All Forum Posts by: Dane Peterson

@Jamie Mason Hi Jamie you mention both regular rentals and airbnb. As mentioned by a few others the short-term rental restrictions is something to pay attention to. Obviously the numbers for those 2 types of rentals are calculated differently.

I've lived all over South Florida and the East/West coasts are 2 different worlds in terms of the people, living and overall feel. I think both can easily offer what you seek. Good luck on your journey. Do you currently have rentals?

Originally posted by @Lisa Hoover:

@Mary St.Clair Hi Mary,

Even my Credit Union will let me have 30 Yr mtgs on rentals...

With them I can have 1 primary and 2 rentals (3 total) and rates are the same... No points or MTG INS and very low closing costs.

So if you're in a CU, Check it out!

Yes credit unions can be good but just like every lender across the nation you gotta call and ask because your situation is never the same as someone elses. Lisa can get 30yr terms at her CU. My CU... 5yr ARM with 15yr Amortization. NO OTHER OPTION. Just an example of how different one lender is to the next.

I would set aside 2hrs to call at least 20 lenders and make a spreadsheet recording all the rates/terms/contact info for every lender you speak with. Make sure at least 5 of these lenders are local and smaller banks/credit unions.  

I think we'd all like to know who's lending at 90-100% ltv. It seems risky for both sides. 

@Kris H.

Man I love Kris' reply! 👊💪

Enough said

@Josh V.

Don't need to add much besides your property manager should be finding a better "handyman". Sounds to me they are just being plain lazy and have not spent time finding a quality repair person. This should be a $100 average repair. If you have a high end rental then let's call it $250max but 1hr labor plus cost of part. Maybe I'm spoiled with my PM and contacts but repair bills like these can completely destroy your annual cash flow if not monitored.

Good job being proactive, reading your owners statement and questioning. The PM should be including theses invoices with your statements so you don't have to ask. Good luck 👍

@Chris Piette

Congratulations on your first rental.

I don’t opt for anything outside the normal basic coverages. Anything will fall within my expected maintenance through the years. Usually the biggest decision is deciding between a dp1 vs dp3 policy. Really comes down to the type of rental, age of major components and your ability to correct problems when they do occur.

I’m the type of person who would rather just get problems fixed on my own dollar and time rather than go through the claims process unless absolutely necessary.

Good luck on your landlording journey

@Jeffrey Froelker Morning Jeff and congratulations. Since you plan to keep this a rental unit my focus would be on getting it rent ready and not over improving the property. Sounds like you don't have many windows based on the sq footage so I would price out an actual HVAC unit. Based on size and knowing you already have ductwork/vents you could probably be at or under $3k for an A/C system. The privacy fence would be nice for a renter with a kid but optional and easy to do that type of project at any time. Finally I'm in an area where I rehab many homes with the 2-prong outlets and it's rare that we can sell them that way. I'd have these switched to three prongs. Nice for the tenant and you when you sell one day. Best of luck! 

@Charlie MacPherson Great tip and something that hasn't been much help in this community. There isn't much consistency in comps for the size we have besides knowing it needs to be livable. But hey, we knew getting in to this type of property there would be a little bit of a learning process. Some properties keep the old dark paneling others paint. Some carpet, tile or plank.

My partner and I are in the process of getting bids for work to be completed on a Manufactured home purchase. Can be seen here.  I'm having the paneling painted, install flooring, hvac, roof or roof over, new vanities, toilets, possibly drywall bathrooms. My questions are more around the finishes that are wanted/expected in a Manufactured home. This is a 55+ to live community so that's where I scratch my head a little. Hard flooring is not easy on the legs so if I'm planning to go with a laminate or vinyl should I limit this to the main living areas and stick to carpet for the bedrooms?  

I'm treating this for the most part like our SFH flips but obviously some things are different, but at the end of the day I want a move-in ready product that targets the right demographic/buyer for a Manufactured property and park.

Appreciate any input or advice!!! 

I've never had a problem with $500 as my escrow amount. Also, if the escrow isn't with the title company and there were to be a discrepancy or seller wanting to back out for whatever reason you don't have a binding contract if there isn't escrow and it was stated there was per the contract.