All Forum Posts by: Todd Willhoite

Thanks for the list.

I notice Joplin Missouri has a lot of cheap houses for sale.  Is anyone familiar with how strong the rental market is in Joplin?

I went to the boot camp in Seattle and it is so worth the money.  Great experience.

Does anyone know of a list, or internet source discussing which states are landlord friendly to mobile home park owners?

Completed cash out refi of $35,000.00.  Thanks BP members teaching me and making this deal possible.

I just completed my first income producing property deal.  Purchased a 2 bedroom 1 bath 716 sq ft property in a C class neighborhood.  Here are the numbers:

$30,000 purchase price

$1,353 closing costs

$3,400 repairs

Total In $34,753.00

Insurance is $582 a year.  Taxes are $523 a year.

Rented it last week for $650 per month, tenant pays all utilities and lawn care.

Paid all cash.  Tax assessor has it assessed at $51,000.00. 

If I wait about six months then could I get a loan for what I have in it if it appraises as high as the tax assessor thinks it is worth?  Any suggestions or comments?

Thanks a lot for all the great ideas.  I will inspect and see if the house can be saved, with a wide margin of safety for profit.

I am looking at making an offer on a house with a crawl space.  It is on a very flat lot and has a problem with water standing around the foundation, and under the house.  It was built in the 1960's and apparently the moisture has caused the flooring to rot and has given way.  I am trying to think of a way to address the lack of drainage.  Don't want to repair the floor, just to have it rot again.  I can't imagine a french drain working because there is no lower point to run it to.  What about putting down a plastic water barrier under the house?   (Would a bank loan on it with this solution?) Any other possible solutions?  I need to get a handle on this so I can factor the cost into any bid on the place.  

Thank you, that makes the decision easy.

I am wanting to learn about mobile home park investing over the next year.  (Not ready to buy one yet.)  Would you recommend getting the Mobile Home University home study course OR doing their boot camp?  I understand the boot camp may be a great experience, but it seems you may get more content, and be able to reference it more with the home study course.  Which do you recommend and why?