All Forum Posts by: Matt Slakey

Thanks guys! @Serge S., thanks for the info. It's in Tucson. Where is yours? 

It's going well so far. There has been a lot to do to stay on top of issues. I haven't evicted those people yet. I've got a to do list that is ...extensive. Top priority is long-term financing. The park seems to be below the threshold of most lenders requirements by both units (50) and loan amount (1M). Who are you using for financing (if anyone)?

Hi All,

I just purchased a 29-unit mobile home park in Arizona. There are no leases from the previous owners. Most of the tenants seem agreeable but there will be at least one tenant who won't sign the new lease and probably won't pay rent. (They haven't paid since October.) Does anyone have any experience with a situation like this?

Thanks in advance,

Matt

What form and schedule should I use if I am living in one of our 4 units? Also to complicate it, I occupied the unit from April - December, renters occupied it from January - April. 

I have them go into a local branch to pay. The flip-side of this question: How do you stop them from paying? If you want them out and they pay, they can stay (at least in Oregon).

@Account Closed : Mine are. I don't know about my mentor. I would assume his are too though.

I have 1 per door. And 1 main one that is fed by all the "door" checking accounts. My mentor does the same thing and he probably has 200 accounts! LOL

Depends on how burned. If it does need to be torn down, that costs money. so the value would be the value of the land minus capex for tear-down and removing the debris. I have heard on podcasts of people rebuilding houses but I think those buyers are more rare. But Sac is a hot market with lots of construction companies. Check the county tax records to see what they appraise the land value at, and maybe some of the neighboring properties.

Also depends on the ARV. If someone can't make 30k off of it, you may have a harder time finding a buyer.

Sounds like a question for a CPA. My gut reaction is don't lease a car, especially new. 

If you've read blog posts and listened to all the podcasts, you know what to do. What's the worst case scenario if you followed the advice of all the stuff you've read and heard? Jobless? Homeless? Dead? You can get a new job or rent a crappy little apartment if you fail. And if you die, then it wouldn't matter anyway. (You are probably not going to die because of buying real estate).

Solidify your "Why?," your reason for doing real estate. Nothing else should be bigger than your "why".

Godspeed!

Hi!

I think it would be helpful to drill down into one of those areas. Real estate is a rather broad niche. Read blog posts and listen to podcasts (probably not at the same time) about one of those areas get to know it, learn what's in store for you. 

And throw the idea of getting a property in a week, out the window.