from the owner which I know is not always a trusted source.  Tenants currently pay all utilities besides water which is on one master meter paid by owner.  I have already been looking into sub-meter the park which would knock down my annual expenses down to around 9k (I asked for water bills from seller and they are around 9,659 per year). 

I have talked to owner down from 355k to 280k.  Rents are right around market rent but I could probably bump them up 15$.  After submetering the park and filling the vacant lots, the numbers would look a lot different.  I am curious what some of you experienced investors would think about this park.  Something to move forward on or keep looking?  Love to get some feedback! Thanks!

@Paul Stout Sorry I just now found your response.  I appreciate all the knowledge shared!  I am definitely going to look into Universal.  I agree with you that it just makes sense to have a company like this to do the billing.  Like mentioned in previous comments, it's just one less thing the manager has to be responsible for.  I currently use Buildium to manage my other rentals and I'm not sure if it has any integration with meter reading services.

@Rick Gibson Yes this park is in Quincy.  I will reach out to you later today.  Could you send me a personal message with the best way to call you?

@Ryan Groene that was some very valuable information!  Thank you so much for taking the time to share all that.  I think I agree that I would go with the more expensive remote readers.  I talked to ABT Water Management today and they are going to give me the price of the remote readers with me finding someone local to install them.  

Do you have any other recommendation on where to purchase the meters? 

@George Skidis I will definitely keep that in mind!  Thanks so much for your input as well!

Hello all, 

I am currently negotiating a price on a small 22 space park in Illinois that currently has one water bill sent to the owner.  The bill is around 10,000 a year and I am starting to look into having this sub-metered.  Those of you have done this, could you share some lessons you may have learned from this process? 

- Did you hire a company that specializes in this like ABT Water Management to install and do the billing, or did you buy the meters yourself and have a plumber install them?  

- Did you first have to check city laws to see if it was possible in your city? 

- What was your average cost per pad to have this done? 

Any info would be greatly appreciated!  Thanks!

@Jill F. Thank you!  We have had a few issues already with the class of tenants we are dealing with.  But the returns are worth it if you can put up with a bit extra headache!

Thanks @Bill Larsen!