All Forum Posts by: Paul K. McCoy

Good afternoon BP members! I took the advice from a family member that's a realtor, flipper, landlord you name it, to put a for sale sign on a property that we flipped the day of closing. So, all along the rehab process it's been for sale. Of course the price has changed with each inquiry do to constant changes. I can see the good and bad in doing this but wanted to get your thoughts, opinions and experiences. All the best. Paul

I appreciate all your responses. Long term it would defiantly be a great source of income. I also battle the idea of using that as down payment for other properties. The idea of the house still having knob and tube as most of the electrical is also a nuisance/possible liability. It seems like the past five months has just been a rush to get this thing ready to sell and here I stand now with the idea of renting it. Maybe I should take a step back and let it talk for itself. Thanks so much! -Paul

Good afternoon BP members! I wanted to get an opinion on a current property we have. It's a single family home in a great location that's walking distance to a rapidly growing university. -year built: 1927 -It's a 4BR 2BA and low market rent is $1200 with high being $1500 Expenses: -30yr loan Amt with escrowed ins. $535. -city taxes: $1200/yr -also not included is $???/month cap-ex,10%vacancy rate,10%repair & maint. or any other exp. -water/electric/Garbage: tenant pays ______________________________________ -Purchase price: $91,577 -Rehab exp & holding fees: $23,423 -Total investment: $115,000 -Potential sale price: $170-180k -Profit: $55-65k -Should I do a cash out refinance and leverage the money I have invested in the house and rent(of course my payment would increase if I did that and do not want to be over leveraged) - Or sell and take my earnings and re-invest? Although, my end goal is to generate cash flow but also could utilize the profits for a down payment on a much larger cash flowing investments. (FYI...the home isn't listed with a realtor, we have a seemingly serious buyer that's verbally offered asking price and is ready to sign contract) Look forward to hearing everyone's thoughts. Thanks so much! All the best, Paul

@J Warrens... that's really great insight, thanks for sharing. -Paul

Interesting topic, @Jeff Stephens How did you go about approaching the title company and what questions would be good to ask? Im trying to get my first mail campaign started as well.

Thanks

Cody, you would need to figure out if the homes are tenant owner or park owned. Your expenses will be significantly more if they are park owned and would have to account for that when calculating your Cap rate along with all other expenses. You may want to check for flood plain issues and possibly have a phase 1 environmental study as well. You can find a lot of info by calling your local court house to check for flood plain issues ,back taxes, etc. You will want to make sure it's zoned and permitted too. Thanks, Paul

Hi Cody, Check out http://www.mobilehomeuniversity.com/ There is an endless amount of knowledge to gather about mobile home parks through the message forums on this website. They also hold a 3 day seminar that id recommend going to also. I too am in the market for park while working on fix and flip homes to build a capital. Let me know if I can help in any way. Thanks, Paul

Hello to all....I am new to posting here on BP but have read and listened to a lot of the pod cast and forums. My wife and I are looking to invest in some sort of real-estate whether it be single family homes, duplexes, or preferably Mobile Home Parks. We are eager to start a somewhat lifestyle by own design and get away from the daily grind. We recently closed on our first single family home flip. I will be posting the details a little later, probably in another forum. Would love to hear your experiences and how others have grown in this business.

Thanks a lot,

Paul