All Forum Posts by: Wayne Yates

@G Pyros that is correct, $500/mo to me. $150 additional to my parents for lot rent. The tenant pays $650/mo total, plus utilities in their own name. Estimated life of the mobile home I'm unsure. It's pretty well kept. My parent's lived in a mobile home that was a 1989 until 2009. It sat vacant until 2012 and sold for $20k with 1 acre of land, so I'm sure it's fairly stable. I wouldn't want to keep it forever though I don't think.

@G Pyros, the net rent is not $350/mo. It's $650/mo total, $150 going to lot payment (to my parents). So I'm making $500/mo before expenses. I would plan to have 10% of the monthly pay going to maintenance. I'd also like insurance, no clue how much it would cost per month. I'd assume $150 or less. My biggest concern is like you said, no land.

@Nicholas Schommer

I'm currently trying to build up some rentals to replace my W-2 income. Would like to own throughout my county. Once getting $3k/mo passive after bills, go full time. Oh, and the mobile home is occupied with a tenant who seems long term. But I'd be looking at this solely as a rental. If he didn't work, find another. But primary rental residence

@Nicholas Schommer

Can't believe I forgot the price.

$20,000. Owner financing. $3,000 down, 6% APR, 5 years.

I'm going to try to talk them down to $18,000 though. 

2008 mobile home

Single-wide

3 bed, 2 bath

Shape: 8/10

Tenant occupied. Been there since October 2015.

---------------------------

Current rent: $500/mo

Lot rent: $150/mo

My parents bought some land and attached it to their existing land. Pretty much turning 8 acres into 15. The land they extended into has a mobile home. They didn't think the home was worth the asking price at the time.

It's a 3 bed, 2 bath mobile home. They originally wanted $20,000. It has a tenant who's been there for a year who pays $750 a month, $600 rent, $150 lot payment. So now, the landlord's get the $750 and send my parents a $150 check at the first of the month.

The numbers just scream at me that this is a killer deal, the house will pay for itself in less than 3 years and they were asking $20k almost a year ago. I guarantee if I offered $15k cash, they'd accept.

So should I finance this deal or pay cash? I have about $15k right now, but bad credit. Not sure if I should finance because my interest rate may be bad based on my credit rating. I'm not sure which is better in this situation.

Also if you have any REI financing books you'd recommend, let me know!!

@Andrew Ware I honestly would prefer the idea of multifam but I figured that would be a very hard task given that I work 12 hour days at the moment. I was trying to replace my income with passive and then dive into some multifams. I'm young and single and live in a modest home that I paid off quickly and I make decent money so I'm willing to take on some of these projects

@Alvin Mercer what do you mean mitigate some of the issues, I assumed it would be easier for a property management team to do all the properties together 

@Alvin Mercer Well I am only 26 but my partner is older. My only concern w/ having a lot of properties spread out is the prop management. I would rather have multi fam or a small subdivision of a sort if that makes sense

bump