All Forum Posts by: Lee Pegram

I hope this is helpful and I am not posting something someone has already posted. I have been looking on Craigslist and buying mobile homes for the last 4 years. This last year I found an awesome app on my Android smart phone that is called Craigslist Notification. It is a free app that alerts me like a text message when new posts are put on Craigslist. I have found about 4 homes this year and great success with this app. It allows you to be the first contact to many people who: need to sell fast, have their home priced great already, or I have also watched homes that have been posted over and over and I know that they may have a hard time selling and may consider any offer.

I hope this helps someone! I assume that and smart phone would have a similar app.

I am new to BP and I currently own 8 mobiles in a family park that is going well. I recently received a call from my real estate agent on a MHP. This isn't foreign to me but I am treading som new waters. It has 7 units. The rents and expenses are not great but I believe they can be improved easily. I am looking for advice in a few areas: 1) What I should offer for the property 2) What I should initially increase rents to and an idea of 3-5 years in the future. 5 Homes are at $120/mo and 1 is $150 and 1 is $170. (The average for my area is $225/mo) 3) Please look at my expenses and see if I am missing anything. 4) Rents minus expenses doesn't leave much for a loan payment. How long should i have a loan and when might be an idea on my return on investment?

Here are the numbers:
Listing Price is $135,000 and have a counter offer currently at $119,000

Annual Income/Expenses:

Current Rent- $11,040.00
Current Expenses-$8,424.00

Annual Expenses:

Current 2011 Taxes- $3,124.80
Water Bills- $2,136.48 ($356.08 avg for every 2 months)
Dumpster- $1242.72 ($103.56 x 12)
Liability Insurance- $300.00
Septic Tank Pumping (not including repairs)- $420 avg annual
• Pumping 3 times in a 10 year period at $200. (3 x $200 x 7 units = $4200)
Maintenance (Grass, Trees, Fertilizer, Snow removal, Asphalt, and Misc. repairs) - $1,200.00

Thanks for the help!