All Forum Posts by: Michael Meeks

End of the month. First of month rents are coming in, and bypass 1st months debt service. With some prepaid interest, you can extend it a little more. 

Make sure you also understand how your utilities are setup, weather deposits will need to be paid, or transferable from previous owner.

Lighting, appliances, fixtures not sure of the exact breakdown.

@Christopher Rodriguez not necessarily a fan favorite, but a good option for the student budget, and this investors budget.

how far are you from Auburn? Summer is here and over the next few months graduating students will want out of their mobile homes, new students will be coming in late summer. Closer to campus the better. 25% return is not impossible. I'm not in that market becuase i am a little farther south, but it's worth looking into. I a have a close friend that graduated from Architecture there, and said its a popular student housing option.

There is also an opportunity to accelerate depreciation through cost segregation. Some items con be depreciated over 5, 7 or 15 years.

No, I actually talked direct to the broker and he wrote up everything from my verbal offer.

watch Craigslist for a dump trailer. I picked up a used one in great condition a few years ago for $1500. It's been worth it's weight in gold. Make sure you get a lock that attaches to the ball. Use the same philosophy as on a house, buy used and negotiate.

I always have a deadline in my contract. There is allowance for weather delays. I also have penalties of $200 to $250 per day that kick in after the weather days are added, and a 5 day to 10 day period after the agreed upon completion date.

Yes I bought it for 7500 cash. I put about $3500 in repairs including a room. I sold it for 38,000 owner financing with $5000 down. 

@Nicole Jones

 I don't think you will find a set standard. Every state and municipality have different codes and ordinances they adopt. Then every neighborhoods have covenants that would need to be reviewed, that can cover minimum square footages, what can be parked in the yard, what fences can be built out of, etc... For instance my home has a 2 bedroom home in the backyard I rent out. Historically it was challenged, but the covenants allow for a care takers quarters, and that was its original purpose.

Auburn University's architectural students have something called rural studio. They build structures out of recycled materials in a poor community. They also have a what they call a super shed. Its one big roof with student dwelling sectioned off.