All Forum Posts by: Jack Justice

Thanks everyone for the comments. Very new to this and any information from anyone willing to help Is great. I'm sure I'll have more questions as I go through this so bear with me and thanks again!

Thank you for the fast response. I will check out that article. Here is a few more details.

1. Property is fully occupied except for one mobile home.

2. Seller will not carry anything.

3. All tenants have been there 3 plus years and all just signed a one year lease.

4. All are on time, one or two is a few days late but never past due.

5. All maintenance is up. One house will need a roof in two years or so.

6. Property is almost never vacant. The one that is vacant now was the first in 2 years.

7. Will have to put cash down to get the deal done. But have an on site maintenance man that takes care of everything for half of his rent covered.

There is a 14 unit mobile home park with 2 single family homes for sale a short distance from my house. Less than one mile to be exact. It has been for sale for some time and I just recently called and got the figures on it and would like opinions on it!

14 mobile home...$435-$500

2 Houses....$750/each

8 acres highway frontage only 1 mile from a major interstate exit and 2 miles from major town.

Asking price is $400,000.

All homes have individual septic tanks except for one house and two trailers, they are on one larger septic tank.

This is something very new to me and would love to hear from anyone with experience in this sort of investment.

That was another thing I was worried about. If it was worth the risk or just sell and start back with one commercial property. 

This question may have a very simple answer but I am very new to this so I figured the more help I could get the better!

I currently have three residential homes that I have worked very hard to pay off. Total value is $250,000. They collectively bring in $2200/month.

My question is should I sell them and use the money for a down payment on a large commercial property like apartments or keep them and get a loan using the properties equity and just hang on to them?

Any help would be great and very sorry if I am asking this in the wrong section, doing it off my phone and this is my first post.