All Forum Posts by: Sergio Rios

This post is kind of half asking for advice and half giving you my master plan and seeing if my plan sucks.

buying a new house and plan on renting my current car be out. My mortgage is $933 and rentometer.com says the average rent for a comparable house is $1,547. (Sounds pretty good to me)

Question 1: How trustworthy is rentometer.com or is a CMA from a realtor more accurate?

I have a few things that I need to address but I don’t know what is NEEDED and what’s elective. I don’t know why to prioritize. 

1. Examples:
   garage door openers are broke
2. Master shower doesn’t work
3. Uneven backyard needs dirt
4. Washer/Dryer on last legs
5. Small little paint imperfections
6. Kitchen cabinets need some sanding 
7. Question 2:
   
8. What are the main things I should make sure are good before renting?
9. Any other advice is welcome too
   
   

Sorry to not be clear I meant mobile homes and not MHP.

With a site-built home I can ask a realtor for comps to determine a possible sales price.
how do I determine a sales price with a MH? 
What I’ve gathered:

If it’s owner finance you can just basically pick whatever number you want as there is no appraisal involved. You basically just choose a price and hope it works. That just doesn’t seem logical. 

I can buy a MH for $5,000 and list it for $1,000,000 but I doubt anyone would bite. 

So I ran a test FB post for rent in my area @ $1,450 and no one flinched at my terms. Lol

Had a few leads come in for this test I did. Basically just found a few pics of a similar house just different color.

Kinda cool update, visited the park and the manager and she said as long as it’s in my name and they pass a screening we were good, she also gave me a report that showed what I could expect for rent. Apparently it’s average is $1293. Which I’m cool with but will probably ask for more. 

Lot rent is a few $$$s cheaper than expected. 

So this is gonna stay in the park. Does that change your opinion on it any?

Yeah I think it is a fema house.

2017 single wide, I haven’t ran the NADA on it to see the actual value. It’s 1 mile away in a nice community.CLEAN.

Price: $36,500 

AVG RENT: $1,450

-LOT RENT: $500

-LOAN: $573 (10yr term)

—————————-

= MONTHLY CASH FLOW $377

I’d need $7,500 down.

Am I trippin’ ? What am I missing?

I’m going down this rabbit hole now too. I found every address in the tax website but now what? I want to buy there house!

Direct mail?

Creepy FB message?

Hand written letter? It’s less than 100 people. 

 This was dope because I hit the county tax website and typed in the MHP address and got appraised values and the names and address of each owner. For the longest I thought they wouldn’t have there own address on here but to my surprise they do!

man investor which tells me this park does allow for rentals.

Lol google search.  Seemed a bit off to me.

The salaries of Mobile Home Park Managers in the US range from $19,640 to $123,790 , with a median salary of $55,380 . The middle 50% of Mobile Home Park Managers makes $53,460, with the top 83% making $123,790.