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All Forum Posts by: Abraham Anderson

Abraham Anderson has started 22 posts and replied 119 times.

Post: How would you price this park?

Abraham AndersonPosted
  • Investor
  • Sevierville, TN
  • Posts 121
  • Votes 674

I heard them mention the expenses would be around ~30% (which would affect the NOI), at 30% it would put the property (at a 10 cap) at $882,000. Being that it's septic, I would wager the expenses would be closer to 35%, so your figure of $819,000 should be more accurate.

Post: How would you price this park?

Abraham AndersonPosted
  • Investor
  • Sevierville, TN
  • Posts 121
  • Votes 674

I'll have the option to buy the following park:

$300/month lot rent (All resident owned homes)
35 lots
city water/septic sewer
within 5 miles of a Walmart (tenants pay their rent there).
Located in a county of approx. 40K people

The previous owner dealt in all cash, there was no records at all. The current owner (a person who owns several parks that I am working with to turn this park around), paid all cash & plans to renovate/build up records over the next 6-8 months, then it'll be ready for bank financing.

How would you value the above park? What do you think would be a fair price/good deal?

Post: Im 18, is that too young?

Abraham AndersonPosted
  • Investor
  • Sevierville, TN
  • Posts 121
  • Votes 674

I started at 18 (new construction flip, no co-signer!) and purchased a 20 unit complex at 21. It can be done! Three steps:

1. Increase income
2. Save as much as possible
3. Invest wisely (real estate all day!)

Good luck!

Post: Rent to property manager?

Abraham AndersonPosted
  • Investor
  • Sevierville, TN
  • Posts 121
  • Votes 674

I know a guy who's property manager rents one of his homes. She always pays late and never charges herself a late fee, also hasn't raised her own rent in the 5+ years she's been there, ha ha.

J&G's book Wheelbarrow Profits (and their podcast by the same name) are excellent. They lay out their criteria to 1. buy right 2. manage right 3. finance right. I am following their framework and it's been great so far!

Post: the MUST HAVE app? Whats the biggest game changer?

Abraham AndersonPosted
  • Investor
  • Sevierville, TN
  • Posts 121
  • Votes 674

Evernote for note taking, Google Calendar for scheduling events, TenantCloud is good for a free property management software. 

A less well known app that I use a lot is CallNotesPro for Android. When on a phone call, it shows a little pop-up note linked to that phone #, i.e. "Bill owes me $50", or with companies "Hit option 4, option 2 for a human".

Post: Fully Occupied--When to raise rent?

Abraham AndersonPosted
  • Investor
  • Sevierville, TN
  • Posts 121
  • Votes 674

I recommend spacing the increases in case of vacancies. Since last August when I took possession of the 20 unit, I began raising rents 2-3 units at a time, and now everyone is at the higher rents (average $140 per unit).

In your situation it sounds like the rents haven't been raised for a while, coupled with your improvements the tenants expect there to be an increase. The worst that will happen is a 1 month vacancy, so go for it!

Post: Rent box & late fees

Abraham AndersonPosted
  • Investor
  • Sevierville, TN
  • Posts 121
  • Votes 674

How did that work out?
I do have an on-site property manager, currently he is collecting rent door-to-door each month (as well as doing repairs). 

Post: Rent box & late fees

Abraham AndersonPosted
  • Investor
  • Sevierville, TN
  • Posts 121
  • Votes 674

Do any of you use a rent box? I'm considering adding one to my property (I have a secure place to put one near the mailbox area). My main concern is, what if a tenant drops in a partial rent payment? I.e. if they try paying after the 5th & they only deposit the rent with no late fee.

Post: Mobile Home Park Lot Rents

Abraham AndersonPosted
  • Investor
  • Sevierville, TN
  • Posts 121
  • Votes 674

I've been evaluating MHP deals and the easiest way to determine it is check neighboring parks in the area. Drive around the neighborhood (or, look on a map), call the ads & find out what the rent is.

Search as many as you can, some may be very under market. An example is, a beautiful park I went to is charging $200/month lot rent, while a low end park is charging $300 lot rent, and both stay full.