 Manf, Homes Part 2 (by GKARL [PA]) Apr 7, 2024 6:24 AM
 Manf, Homes Part 2 (by MC [PA]) Apr 7, 2024 6:55 AM
Manf, Homes Part 2 (by plenty [MO]) Apr 7, 2024 8:11 AM
Manf, Homes Part 2 (by RB [TN]) Apr 7, 2024 8:23 AM
Manf, Homes Part 2 (by zero [IN]) Apr 7, 2024 9:15 AM
Manf, Homes Part 2 (by Vee [OH]) Apr 7, 2024 9:35 AM
Manf, Homes Part 2 (by GKARL [PA]) Apr 7, 2024 9:58 AM
Manf, Homes Part 2 (by GKARL [PA]) Apr 7, 2024 10:09 AM
Manf, Homes Part 2 (by 6x6 [TN]) Apr 7, 2024 7:55 PM
Manf, Homes Part 2 (by GKARL [PA]) Apr 9, 2024 1:30 PM
Manf, Homes Part 2 (by zero [IN]) Apr 9, 2024 5:12 PM
Manf, Homes Part 2 (by GKARL [PA]) Apr 9, 2024 7:52 PM
Manf, Homes Part 2 (by Ray-N-Pa [PA]) Apr 9, 2024 9:43 PM
Manf, Homes Part 2 (by zero [IN]) Apr 10, 2024 7:29 AM
Manf, Homes Part 2 (by GKARL [PA]) Apr 10, 2024 7:29 PM
Manf, Homes Part 2 (by Wilma [PA]) Apr 11, 2024 7:20 AM
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Manf, Homes Part 2 (by GKARL [PA]) Posted on: Apr 7, 2024 6:24 AM
Message:
Well, I went to the open house and for the most part, both the manufactured homes and the duplex are in good shape. The place is set up like a complex with each home having it's own separate little spot with a car port. There's a creek that runs behind the place that would be great for fishing. It's in a flood zone, so I would need flood insurance. Auctioneer was on site and said the MH were attached with the real estate and will provide me with normal disclosure. I'll cross check with the assessor. He also offered to set up another time for me to tour the place again. Both MH are permanently affixed with foundations.
One MH is occupied and the tenant has done a lot of upgrading and wants to stay. The other is somewhat dated and will need some cosmetic upgrading. Duplex is huge, has good bones and just needs cosmetics and some electrical updating. Has a working fireplace that I'd block up. I'm figuring about 15-20K should take care of updates.
I ran the numbers on this and my max bid would be at a 10% cap and preferably below that.
Not sure if I want to add at this point though. I'm having problems getting existing units rented and I'm just finishing up renovations on my 7 unit (mixed use conversion to residential--built 4 new apartments). A part of me says just wait, finish up the 7 unit and spend money doing much needed work on my personal residence and not add anything else to the pile. The issue is my own capacity to take on more stuff now. I had to undergo two emergency glaucoma operations in the middle of tax season that I'm still recovering from and having to supervise contractors and deal with filling more places gives me pause. On the other hand, I have a good contracting crew that I developed from work on the 7 unit who could knock this stuff out without a problem and this place is in a different area, so the rental market might be better. I have some time to mull it over while gathering some more information.
--209.122.xx.xxx |
Manf, Homes Part 2 (by MC [PA]) Posted on: Apr 7, 2024 6:55 AM
Message:
See what the numbers hit as you said. Good crews are hard to find. --73.230.xxx.xx |
Manf, Homes Part 2 (by plenty [MO]) Posted on: Apr 7, 2024 8:11 AM
Message:
Pass. More opportunities ahead. Timing is off. Health is priority. --172.59.xxx.xx |
Manf, Homes Part 2 (by RB [TN]) Posted on: Apr 7, 2024 8:23 AM
Message:
Die trying. --69.130.xxx.xxx |
Manf, Homes Part 2 (by zero [IN]) Posted on: Apr 7, 2024 9:15 AM
Message:
If you can get it for cheap then why not give it a go?
Spruce up what needs spruced and if it is too much hassle flip it.
Having a good crew is awesome! Do you have to hold hands with them all the time?
I would see what the numbers come in at, but I would be leaning towards trying to purchase. Who knows, some newcomer might come in and buy it over retail anyhow. --107.147.xx.xx |
Manf, Homes Part 2 (by Vee [OH]) Posted on: Apr 7, 2024 9:35 AM
Message:
What is a -normal- disclosure? is that like a normal tenant? --184.59.xxx.xx |
Manf, Homes Part 2 (by GKARL [PA]) Posted on: Apr 7, 2024 9:58 AM
Message:
Vee-normal seller disclosure that generally applies to real estate sales in PA. --209.122.xx.xxx |
Manf, Homes Part 2 (by GKARL [PA]) Posted on: Apr 7, 2024 10:09 AM
Message:
Zero, it's definitely tempting. I have the guys who can paint, put in flooring, light construction and do the electrical. They pretty much work independently so there's not too much of me having to ride herd. They'd be done with everything in less than a month. The main benefit of the big renovation at the seven unit was that I developed a whole list of contractors including architects that I can call on. My issue is handymen for small projects though. Still hard to find --209.122.xx.xxx |
Manf, Homes Part 2 (by 6x6 [TN]) Posted on: Apr 7, 2024 7:55 PM
Message:
Thank you for the update. --76.129.xxx.xx |
Manf, Homes Part 2 (by GKARL [PA]) Posted on: Apr 9, 2024 1:30 PM
Message:
Although tempting, I'm leaning towards passing on this as the timing just isn't right to be doing anything other than managing and finishing what I have on the plate right now. Sometimes, it's just prudent to wait until the time is right and you're not putting yourself under pressure regardless of how good the opportunity may seem. It's going to require effort on my part and right now, I'm just not feeling the bandwidth. --209.122.xx.xxx |
Manf, Homes Part 2 (by zero [IN]) Posted on: Apr 9, 2024 5:12 PM
Message:
I get it.
No chance you could just buy and let it simmer for a while until your big project is done? --107.147.xx.xx |
Manf, Homes Part 2 (by GKARL [PA]) Posted on: Apr 9, 2024 7:52 PM
Message:
Zero, I could but it's still work and pressure. I'd have to carry it also. There's also the unknown of a new market. If the timing was right, none of this is a big deal but if it isn't, time and focus is diverted. This would be better for me to do a year from now after the projects currently on deck are done. --209.122.xx.xxx |
Manf, Homes Part 2 (by Ray-N-Pa [PA]) Posted on: Apr 9, 2024 9:43 PM
Message:
I would encourage you to find out how expensive flood insurance is. Unless this is a cash deal, I would be out with it being in the flood zone but it might be the 500 year plane --24.101.xxx.xxx |
Manf, Homes Part 2 (by zero [IN]) Posted on: Apr 10, 2024 7:29 AM
Message:
GKARL, I just like spending other people's money I guess.
What you say makes sense.
But you are a tax guy and a Landlord, that makes you mega rich. --107.147.xx.xx |
Manf, Homes Part 2 (by GKARL [PA]) Posted on: Apr 10, 2024 7:29 PM
Message:
Zero, I'm more "capacity short" than I am mega rich. It's just that I don't want to take something on that puts me under additional pressure at this point. Timing just isn't right. There'll be something else that will come at the right time. --209.122.xx.xxx |
Manf, Homes Part 2 (by Wilma [PA]) Posted on: Apr 11, 2024 7:20 AM
Message:
I'm with Ray-n-PA: the flood zone is a no go. The insurance rates keep spiralling on those
Sorry to hear about the eye issues, hope that is all resolved now. April 15 is near, take a well-deserved break afterwards! --96.245.xx.xxx |
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