Jerome Angeles
2 VA loans - 2 Multi Unit properties
16 June 2018 | 14 replies
So, yes, technically your wife can count towards the occupation requirement, but it's geared more for military members PCS'ing or setting up a household in a new location before the veteran can occupy the home, or a member on tour in one of those unaccompanied "hardship" locations where families aren't welcome, or on deployment, not for a couple who live in the same major metropolitan area.
Joshua Tikal
Are colleges a good idea? Market knowledge in the NOCO area
18 September 2017 | 14 replies
You will have high turnover and if you remember when you were 18-22 you may have not been the cleanest or quietest person in your household.
Kevin T.
Mobile home park deal analysis
12 September 2017 | 4 replies
Here are the key data points:Park info Located in Alabama61 lots25 owner occupied homes18 park owned homes (14 currently rented; 4 currently being repaired and should be rented soon)18 vacant lotsAvg lot rent - $160 (unknown what the market rate is but it doesn't sound like there has been a rent increase in at least a year, maybe more)Avg POH rent - $400Expense ratio - seller claims 26% but I'm estimating 35% for the lots and 50% for the POH'sCity water - individually meteredSeptic - good condition (allegedly); a couple were pumped last year, none this year (no lagoon thank heavens)Seller claims gross income $130k, expenses $30k, and NOI $100kI calculated gross income of ~$135k, expenses of $60k (55% on POH and 35% on lot rentals), and NOI of $75kOther infoMom & pop seller, but park is listed with a brokerPark has been on the market for > 3 years (recent price reduction)Greater metro area stats look goodPopulation = 115kMedian home price = $105kUnemployment < 8%Household income > $40kHousing vacancy ~ 15%Closest Walmart is 7 miles awayFreeway is 1.5 miles awayNumbersMy valuation is coming out about $80k-$100k under the seller's asking priceWith conventional financing I'd be hoping for a purchase price of $500k, $100k down @ 6% over 20 years (not sure if this is plausible or not)Assuming that financing, I'm expecting net cash flow of $40k (after debt service)Upside potential is in raising rent and filling the 18 vacant lotsFollowing the same assumptions above, raising rent $50 (if the market supports it) would change NOI to ~$90k and net cash flow of just over $50kFilling the vacant lots could potentially increase gross rent up to somewhere between $150k-$200k, depending on what the appropriate occupancy rate is for the areaWithout verifying any of the above information (haven't offered anything yet so there's a lot of DD left to do), the deal seems to make sense.
James D Malone
4-plex analysis, need help!
12 September 2017 | 2 replies
Median gross rent of $530, median household income of $25,000.
Matthew J.
Dave Ramsey advice for average worker
15 September 2017 | 3 replies
It was slow, unfulfilling, and left me feeling broke, not like someone who was doing better than 90% of households.
Twana Rasoul
Taking a trip to St. Louis any Prop. Mgmt/Agent suggestions?
18 September 2017 | 5 replies
Thanks @Max Householder for the shout out.
Account Closed
Gotha, FL orlando area advice
18 September 2017 | 3 replies
The average household annual income in Gotha is 86k.
Matt Eklund
High water usage on a vacant property
26 December 2018 | 7 replies
I had read online average household use for a month is 3k gallons...Is it even possible for house to use over 13 thousand gallons in a few days ?
Ari T.
Airbnb in Tucson, AZ
29 July 2021 | 3 replies
She said most are private households that host tourists an average of five nights a month for average annual rental income of $5,500 a year.Celia Webb, who became an Airbnb host in December, said demand has been “nonstop” since she listed the fourplex she bought last summer near North Stone Avenue and West Glenn Street.
Edison Reis
Cannabis legalization and landlords mitigation plan
17 December 2018 | 32 replies
That seems strange that they could somehow include that when, as mentioned by others, we have the threat of fires from so many other household products as well.