All Forum Posts by: Samuel Coronado

Quote from @Roger D Jones:

Quote from @Fred Scott:

@Roger D Jones:  Any insights on why the North Carolina purchase in Fund IV makes you nervous?

They paid 3.7 million for this property at 29% occupancy.  Park has experienced a mass exodus over the last 20 years with no explanation why.  Their plan is to raise rents (on the poor remaining souls, improve infrastructure and exert some sweat equity.  How are they going to fill the park?  "Leverage infill opportunities"... Typical PE investor double speak.

 That's insane~

Hi, Nicholas. I used to have one for my property up in Athens, but I need to find it again. It was blessed off by a lawyer in AL, so should be relevant. I am a park investor and mobile home investor around the Huntsville area. Let's check in some time. Birmingham is an easy drive and I've seen some good deals down there, but I don't what's the best areas to avoid neighborhood by neighborhood. I would love some local insight. 

For the water metering- are you doing a sub meter like PUBS or are you putting in direct meters for every home? I looked at putting in meters direct to every home, but they would cost roughly $2,000 per meter if put as direct to tenant, which seems cost prohibitive. Our water bill is below 150/month and even below 100 some months when it's not winter and tenants aren't letting the faucets drip, but overall it's not a nuisance. 

We are well on our way there. We are everyday approaching a European model where people own less and less of both land and buildings. 

Sometimes the government sets hard limits on the number per acre. Sometimes it's more on the side of how well the soil can absorb x amount of waste from a septic system. 
There is a where I am at currently, developers have to have 250 gallons of septic capability per bedroom, which would be like 1000 gallon tank for 2x 2bedrooms. Then you have the leach fields and such. I'd start by checking local restrictions and zoning for that specific plat of land and then getting your land perc tested and then see what the capacity is. In rural NC, I don't imagine it will be too stringent out there. 

 Fairmount is very rural. How big are you looking to make it? 

I am doing something similar in Alabama. I can walk you through it. 

 What was the specific rate he was quoting you? 

I can lay some things out for you. 

What does the monthly P&L look like? 

Follow up to this, on the week of closing, Nexa Mortgage through UWM increased the closing cost by a almost $3000. I pulled out and said no. Luckily, rates have fallen again in anticipation of the Fed announcement from last week. I am still looking for a VA IRRRL