All Forum Posts by: Marijuana (MP) Vandyck

@Mary Jay

Glad to hear the deal is back on! Yaayyy!!! Make sure you review your closing settlement docs carefully prior to closing to make sure you are getting credited for a security deposit for each and every tenant (and of course the rent).

The seller will swear they don't have any security deposits and the instant each tenant moves out they will swear they paid a deposit and YOU owe them the money. And you will. :-)

Estoppel letters rock.

@Scott Sklare

Hey Scott. Hope all is well.

@Kay C.

I second what @Scott Sklare said. I live and invest in Florida now but I am from Beloit, WI and that general area and although the prices have gone up in that region it is well worth a look.

@Heather De La Cruz

I'm not a real estate attorney but if you 1031 it won't you have to purchase a like property.... with a short time window in which to do so?

You already can't make it down to do/ manage/ hire someone reputable to do everyday repairs and address tenant concerns.

What's going to change with the new 1031 real estate property from this one? Even if you buy it close to where you currently live the work is still the same, just a shorter drive distance.

No need to answer– this was just me thinking out loud the minute I read that you wanted to 1031 it.

Good luck and please keep us posted.

I'm in your situation... minus international travel and ADU's. My 17 year old is graduating from high school and heading to college in the fall and I am tired of working super hard and ripping and running and am looking to slow down a bit. With that, I purchased a small place in Florida on 4 acres that I will run off to periodically when the midwest winter weather and covid cases run me out of IL. I am now actively looking for a triplex or quadraplex to house hack in as my home base, bring in a bit of income, and have an address while I travel and camp to my heart's content.

Hey fam!

I've earned the nickname MacGyver since childhood because I am always looking for, finding, and creating loopholes and alternate ways to accomplish the same goals others take the traditional paths to accomplish. With that.... here is my question. I want to ask it here prior to asking my lender. 

Can an FHA loan be used to purchase a small mobile home park that includes a single family home on site and up to 10 park owned mobile homes (personal property) where the owner/operator/manager would live on site in the residential home thus meeting FHA residency requirements?

NOTE:

1) Yes. I am aware this "sounds" crazy as a mobile home park is typically considered commercial property- but I am thinking of making a case for residential with the house. I know. I know.

2) Yes. I am aware a lender must be consulted.

3) Yes. I am aware large parks are better than small parks, ,make more money, and support on site management.

4) Yes. I have purchased and gone through multiple in person and "take home" mobile home park purchase trainings.

5) Yes. I have been investing in mobile homes for years. I am now in the market for my first park.

What say you!

@Ronan Donnelly

Thank you for saying that. I was reading the responses thinking that they are making a simple partnership into a lot more trouble than it needs to be.

@Jill F. Hire a few off duty police officers to sit in front of that building (and consistently drive by often) a few hours a day completing paperwork, running license plates, and basically making the swinging by “the pharmacy apartment” a risk.

@Jake Davis

I love this idea!

Either option could work. Of course you would crunch numbers to see which will work out in your favor depending on each property option you analyze.

FYI- You are not the only one who believes in the power of house hacking! My husband and I will be buying a mobile home park in the next year or two and will be house hacking in it the first year (if not longer). We are looking for one with a house included.

@Jerryll Noorden

YES! You are correct sir! Thank you too!

Happy new year! Best wishes to you in 2020!