All Forum Posts by: Paul Ewing

I am going with both.  There are advantages to being a licensed REA when investing such as easy access to listed properties and being able to submit your own offers.  Also it can be a good source of cash for future purchases.  Also I think being regulated by the rules helps you steer clear of some of the less than ethical tactics that are commonly put out there to aquire properties.

Personally I look for $150 to $200 a door not counting 10% for property management even though I self manage. I am also looking for above 15% ROI so that sort of balances out the leveraged vs paid in full question. If I can get both of those I am happy however I end up buying it.

Thanks @Sara Jackson that is what I started thinking.  It would be a very good enhancement to be able to apply the coupon as a landlord when designating the applicant pays so that the codes (especially those that are provided as incentives for memberships etc) don't get distributed outside those that should have them. 

Are these owned by the park and rented out?  If so you have all the standard reserves for maintenance, capital expenses, vacancy, etc.  I am assuming that is your 0.70 factor in the income equation.  in my market I would jump on something like that because I could rent them for $550 to $700 each depending on condition.  It looks like your market isn't near as good on the rents as mine.

@Sara Jackson I have successfully done several checks so far with my Pro discount where I pay the fee and it seems to work well.  If I choose to have the applicant pay does this discount get applied to their charge or do they pay the full $35 price?  Do I need to give them the discount code so they get the $10 off?  If so that seems like a bad application design.

I have four currently and my parents have another four.  They rent very well and for much more than a similar priced stick built home.  Mine are all on half to one acre plots outside parks and most outside city limits.  My stick built home is only renting for a bit more than my nicest MH, but cost me twice as much.

That said, it is hard to get someone to lend money to an investor on a MH even on land.  It is pretty much a cash business unless you want to buy new ones and install them which I don't think would work out well because of the massive depreciation they have in the first couple years.  Once it is ten years old it sort of hits its stability point and as long as it it maintained doesn't drop any more, but also doesn't really appreciate more than inflation either.  You make the money on the buy.

I am still looking at a few, but am concentrating more on looking for stick builts that I can get a loan on to take advantage of the low rates while they last.

I am hoping for another crash.  I will buy many more places then.  Not much available for what I think it is worth currently.

There are CPVC to 3/4" NPT adapters available.  I use them when connecting water heaters where the CPVC is in good shape.  They are CPVC on one side and metal on the other and cost about $4 at Lowes.  Really I see know reason you couldn't use the $0.45 all CPVC one which is what I did at my house, but I haven't on any rentals.  This is assuming the galvanized is NPT.  It may be something else.  I agree with the others and say rip all the galvanized out you can and replace with PEX if possible.  I am doing PEX on anything that has major repiping issues.

@Brandon Turner Would it be possible to get a download link in the ProReplay area for your webinars?  It would save you guys some bandwidth and really make life easier for people on slower internet connections that have issue with the stream buffering constantly.

Thanks, Paul

 Financial Independence Point.  Where I have enough income from passive sources to not worry about working a job.  I will probably still have the job of managing the properties at the 10% of rent I built into my equations which is in addition to standard cash flow profits.