All Forum Posts by: Veronica Ivy

Yes, manufactured homes qualify. Just check whether they're considered personal property or real property (i.e., are they still 'mobile' and are you buying the land as well?). I'm putting together a 4 unit deal, all manufactured homes with the land, that will be posted for Section 8.

I have a lead on a $38k turnkey, great condition 3br manufactured home. It'll rent for $1295/mo through Section 8 (yes, seriously). I will manage it.

I currently have another property under contract for $77k.

The land does *not* convey. The lot lease is $350/mo.

I'm looking for funding for 80% of the purchase price.: $30,400.

2020 Fair Market Rent for the area is $1535/mo for a 3br ($1179 for 2br).

I have a property under contract at $78,500. I'm expecting $15-20k in rehab (on the high end). I'm doing most of the work myself. I'll put 15% down, for a $66,725 mortgage. (Plus closing and carrying costs.)

It should rent for $1000-1100.

I expect the ARV to be in the S120-130k range.

Let me see if this is right: 80% ARV refinance is about $100k. That pays off the first mortgage, leaving about $36k, which is what I'm into the property for. So I'm walking away with an 80k mortgage, and all my money out.

Yes?

Super useful feedback. Thanks! The nearest property management company didn't have comps and didn't seem super stoked on that area...so I'll pass!

I'm still looking for my first deal. I live in a relatively expensive city, so I'm looking at places 1-3hrs away. I'm currently looking at a few properties in Fairmont, NC.

I'd seriously appreciate help on whether this is a good idea. 

I don't have a problem finding 1.5-2% properties. My issue is: will they rent, period? And what vacancy can I expect? 

Finding properties that should cashflow *if* rented doesn't seem to be the issue. I'm just wondering if renting out a 4br/2.5ba for $1000 is realistic in a small town of 2500 people (but who are 15min from Lumberton, NC w/ 20k pop, and an hour from Florence SC and Fayetteville NC).

Fairmont data seems 16% vacancy rate *overall* (which includes unsold properties on the market).

There's no Rentometer data, it seems. Craigslist has a few for rent in the 1-1.5% range. 

Thanks, y'all!

Thanks for commenting. Oh I won't buy it sight unseen. I would have my own inspector do an inspection (it's an uninsured purchase, so I'd have to do this before bidding). 

I'm pretty confident? I know how to do basically all of it myself, which cuts down on the rehab budget a tonne.

Hello all. This is my first post, but I've been shot-gunning the podcasts on 1.5x speed. I'd been thinking of getting into buy-and-hold rental real estate investing and I think it's finally time. Learning about the BRRRR method really stuck out to me as an attractive strategy.

So, I found a HUD house for sale in Orangeburg SC about 90min away from me in Charleston, SC.

https://www.hudhomestore.com/pages/PrintAFlyer.aspx?caseNumber=461-421461&sLanguage=ENGLISH

https://www.hudhomestore.com/Listing/PropertyDetails.aspx?caseNumber=461-421461&zipCode=&city=&county=&sState=SC&fromPrice=0&toPrice=0&fCaseNumber=&bed=0&bath=0&street=&buyerType=0&specialProgram=&Status=0&indoorAmenities=&outdoorAmenities=&housingType=&stories=&parking=&propertyAge=&OrderbyName=SCASENUMBER&OrderbyValue=ASC&sPageSize=10&pageId=1&sLanguage=ENGLISH#

Currently asking $47,000. I'd hope to bid down to something like $40,000.

Without being able to see it more closely yet, I'm estimating $20,000 in rehab costs. Comps seem to put it in the 100-110k range upon reappraisal.

Rentals seem in the 850-925 range as reasonable for a unit like this.

Results of BRRR calculator: https://www.biggerpockets.com/brrrr-calc/1427783

What do y'all think?