All Forum Posts by: Mike Gennaro

It's a good thing to have a little cash during a downturn. Solid cash flow investments are selling for a premium---at least they are in my local market. If you're liquid at the start of 2019, you'll have much more to choose from soon. If you can take advantage of the capital gains exclusion mentioned above, sell it. If you would have to pay gains, go for the 1031 exchange. I agree with the above that you are not making enough of a return to keep it.

I've contacted Gene Guarino about the 3 day course and learned that the price point is $5000 for two participants, and you pay for your own travel and lodging. 

Before signing up for the course, we plan to continue to research our local area and interview professionals who are "doing the thing" successfully. This week, my wife and I will be interviewing someone who runs a small residential assisted living facility on the west bank of New Orleans. She is a registered nurse, knows the ALF industry well, and has run her ALF successfully over the past several years. I'd rather pay that owner to consult us, before flying off to Arizona and taking a chance on a seminar. However, Gene Guarino checks out with a clear record on Ripoffreport.com. I'm always hopeful, but wary of those who are in the business of seminar style education. 

On a final note, we believe that senior care investments should be done for the right reasons, and run by professionals. We are only here to provide the real estate and the framework for a certified, professional resident care manager, who will manage staffing, culinary, and resident care. In my research I've noticed many facilities have been in the news for running without licenses and with uncertified staff who keep the facilities in terrible shape. Those owners end up in jail, and this is not something to take lightly. Healthcare fraud is a federal offense.

Nah, don't clean up after that guy. If he's been there for 18 years, pays on time, and doesn't creep the other tenants out, then I agree with the decision to upgrade the appliances.  If you really feel that keeping this tenant is worth all of the hassle, and the potential damage to the apartment, then I'd hire a cleaning service to do a good once over for $100-$200. If he's a hoarder, maybe get a family member's phone number and get him in touch with some psychiatric help.

@K. 

Psee above:/ I'm still getting good at @ replying.

@Account Closed undefined

@K. Marie Poe 

Since the original post debuted, we have experimented with a couple payment options. I think the holiday cash crunch as well as our heightened down payment played major parts in the responses being down. We think we may have overestimated down payment amount in this particular market (Baker, LA), to which we are relatively new in the MH space. 

@Account Closed to continue post and engage on these forums. 

I am not calling or insinuating that anyone here is a troll, but the bigger an online community gets, the more this can become prevalent. Those who have posted for longer periods of time claim ownership and are territorial towards new members. 

Troll Definition

@Account Closed to continue post and engage on these forums. 

I am not calling or insinuating that anyone here is a troll, but the bigger an online community gets, the more this can become prevalent. Those who have posted for longer periods of time claim ownership and are territorial towards new members. 

In Internet slang, a troll (/?tro?l/, /?tr?l/) is a person who sows discord on the Internet by starting arguments or upsetting people,[1] by posting inflammatory,[2]extraneous, or off-topic messages in an online community (such as a newsgroup, forum, chat room, or blog) with the deliberate intent of provoking readers into an emotionalresponse[3] or of otherwise disrupting normal on-topic discussion.[4]

@Brian Gibbons , I tried to tag you above but it didn't take. Thanks for the info!

Thanks @Brian Gibbons  I appreciate the information. We have used bond for deed before and have tossed that option around, wondering if it was absolutely necessary at approximately $1000.

@Bill Gulley Thanks for the advice; I've read a ton of books on mobile home investing that are now unfortunately outdated, because much of the info is based on the "Lonnie Deal."

I'm going to put a straight forward price on the unit at $9500, ask for $2k down and finance the rest at a percentage.

Best and still learning,

Mike Gennaro

Honest Leasing LLC.

We would like to sell a mobile home via rent to own and remain compliant with Dodd Frank. We purchased the unit for $8500 in a park. I've posted it for sale on craigslist as follows and would appreciate suggestions for success and again, legal compliance:

"2 bed 1 bath 1980's 14x60 (AS IS in good condition), rent to own with $1000 down. The note is $350/month and will be paid off in only 5 years. Lot rent of $220 + $80 insurance will be included in payment each month. Your total monthly rent including insurance and lot rent will be $650..."

Best,

Mike