All Forum Posts by: Timothy Joseph

Holy cow!   You built an entire home there.  Way to go.  

Because of lack of regular income I’d steer clear.  The cash flow part doesn’t scare me, nor do the rents.  It’s the lack of any funds for things that might go wrong or vacancy.  

For sure.  No question.

Are you going to live in it?

Forgive me if that was answered already.

BUY THE CAR!    You deserve it.   You are not investing in the company, you are just buying a ride.  Tesla will be around a long time.   My advice, add on the auto pilot and shop real estate while on the highway!   

@Nathan Gesner Thanks!   I am thinking along those same lines.   I do enjoy a challenge but this is a new one for me.  Thanks for the thoughtful reply.

It's time to start a new LLC for my rental properties. I'm trying to come up with something funny, maybe a big pun. So far I have come up with pretty stupid stuff. My favorite so far is.....

Wait for it....

El El Sea LLC.

Horrible, but a bit fun.

Got any cool suggestions out there?

Ok, so there is a 17 pad park for sale.  Been for sale for 400+ days.   Currently 14 pads owner occupied and an additional going thru courts to be obtained by owner for abandonment.   This has been owned by the same people forever, and the same people have lived there forever.   Their rents are just $165 per month.  In this area it should be more like $250 at least.  Everyone is on a month to month lease.   That being said, the reason it has not sold is it's a dump.   Not the land, but everything on the land.  Each trailer is circa 1873 and there is so much trash, old cars, debris etc scattered everywhere its crazy.   

At current asking it is a slightly positive cash flow situation....

I would have to go in, immediately be the bad guy and say look, clean all this up, here are the new rules, and your rent is going up too.   

I would assume many would leave, then I have these trailers.   Not sure if they can be rehabbed, although my father in law manages two huge properties and says I would be surprised what they can do with these things....  but if not, I have to dispose of them.

If it were run like a real park, a real business, this thing would make alot of money.   Getting from dump to over the hump is the real challenge.

I just may make them a crazy offer.   Talk me out of it.

Well I made an offer, we will see what happens. I don't need cash flow, instead I'd rather put every penny towards the equity in the home. If I get it I'll turn around and throw 10,000 into a remodel. That makes everything brand new. The have and water heater were just replaced last month. The HOA covers the roof, and all exterior, this should leave me a mostly maintenance free property for some time.

There is no comparison to night crawlers.   Haha.  

I’m following you.