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All Forum Posts by: Ronald Wilson

Ronald Wilson has started 3 posts and replied 14 times.

Post: mobile home park 1.6mil deal?

Ronald WilsonPosted
  • Palm Bay , Florida
  • Posts 14
  • Votes 4

@adam johnson thank you for that very "full" answer,  my gut was feeling much like this was a minimal purchase.  I was not sure if it was my lack of experience not letting me see the value, or the truth that it wasn't a true deal. 

I will try to give some respectful inquiry as to what might be done on the sellers part to paint a better picture. I truly appreciate the details you've shared

Post: mobile home park 1.6mil deal?

Ronald WilsonPosted
  • Palm Bay , Florida
  • Posts 14
  • Votes 4

I know they are all septic, which is park exp and tied into the figure. . I well ask about the water and other amenities if i find someone might be interested in it from here. 

Any more questions that i might need to ask, please come in

Post: mobile home park 1.6mil deal?

Ronald WilsonPosted
  • Palm Bay , Florida
  • Posts 14
  • Votes 4

I'm sorry the wording on expenses might be confusing, 67,500 is the expense,  so 117,500 is the net currently.  Notification was sent out for a rent increase of $25 each unit starting May. And he is allowing a 30 yr contract. ..

Still seems real tight, with not much room to go up other than rent add itins later.  

Wholesale is interesting, though i have never done one. .

Post: mobile home park 1.6mil deal?

Ronald WilsonPosted
  • Palm Bay , Florida
  • Posts 14
  • Votes 4

Have found a man retiring and selling his mobile home park for 1.6 mil, 39 units 100%paying and occupied grossing 186k with expenses 67500. He's seller financing with 30% dn. 

If i have this right, that is a13% return,  if he holds for thirty years. .. and how would i use this information to look for local investors and create a deal that still leaves money for me as being a party of only a small part of the investment. 

Thoughts from any on how to wrestle this into an asset would be great. 

Post: Live from Tallahassee

Ronald WilsonPosted
  • Palm Bay , Florida
  • Posts 14
  • Votes 4

Hi Dereck.. fellow Floridian here, way to let down bring you up! That said regardless of the money that you have in your pocket right now. You need to be aware of your Market. Make sure that you understand the vacancy rate for the area that you're planning on doing rentals in.

Also make use of the calculators even though a deal looks like a deal to the naked eye you have to look into your Full expense as a newbie.  New investor eyes don't read all the signs well so you have to make sure you get those numbers down best you can before pulling the trigger. 

How many exist strategies will you have on this property at this purchase price,  have you pressed for better terms or a lower cost based on how well numbers work for your market etc... 

I'm just trying to devil advocate, the market is on fire here and i have to center myself all the time. I know that we are somewhere around the top of the market, and this makes it very important to analyze your purchase when you don't have experience. . Good luck my friend. . Reach out anytime. 

Post: Insurance Trouble With LLC

Ronald WilsonPosted
  • Palm Bay , Florida
  • Posts 14
  • Votes 4

Even though you are taking the advantage of s corp, it is still an LLC, your insurance should stand strong. Over coverage can be a heavy burden if it is the suggested route in all your spate business practices. Easiest thing to do is search a second opinion from another 2 competitors and see who the odd man out is. You can do most of this on line with a well written scenario forwarded to each ad to give both the same story to evaluate.

Also keep in mind,  agents make money selling service. Is your agent hurting you selling an extra coverage. . No not directly.  And it may be necessary for a reason we are not seeing. It never hurts to compete for better products, and moments like these offer great excuse to talk to someone else about what they might be able to do for you! 

Zero based thinking... knowing what you do now. .. would you be doing the deal had you this current information then.  It is true that the 1700 is spent. . But good money after bad is not a good process, and you know just on lose numbers that it will be a boarder line model at best.  Is that what you want and can afford to do with your early investment money? Think about the numbers without the emotional attachment to your earnest... is this a deal? Even if your partners had stayed, the numbers would not be any different that i can see. . 

Post: Wholesaler in south Florida

Ronald WilsonPosted
  • Palm Bay , Florida
  • Posts 14
  • Votes 4

Welcome to BP, all you need to know can be found here. Reach out if you are ever in the space coast area, maybe we can help each other! 

Write your post I have a duplex that someone rehabbed and listed at top of the mrkt price. It is itching me as i keep seeing it not going down in price but also not selling. It is a desireable area... the units should be able to rent for about $650 and $750 (one has an extra room) and as fresh as it is i just dont like the $159k price point. Calculator says i should look for at least $129000 to even get over 1.2 rule 

any input /advice would help on my move for an offer or if i am missing something

https://www.biggerpockets.com/calculators/shared/684294/f516b4d4-d589-4e2c-bba8-c9d9f181dca4

Post: Tampa, FL OFF-MARKET DUPLEX

Ronald WilsonPosted
  • Palm Bay , Florida
  • Posts 14
  • Votes 4

Robert please send me information and pics, is there seller financing available, will it qualify for conv loans?