All Forum Posts by: Samantha Baker

So recently I had the opportunity to purchase a 26 pad mobile home park about 10 minutes from my house.  I have included a business partner in the deal for the down payment.  I have been reading on here how good of an investment a mobile home park is so here's what I did:

Contract Price: $825K

Annual Gross Income: $121K

Annual Net Income: $100K

26 Pad MHP (all trailers owned by the park) with 2 pads open, rent way below market value (can easily take the $121K up to $140K)

3 additional storage buildings, 1 building consists of 12 mini-storage units.

Any advice on this going forward?  I don't know what to ask or even what to expect, but I'm hoping someone that owns MHP's can chime in.

I have a business LOC on my 8 rentals put together. I use a local bank for everything, so it wasn't very hard to get them to do this for me. They gave me the equity I have less 15% for my LOC.

Get it done ASAP!  Before the raccoons cause damage and leave feces everywhere and you're looking at it being more expensive to fix.  A neighbor at one of my rentals had this exact problem (Southern IL) and her renters let it go until it was a nightmare to clean up.

Water and vinegar are amazing for cleaning carpets and using shaving cream to help take up stains.

My 2021 goal was to purchase no properties, and instead focus solely on remodeling a home I bought for myself.

That lasted about 2 1/2 months...closing on a rental in the next few weeks and eyeing an apartment complex along with a house going up for sheriff's auction.

Do you have a local community bank you could work with?  None of my houses I purchase are over the $35K mark and my local bank finances everything for me. 

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*This link comes directly from our calculators, based on information input by the member who posted.

So I have the opportunity to buy a 4 unit apartment in a REALLY small town (population 650) that is about 15 minutes from my house and where I grew up in the same county I live in now.  There is no shortage of people looking for rentals in my area, so I'm not worried about it sitting vacant for long if someone left.  Assuming no appreciation on the building due to the rural area I live in, would you do this deal?   Here's my breakdown:

3 - 1 bedroom apartments rented @ $400/month with $25/unit in water/trash expense

1 - 2 bedroom apartment rented @ $450/month with renter paying all utilities

Now I can probably get by with raising rents by $50/unit, but that would max out where rent could be on this place due to the town it's located in.  I always assume a 10% capex & 10% maintenance expense on each property, let me know if I should be adjusting this.

Hi Everyone!  My name is Samantha and I'm from Southern Illinois in a very rural area (small town population 6000.)  I'm not new to landlording, I've been doing it for almost 6 years now, have 7 single family homes and closing number 8 later this month.  What I am new to is buying a property via sheriff's auction.  The house looks really big from the outside, but slightly run down.  The judgment against the house is only $9K.  My thing is what if there are people still living there and unwilling to leave if I bought this property?  Does anyone have advice on how to approach this/what to do?  If I can get a great deal on this property it would totally be worth either fixing up to rent or just flipping since homes are selling fast around here right now.