All Forum Posts by: Simon Cox

Thanks for this everyone! I was contacted by Terri Lewis and given an app to fill out. I too was thinking the terms seemed very favorable. She emailed me from a non-gmail account and I found the site, but I can't find anything about them online. 

Thank you @Tony Rosier and @Tamara Williams for sharing your experience!

Will have to pass!

Got it thanks @Dave Rav @Mario Dattilo! Very helpful! 

Hey y'all! I'm running #s for a mobile home park just near Flint about 1.5 hrs from Metro-Detroit where I live. There are 26 lots. 

3 are rented by tenants who own their homes at $325/lot.

11 are Park-Owned Homes (POHs) that are rented between $500-900/home.

12 are vacant lots (2 have junk trailers on them to be scrapped). 

I've run my #s using various calculators/videos/etc I've dug up online but I have one question still. When it comes to the POHs that are rented, can I use a portion of the rent as the "lot rent" in the calculations. Most of the calculators/formulas I've found don't consider the rent at all from POHs, but one guy said I should take the average lot rent from that amount and just use that. 

For example, this one would then be $325/month for 14 lots instead of 3. 

Let me know if this makes sense and what you think!

Thanks everyone!

@John Underwood, sorry I made a mistake in the post. There is no slab, just crawl space! I think I will only plan to move forward if I can see it first. There's always another opportunity!

@Scott M. All crawl, sorry for the mistake! Good questions. Yes, the seller would provide the COO. He may be willing to give me access, but also may not as he'll have to cut an opening. I suppose he needs one regardless so I will ask. I've walked the house myself and seen a few questionable spots. It may be one I just leave alone!

Thanks again for the responses!

Hey everyone! I'm in search of a little advice.
I'm speaking to an investor about purchasing an occupied rental in Dearborn Heights (Southeast Michigan). He is giving me a good deal and is even carrying the note which makes this very attractive at my stage in investing! The house is on a slab. There was a fire 3 years ago that resulted in a new roof, new electrical system, new siding as well as the house being jacked up a little bit while the floor was open. The work was all done by a reputable contractor that I know and trust.

The roof is a little wavy and there are multiple gentle slopes in the house, one of which doesn't allow the bathroom door to close properly.I had someone come out to the property today to check the crawl space but the new vinyl siding covers the access so it looks as if I won't be able to see it before buying. If I buy it, I'll have to cut a new access and then get in to see what's there.

Any recommendations or words of wisdom for a crawl space? I have not dealt with them before.

Thanks!

@Scott M. very helpful thank you!!

@Shane Blackshear

Hey Shane! I am just now experimenting with buying lists on PropStream which has come highly recommended. One of the features I'm excited about is the automatic updating of lists as data changes. Good luck!

Hi Carol! It sounds like you're in a great position from which you could go a few directions! 2 things that come to my mind right away are:

1. Do you have easily accessible capital or partners that would allow you to invest in more properties without selling? 

2. Depending on your goals and where you want to end up, you could also keep it and tap the equity with a line of credit? 

Lots of different ways to go. I think your next step will be mostly determined by your end goal! 

Hey y'all!

Just found a property I'm very interested in purchasing to hold and rent out via AirBnB for the foreseeable future. I will need to bring in a financial partner to make it happen and would love to hear your opinions on what a fair equity/cashflow split would be.

Cash needed to do the deal will be about $40k. If the partner brings $20k and has the mortgage in their name/on their credit, what percentage of the equity seems fair to give?

I want to be fair but not give away more than necessary!

Thank you in advance!

@Lydia Woods, I would advise you to be very careful with this strategy! Detroit is such a niche market that varies street to street in some areas. I am one of the people @Yoann Dorat mentioned who tried it and sold for a loss a few years later! I'm certainly not saying it can't work, I'm just saying be sure you have a solid team and do plenty of research and can handle the carrying costs while you wait!

Good lucK!