All Forum Posts by: Scott Esmail

i would think you personally would get better rates if you searched for a lender, going private lending from what I have seen cost more.

I would think this is between you and the tenant that was renting the property. Not all property managers inspect yearly so even if they did they can claim this damage was newer. See if you can get all the past tenants info from manager and decide if you want to go after them. Do not do any work until you get a video and pics done. 

I would listen to @FrankRolfe if he is an expert. I bought a park a few year back  and he warned me about well, septic and dirt roads and that those would be a issue for me. They were in fact the 3 biggest issues for me when I owned the park. I would never again buy a park with any of those 3 items. I should have listen to Frank at that time would have saved me a lot of headaches. Also I second the fact that mobile home cost a-lot to keep up each month. There not like house quality. Roof leak a-lot, floors get soft and things break a-lot. I also found it hard to get a good quality tenant 

You can get that its extra on-top I think it's call "rent loss insurance "above the  standard insurance. It's easy and just need to ask for it. I have found it affordable and some lenders require you to have this. I am no expert just telling you what I have. A insurance agent can explain in detail. If you get hurricane and flood coverage then the repairs are covered under that less your deductible 

If it were me I would not say I was the owner just the property manager. This way you can deflect many things and act like your not the rule maker. Next I would figure out how you are going to collect rent and how they are to pay and when you expect it to be paid. Also you need to explain how you want them to make work orders. You need to decide if your going to do work orders or someone else. If someone else start working on finding a handyman who is affordable. Look at the leases and see when expires and rasie to market rent or slightly below when they do. At that time you can create a new lease and make the rules the way you want to on late fee, nsf fees what day rent is due etc. I would not get overly personal with any tenants  and keep all communication to a min and stricly business. Set up a new email where they can email you and maybe a magic phone where they can reach you with voice mail I would not give your cell out or your personal email. Again this is just me.

Keep it closed until you get rid of trouble tenants then open. Your new tenants will ask to break lease if they go into laundry room and drug are being done. (it can really spook them) I would keep shut off until you get rid of the trouble ones. You can ask for slightly less rent for now for new prospect tenants since you not providing laundry at this time and next year on renewal ask for market once you open it up. You can also look into the cost of possibly adding washer and dryer hook ups in each unit. I have done that before and cost $1000-$200 0 each but I heard can be much higher too.

Empty because it give the buyer more flexibility to what they want. If it was many more units I would say fill them. But just 3 is not going to be hard for the new buyer to fill.If I were the buyer I would like to pick and choose my tenants 

I use Lima one my contact is Christian Groomes he has always treated me fair and closed each deal I have  brought.

You can get all that stuff for free on BP, meet ups and Youtube. Use that money your saving towards deals. At least this is what I would do. Most meet ups have a least one guy doing deals that I am sure you can take out to a nice meal afterwards and get most of the info you would need.

This should have been caught at the title company doing the closing. They are supposed to do all checks and check with city too for anything and this should have popped up. I would think your title policy should cover this ? But maybe you can even go after the title company who did the closing and the insurance they hold.