All Forum Posts by: Omar C.

@Leslie A. Do you know if you sell a RV if it falls under the Dodd/Frank regulations like mobile homes do? 

I'm in the same situation, I have lots of empty lots and trying to find a cost effective way to fill them.  I tried offering bounties but had no luck.  I'm exploring finding a financing company to finance the purchase of homes that I bring in therefore not tying up my capital.  

I'm looking into bringing in RVs (5th wheels) and either owner financing them or rent them out and charge RV rent plus lot rent.  I don't think Dodd Frank rules apply to 5th wheels therefore I can do the financing and will have my payback in less than a year.

I have a rental in Chicago, you mentioned the you have been there for a few years.  Has the landlord given you the interest earned on your security deposit every year.  If not this alone can get him in big trouble.  By law he must provide you a return on your security deposit every year he holds it.  The penalties are very stiff, a friend of mine was taken to court and his tenant was awarded a few thousand dollars.  Most landlords will not collect a security deposit in Chicago because they feel it is not worth the hassle and only charge a move in and move out fee that is non-refundable.  

Welcome, my first property I rented is in Avondale.

As said before add her to the title in case anything happens to you the home will not be placed in probate.  Having her on the mortgage from my perspective has no real benefit unless the bank will give you a better interest rate.

Hi Jonathon,

Lots of things to consider:

1: One of the biggest expenses will be water and sewer, if the city provides and the tenant pays it may be worth considering if the numbers are right.  

2: Who owns the homes, if you do expect to do a lot of maintenance that will eat into your profit, if they are all tenant owned that's one less thing to have to worry about.

3: How are the roads, if they are torn apart this can be a significant one time expense that will need to be addressed sooner rather than later.

4: Is there any empty land included or adjacent to the property that can be used to expand in the future.

Hope this helps get the ball rolling.

Regards,

Omar

@Shawn Young I ended up selling as-is and start the cycle again.  Now that I have this new tenant I may stop doing as-is and just rehab them myself and then sell them or rent them out.  When I do rent out it is understood that all repairs are to be made by the tenant at their expense.  This does sometimes lead to bad workmanship but as long as the tenant is willing to continue to live in the home I'm not going to bother them.

Hi Jim,

Can you share with me how to properly lease a mobile home in Indiana.  I'm struggling with how to get out from these homes and be compliant with SAFE/IRS and any other regulations.

Thanks,
Omar

Jim,  do you know of any Mortgage Loan Originators in Indiana?  Called around and left a bunch of voicemails and never received a call back.  

As always thanks Jim, read that section first and ordered the correct one.  Midland has an option on Amazon for less than $30.  Hopefully the residents use the radio and keep it maintained.  I plan on including it in a seasonal newsletter.