All Forum Posts by: Brad Mooney

@Patrick McKenna

Our park is roughly 2.7 acres and contains 24 mobile homes. All but 4 are owned by us. There is also an older two story 3 BR house on the property along with a small 1 Br house. There is also a 30 x 70 set of storage units. The single build contains 19 units. The park is divided in two parts.

The original part are the smaller/older trailers. The newer section was added later and contains 8 - 14 x 70's. All of the lots are full, and there is no room for expansion.

Our monthly income from these rentals is $10,820. Historically we've maintained a 95% occupancy rate.

It's been a nice cash business for us but as I stated in my post. I'm just ready to retire and move on.

@John Jacobus

Our park is roughly 2.7 acres and contains 24 mobile homes. All but 4 are owned by us. There is also an older two story 3 BR house on the property along with a small 1 Br house. There is also a 30 x 70 set of storage units. The single build contains 19 units. The park is divided in two parts.

The original part are the smaller/older trailers. The newer section was added later and contains 8 - 14 x 70's. All of the lots are full, and there is no room for expansion.

Our monthly income from these rentals is $10,820. Historically we've maintained a 95% occupancy rate.

It's been a nice cash business for us but as I stated in my post. I'm just ready to retire and move on.

@Timothy Doenges

Hi Tim, we have a onsite PM. He lives in the 3 BR house onsite. I'll post all the details in my post.

@Dominick Dahmen Our area (Parkersburg, WV) is somewhat rural. 35 to 50k. Though historically we've maintained a 95% occupancy rate.

@Jon Dorsey

Hey Jon. Yes I have someone that manages it for me. He lives in the park but I've been somewhat involved as well. As for doing the remote ownership, that's just not me.

Thanks for your response

I've owned a MHP for nearly 20 years in WV. In about 3 years, I will be retiring and moving to AZ. I'm not interested in keeping the park after I move. It's been quite profitable as most are, but fear finding a buyer might be an issue in my location. I've struggled with the idea of selling just the trailers and collecting lot rent, and have pretty much eliminated that scenario. Anyone have any other ideas? Thanks in advance.

Brad

What about the elimination of the exclusion of rental income being subject to self employment taxes? Thoughts? “Rental Income may now be subject to self-employment taxes (pg. 51) Proposed amendment removes the exclusion of rental income from the definition of “net earnings from self-employment tax”

I'm looking at the Venice, Rotonda, North port area. Actually going down for a cruise in October but going to jump over and scope the place out for 3 or 4 days. Ideally I could find a SFR and rent it out until we move. I had been interested in the Merritt Island area, but I've heard a lot about the gulf coast recently. Its really interesting and kinda strange. I've been "STUCK" here in WV for the past 29 years. (Got hired at a well paid job). And I'll retire after 32 years. Then I can move anywhere I want to. Just up and move. Its really not as easy as it sounds. I know I want Florida for the retirement friendliness of the state. The close proximity to the cruise ports. We love to sail. But will likely have a home somewhere a little cooler in the summer months. But right now I'm focusing on trying to find the right spot, that offers what we desire when it comes to living. And also be a good spot for the rental business. I don't know why but we tend to like the Urban Sprawl kinda places. You know with lots of new restaurants. LOL.

Carolyn Here in WV, in Wood county we still have live tax deed auctions. I've never done the tax auctions, but have purchased 3 homes at foreclosure auctions at the courthouse. I'm curious as to if these sales are county by county? Or if the entire state of Florida uses this same protocol. Did I mention I'm planning on moving to Florida in 3 years when I retire? Lol Brad

So, I've been in the Landlording/Investing business for 16+ years. I started with the purchase of a small, (16 unit) trailer park and have added a small mini storage unit, (1 building, 19 units) and 5 SFR's as well as an additional 10 mobile homes. Our gross revenue is 165k a year. I've done all this while maintaining a full time job working shift work. 
I do have a property manager/maintenance man on board for the last 13+ years. Without him I'd of not been able to accomplish what I have. Here is my dilemma. I want to continue to grow. I'm interested in multi family. But not at the expense of what we have already. I'm particularly interested in knowing what others in my same boat are doing on a daily basis. What is your routine? I have a bookkeeper that keeps my books, but how much do others turn over to your bookkeepers/accountant. Phone calls on my behalf? Setup accounts? Shop for Insurance? Etc? What numbers are you looking at on a regular basis? Occupancy rates, P&L statement, etc? Daily, Weekly, Monthly? I guess I'm trying to get more organized as I've been able to manage everything up to this point, doing what I am. But as I want to grow, I don't want to lose the handle on what I should be keeping an eye on. What's you're daily routine? Any and all feedback appreciated. Thanks Brad