All Forum Posts by: Robert Ware

Those park owned homes could be a problem.  In sc you can't move them if they are built before 1976 (it's around this date) easiest way to tell is if it has a flat roof, it's a no go. Lot rents around Lexington about 200 per month. Park upkeep much easier than mh maintenance. If trailers are new enough could sell them off as rent to own. My experience says getting new homes and renting loses money but if you can rehab used trailers its worthwhile. If you're on well water, beware a forced tap fee if well is condemned. 

Career military here... A side note your rental type dictates your customer. If you cater to higher enlisteds or officers they will pay rent, not doing so are career killers. If you have any issues like property damage or loud parties, better than calling the cops the chain of command will handle those for you. My experience as a one time squadron legal officer and frequent renter is that when a military member moves, they often refer another to your place. (assuming its a quality place) This is the only area I would consider renting in the upper middle class price range and feel comfortable.

New to BP and just looking to interact with others in the forum on Columbia

simple math, compare the cost of the total payment now (pi +pmi) to new (pi) and see which one is lower. The total cost can be compared if that's an issue but if the renter is paying I'd be more lenient. The more cash you can free up the more deals you can do. 

Your tenet thinks they have the upper hand, have them sign lease or start eviction proceedings. Unless they pay the full rent due as specified in the original lease on a month to month and you find that agreeable. As Brandon says, google NJ laws and see the requirements yourself. 

On the question of 20yr or 30yr loan, I always prefer the longer term to provide maximum flexibility. You can always payoff a loan faster if you want. With extra cash, compare all debt interest rates (after tax) and payoff the highest rate first to get maximum benefit on your dollars. 

Definitely get a holdback and a lease if possible. If no lease, have the 30 days in the contract and a large penalty due for missing deadline. The larger the holdback and penalty the more motivation the seller will have to vacate. As for wholesaling, once you have the contract you can do what you want. Stipulate in contract that you will have potential buyers, contractors and repairs performed to further motivate the seller to vacate.

I use ACH (billpay) or zelle which are free to use. Those without bank accounts can deposit directly to my account in cash at the local bank. If deposits aren't made on time, I immediately start the eviction process, this trains renters real fast that you are serious.