All Forum Posts by: Aaron Davis

How do you have your properties insured?

I have one small park (1 SFR home and 4 tenant owned mobile homes) and am in escrow on a medium sized park (9 tenant owned homes and 25 unoccupied lots)

My thought was to have an umbrella general liability policy covering the business and a separate policy for each park, as I buy more.

Am I on the right track? Anyone have any ideas on a better arrangement? Many thanks!

Found a park in NC near research triangle (Raleigh Durham Chapel Hill).

9 tenant owned homes on 1 acre + lots.

7 x $150 monthly lot rent

2 x $160 monthly lot rent

$1,370 monthly income

—-

$1,020 annual taxes

$372 annual power for 3 street lights

Seller receives checks at their PO Box. No tenant turn over since 1992.

Road is in good shape.

Sellers asking price - $170,000

Property has 30 additional acres, some of which may be able to have mobile homes. A flood plain is near the property making some of the lots unusable.

- Each home has its own septic

- Water is individually metered

I figured I’d raise rents $50 each year for the next couple at least. If I can add some mobiles to the back lot then that would be a bonus.

Anyone have any ideas??

I’ve had good success with these methods

- Driving around and keeping an eye out for run down properties and sending them a letter or calling them

- wanted ads on Craigslist

- want to buy signs in a particular neighborhood

What are your favorite ways to find off market deals?