All Forum Posts by: Shea Mahoney

Hi Jaycee. If I don't make the repairs to the MH I won't be able to rent it at all. I may be able to squeak out another 1-2 years with the current tenants same rents. 

Thanks

Hi Everyone,

I’m a newbie investor weighing some key decisions and would like to know how an experienced investor might approach this situation to maximize value and cash flow. Here’s the context:

I own a rural property with two rental units:

1. A manufactured home from the 1980s in temporary status with the county (meaning it can’t be replaced), which currently rents for $1,350 per month.
2. A one-bedroom permanent residence that rents for $1,300 per month.

My monthly mortgage payment is approximately $1,200, and cash flow is crucial to me right now. I’m considering refinancing to lower my monthly payment to around $850 and potentially using $30k-40k to invest in one of several ways. Additionally, the manufactured home needs a deck replacement and other minor repairs, with quotes ranging from $28k to $38k for the deck work alone.

Here are the options I’m considering:

1. Refinance, then invest $30k-40k into repairs for the manufactured home. This doesn’t necessarily increase the property’s value due to the home’s temporary status, but it does keep the $1,350 in rental income intact.
2. Refinance, skip repairs on the manufactured home, and instead use the $30k-40k for other real estate purchases. This could mean investing in property flips or purchasing out-of-state rentals for more stable income, but it would require letting go of the $1,350 rental income from the manufactured home.

What factors should I consider for each option, and how would an experienced investor assess this situation mathematically?

Hi everyone, 

Does anyone have any insights on how to fairly and transparently screen tenants when its not just checking boxes but finding someone who would be a good cultural and energetic fit for the property?  The bigger pockets ultimate tenant screening guide basically says accept the first qualified applicant and be clear in the reasons for disqualifying others then refund the application fee of the ones who I didn't get around to screening. My landlord association application template says the same thing.  This is clear and makes sense but I'm feeling like I might want to wait an extra week or so to find someone who not only meets the minimum requirements but also feels right to share space with. Are there any legal issues to be aware of besides protected classes?

Thanks!