All Forum Posts by: Stephen Dominick

Thank you very much for the advice. I will be createing a new topic that a would love to hear from you guys on. Thanks again.

Looking for my first MH deal. I have lots of choices in my area. How does buy and hold work in this . Between lot rent and debt service you would need to have 1000 month rent. I am very excited about the opportunities MH seem to offer. Also all the neh sayers make it sound like every tenant totally destroyies the place everytime. I think they are much nicer than your average apt, with lots of park amenities. Solve a problem I say. screen a tenant well. Could be a great place to live for a familiy that just needs a break. Or baby boomer who is retired.

That's good advice. How do you handle when systems are at there lifes end but still working. Do you treat it as if it doesn't work or its just a negotiation from that point. Agent says the owner turned down $100,000 offer from another "savey" investor, but "would probably take $130,000". Also does the 60% take into consideration vacancy rate 10%. Forgot that in the numbers. Thanks again for your time.

Thanks Joel. I'm seeing the property tomorrow. The present landlord lives out of state. REA says the building is soild but needs coesmetic work (Diamond in the ruff OR complete nightmare) if there was deferred maintance, would the price come right off the asking price?

asking price $157950 Private lender at 6%. 4 unit. Gross income $30300 annually. Heat $0 - operateing exp $2359-Insurance $650- Water $720- Trash 752- Taxes $2300 - Sewer $237 Figure 10% for maintance- 10% management fees. Is this enough Information? What would you say was the most I could pay. Looking for over 10% Cap rate. Thanks for the help.

Anyone have any experiences in Scranton Pa and surrounding areas?

Thanks for the info Jon. Will do.

Thank you Jerry. A Full work up it is. have a great evening.

When saying that 50% of the monthly rent will go to expenses over time, does that also build in the cushion that should be set aside for major repairs down the road. Thanks.

Thank you so much for your input, my "day job" keeps me from responding quickly. I'm focusing on 2-5 unit multi familiy properties. This will be my first and Im suffering from analysis paralisis. I have a tale of two cities to steal a phrase. Phillipsburg NJ is much higher rental units with a decidedly urban feel, not much visable landlord advocacy. Easton Pa is directly across the Delaware River. Lower prices- lower inventory-lower taxes-lower rent. Still quite a streach for the 50-2 percent rule of thumb. I need to focus on one area but I want it to be the right place. Thanks again for your time