All Forum Posts by: Scott Esmail

Does anyone know if there is any REIA or other meet ups, where and when in the Volusia, lake or Orange county in Central Florida? Thanks

Hello,

I am wondering if anyone knows the answer to this, I am a Canadian citizen with many single family houses that I own in my Florida LLP, I am currently using the structure of paying taxes from the the profits from the LLP flow thru into my personal name, paying taxes in Florida and then having to pay the difference in taxes in Canada ( minus the amount I paid in Florida as a foreign tax credit). I am paying the tax in both places and Canada tax rate is higher. What I am wondering is there a way to structure the ownership of my LLP's to stop having to legally pay taxes in Canada and only in florida . I currently live in Canada, but am moving to Orlando in August.

I was thinking that the cost to clean up the park and park owned units $100-$125 k

Yes this would be my first park, I own many single family houses currently 

Hey,

I am in contract for a MHP in Florida, and would like to know what others think, and also what the future price would be for the park after I turn it around.

24 lot park

dirt roads

8 tenant owned paying $300 lot rent

1 vacant pad- needs trailer

1 tailer vacant -needs rehab and tenant 

14 trailers getting approx $625 rent

Well and septic

tenants pay for electric 

Owner pays for garbage $700, lawn care $800 and electric running well pumps $400 per month 

Park is 6.6 acres 

Asking price 500,000. I am putting down 150,000  and rest owner financing at 6 percent ballon 5 year 20 year am

This park is distress and just by looking at the park upkeep and the tenants, I think most are not paying and need to be evicted. Owner can't provided any rent collection- mom and pop owner who says he is collecting cash.

The park need the roads to be fixed up, trailers to be rehabbed, outside power wash all trailers, paint outsides of trailers, landscape and clean up and a new trailer brough in. Approx rehab price $100-$125k

My question is am I over paying for this property ? It is the lowest price per space in the area.

I think that after I do all the required repairs and being in new tenants I can get $350-$395 for the 8 lot renters and if I end up renting the other 16 trailers I can get $750 rent. I am also going to bill back the lawn maintence cost and garbage  back to tenants. What will be the new value of the park? Lets say at a 10 cap. I am going to self manage the park.

I am an experienced single family operator but this is my first MHP, also is the quality of tenant going to be much lower than single family? Also is the turn over rate going to be much higher than single family?

Thanks in advance 

I would list it for sale, it may fit the criteria for another investor and you may be able to sell it for what you bought it for, or some thing close. I would try this first and then go from there after time on the market.  In regards to getting the house fixed up, things usually go over budget and also this is a big undertaking for a first time investor. If I were you I would first try to sell it. If you are going to fix it up, I agree with the comments above sub out each trade and be the general contractor. Get multiple prices for each thing that needs doing. I'm not sure by the pictures if you have enough room in the price to fix it up and still make a profit or break even, you might even loose money and time. 

Unfortunately i don't know of any in your area I'm in Florida but thats what our lawyer's office charges us. Check your lease agreement I know for ours we put in there we are allowed to deliver by mail and just have to add an extra 5 day business to the expiry. 

You definitely need to post notice if you haven't done so already. If you are out of state you can hire a local eviction attorney to post for approx. $50. Once the notice has expired you should move forward to evict. To be proactive next time you may want to re evaluate your application process and be sure to focus on their past rental history. If its not property management I would ask to see proof of previous rental history payment. It will give you a better indication of who your are dealing with and the type of experience you will have with the person. Just some tips that have helped us. Good luck

Hello,

I am looking for someone who specializes in Real Estate accounting in the central florida area to file my 2016 Taxes and work with possibly in the future, I have approx 100 single family homes in Florida. Can anyone help suggest a good accountant ?

Thanks Dave, next time I will reach out to you before its too late to see if your firm can help.

I have bought and sold a few properties in 2016, I am a bit late on filling so I am looking for answers on the 1031 exchange only 1 of the properties may meet the guidelines. My question is  there some forms  I needed to fill out with IRS before when the sale and purchase of the properties were being done ?or is the all the paper work to just be done at the end of that fiscal year.? Also I am looking for someone to file my  taxes for 2016. I am Canadian and my Canadian account has finished the financial statements  and ready for a US account to file.