All Forum Posts by: Michelle Pultz

Hello BP family. I am a fairly new real estate investor of sf. When looking for other deasl I came across this mobile home park for sale online. I know that mobile home parks are profitable so I am in the process of running the numbers for this park so I know what is my best price to offer. I have established  a good rapport with the seller over the phone and now Ill give you a quick idea of the numbers with the info I have right now. They are asking 350k for a 19 unit and a 6 unit. Most of the lot rents are between 244-281. There are 18 lots filled all owned by the tenant. The parks have village water and sewer which I would be turning over to the tenant and they are responsible for their own garbage. As of right now the current owners are doing all the upkeep so I would have to factor in a property management team price. I did go drive out to the park and it is well kept and the units are in good shape. I know I have due dilligences to find out if this property will cash flow. What are some key numbers I should have. I saw an arbitrary formula for coming up with a price to offer which is Lot rent X # of units X 70. Is that a good formula to use? Also are there calculators on BP I can use to plug in the numbers and create a report that I could show to my lenders. Also the seller stated she really doesn't want to owner finance, but if I can help her to see that its a good idea for her to do the owner finance I fell like she would be open to that option as well. 

Real estate investor in the Binghamton area!

@Reece Iovine thank you for your insight.

I acquired my patents home when they moved into my grandparents house. I own it free and clear an I am currently using it as a rental property. Would it be wiser to take out a Heloc or to refinance the home as I am moving foward and using this home as a BRRRR investment.

I have a question regarding the 20k. I don't have 20k in cash but I own a rental that is paid for with over 20k in equity. Does equity work as "cash" to continue investing in real estate?

Investment Info:

Single-family residence other investment.

Purchase price: $40,000
Cash invested: $10,000

What made you interested in investing in this type of deal?

I aquired this deal as my grandfather passed and my parents moved into his old house. They did not want to spend the time or money to fix and rent their house out so I purchased it from them for a good deal.

How did you find this deal and how did you negotiate it?

Family

How did you finance this deal?

Family

How did you add value to the deal?

I have totally renovated the entire house making the value of the house increase by more than 50 percent.

What was the outcome?

Currently I am renting out the house

Lessons learned? Challenges?

Rehabing old houses has many hidden suprises such as old wiring, rotten studs or beams,and unlevel flooring being leveled.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Not at this time