Thanks Fred Balke for the killer t-shirts. MOM V was a huge success in large part cuz of your hard work.
Jim and Ellen got their first MHP with Steve Case and this is personal highlight of the year for me. Truly wonderful folks.
Have a total of nine L/H packages ready for sale (one since May) and not a lot is moving in the Florida real estate market right now. A year ago there were 1243 properties listed in Marion County MLS with average list time of 37 days for sale. Today there are over 4K listed average 112 days for sale. Quite a diff, eh? Have an adjusted basis of 312K in these packages and have 'em listed at 678K. Rather than reduce price, we will go to plan B and rent these properties for a while. Rentals are VERY strong here and I figure we can rent the nine for +/- 8300 per month and this will give a nice return until some of the excess inventory is sold locally. We owe nothing on these homes so we can gross over 30% gross ROI, if these were packaged thru a hard money lender, we would reduce price. one point of interest per month would be over 3K per month.
Turned down 2 mobile home sales this month from investors from CRE using hard money lenders, wanting to flip L/H pacs for a quick profit. Showed my excel spreadsheets on these 9 homes (and holding costs, insurance 445 per month, electric averages 400 per month and 11k in annual property taxes owed in November.) and they both passed. Scared em right off, but sold one today to another CRE investor all cash to place on a beauty 3 acre parce for 1200 per month rental.
The market is changing and it is exciting! a door closes and another opens. There will always be a great dealto be made out there if we understand what Lonnie, Ernest, Steve, Corey, Karl, et al have shown us!