All Forum Posts by: Vince Scipione

I have never heard of someone house hacking with an STR, that is super creative... And to have it cover 65% of your mortgage. Bravo, you sir are creative! Wish you all the luck. What are your next deal options? 🤔

Hello Adam, 

The way I draft our contracts in Pennsylvania I include a clause that requires the tenants to carry $10k in personal property and $100k in liability. Then I work with a local insurance broker give them a valuation of the property, explain that the property is being rented and by how many people. They shop around for me and find me the best deal. I think it is really important that you establish a good relationship with an independent insurance broker! 

as far as cost that depends on too many factors to cover! 

Hope this helps and congrats 👏 

Nicklaus, 

I do not have the answer for this, but I also have been interested in a product like this.

This reply should bump your post and maybe we both could benefit from the exposure, fingers crossed someone has an answer for us! 

Ricardo, welcome to BP, this is a fantastic starting point in your investing career, I have been a podcast listener since 2011 and have learned an incredible amount. 

I would love to just give you a simple answer, however your question is not a simple one. 

I would ask yourself what is your end goal? Do you want to be an investor. Or do you want to generate off market deals. Maybe your answer could be both. 

I am friends with scranton based wholesalers and they pass deals to me frequently which I send to my client base. It is simple and effective. The wholesalers do all the leg work, pulling lists, cold calling, sending mailers and driving for dollars. In turn they provide me with a steady flow of off market properties. This is their full time job and they collect a fee but are still able to pass along strong deals to end buyers. This is the most efficient way for you to get a multifamily. 

If you would like to generate your own leads, I would pop over to the the wholesale section of the forum and start there, and perhaps purchase some books from the BP store. Its easy to get wrapped up in wanted to learn everything, and it ends up in people losing sight in what their original goals were from the start. 

Either way, I hope this provided you with some insight and I wish you the best!

Congrats on a successful first fix and flip. Now you know what to look for next time. Thats a great profit for a first time. 

I have not done it personally but have some insight, maybe my reply may boost your post to someone with more experience in it. 

Have you talked to your township about zoning and if it allows you to do this. 
1. Would you combine the lots, then zone it as a singular mobile home park? 

2. Would you purchase new mobile homes and place them on each individual or combined lots and either 

A. Sell them outright? 

B. Rent them?

Also. The zoning will determine a lot about septic and well. Or if you are able to connect to public water &  sewer, this would make the investment much easier. That would determine a lot in my evaluation. Some areas allow commercially zoned properties to share one large septic system (think sandmound or gravel type system) or would they require an individual on-lot septic? 

also if you plan on purchasing these mobile homes to place on the lots. Do realize since they are mobile homes, and have VIN numbers you are not able to take out a tradional mortgage on them not to my knowledge. Perhaps a seasoned lender can step in and correct me if I am wrong! 

I think it is great you obtained those lots at that excellent price and want to increase the value. 

 Stroudsburg is not my speciality but thank you for the insight. Ill use that information in my calculations if I do decide to invest there. It seems like a focus on cash flow area. Equity seems out the window, quite frankly that scares me! Lets definitely connect, I will send you a message Andrew! 

Hi Tanjida! 

Welcome to NEPA/ Scranton. Where city meets country and my favorite part. Mountains! We have such a unique opportunity here. Great multifamily LTR in the cities and STR out in the poconos. Lets connect!

I am just a short drive in scranton/pocono mountains wish I could assist you. However I do not have access to their MLS, as well as I am unable to service that area effectively for my clients.

I could get you in touch with an investor savvy agent out that way to assist you if you would like, just let me know. 

Dont mean to change topics, but I have been considering investing in east stroudsburg in student housing. How have you made out with that?

You're welcome! I Hope with this new perspective perhaps some new options have opened up for you!