All Forum Posts by: Max Toler

Thank you Thomas

I'm assuming that I can file a 1031 on the property as a whole? I subdivided the 2 acres into 5 seperate municipal addresses. The 4 plex sits on 1 lot. The 4 mobile homes sit on 4 individual lots. I will sell all together as a package. It is on a dead end street and I own both sides of the street . I've created a mini community there and was hoping that I may have created something that could be marketed as a complex. Thanks for all of your input. Much appreciated!

Thank you. You guys are just confirming what I've been thinking. I have been married to this development for almost 3 years. I'm ready to see some cash back in the bank and move on to bigger and better investments

In 2014 I purchased a property that has a 1 level 4plex on 2 acres of land on the outskirts of town. Property also included a 30x60 metal building. Great town, great schools, right off of the interstate. I wanted to find a property that I could expand upon and this was it. These apartments had bad renters and was not properly maintained. Rents were $550 per month. I have since fixed them up and now rent is $720 per unit. I subdivided the property and moved in 4 new mobile homes on individual lots. Mobile homes have covered concrete patios and asphalt driveways and parking lots. I also brought in city water and underground electricity. The mobile homes rent for $980 per month and the tenants pay for their own water and electricity. I originally purchased the property for $248k. The property appraised for 700k after all improvements. Mortgage is now $2728 per month. Gross rents are $6700 per month. Mortgage balance is $378k. My fear is that if I hold this property too long, these mobiles will depreciate and age at a rapid rate. I don't want to hold this property too long. I would like to cash out and move on to bigger investments. How long would you hold? I manage this property personally and stay on top of things on a daily basis. All opinions and suggestions are appreciated!

The density ratio in this area is 7.5 mobile homes per acre. I should be able to fit 9 mobile homes on the remaining acreage. The local parish office is requiring a commercial treatment plant, not individual. The monthly gross rents with 9 trailers and the 4 existing apartments should bring in 10k. Debt service will be around $3200. Property taxes are less than apts and insurance is about the same as a 4 plex. I am in a flood zone, so mobile home insurance is less due to the trailer elevation being higher. My lender will go 20 years. The trailers will be brand new and I will personally manage the property strictly. I think it's what I need for immediate returns, my concerns are, what status will the property be at in 10 years?

I purchased a 2 acre tract of land right off of the interstate in a small town in Louisiana. It currently has 1 4plex building that rents for 700 per month per unit. They are 800 sq ft and 30 years old. My intentions for purchasing this property was expansion with more units. I have already been approved for 16 additional 2 Br 2 BA apt units. This build will require water line extension to my lot (currently a well) and a sewer treatment plant. After crunching my numbers with my banker, I have decided to step back and look at possibly doing a small mobile home park with new trailers and pads. But I'm still waiting on approval of the mobile homes because of the strict zoning laws here on parks. My analysis is leading me to believe that the MH will provide double the monthly income of the apartment because of the debt service being less than half of the new apartment build. New apartment rents will be in the $900 per month range and a 3 Br MH will rent for the same with a fraction of the investment. Any advice on short and long term strategies for both. I really need to maximize my monthly income now, not in 10 years. Any advice would be greatly appreciated.

The good thing is that I paid cash for both houses and the rehabs. It's only costing me about $300 a month each to hold them. I feel that I can still make a decent profit on the second one. Not having to pay interest on 2 loans is keeping my head above water. That being said, I need to sell them and put some cash back in the bank to reinvest in something else. I think that a renter would just tear up the place.

This house is in a small 2 block subdivision that is surrounded by a much larger and nicer subdivision. Prices are ranging from$65 per sq ft up to $95. Nothing has sold in this little subdivision since I bought this one in 2012. I just had my realtor drop the price tonight to $79900. Lets see if that moves it. I would rather drop the price than add on or enhance the house any way. I was really hoping to net around 15 or 20k in this deal, but I'm going to have to cut my loses and move on.

it's a 3 br 2 bath at only 1000sq ft. So the bedrooms are small. That's the only complaint so far. Every one seems to love the house, but we haven't gotten anyone to the table. My realtor said that he usually doesn't do open houses without staging, but I'm willing to do an open house myself. I've also considered selling the house myself and drastically dropping price .

First house after. Total investment so far is 68k. Listed right now at 84900. I've been dropping prices about every 2 weeks. House very similar next door, just listed at 105k and in need of rehab.