Drove by my rentals this afternoon and did not have to write up a single letter for garbage, junk cars, appliances in the front yard, weeds, no payment of rent…a good month. Thank you Tony and Scott. We are either training tenants or they are training us! So far so good.
Looking at a Park Tuesday, 30 spacer, half rentals for 678K…supposedly cash flows at 79K (NOI) per year. Finance the entire amount at 8% for 20 years (approx 68K P&I) and enough left over for Taxes and Insurance…
lot rents are 150 per month and rentals average 550 per month. Parks grosses 100K or so. Expenses seem low, but it is seperate metered all utilities(direct billed). Looking at increasing rents to 300 (County average 326 per month) and bump rentals 50 per month. Not a lot of meat on the bone, but within commute of very large city and has good demographics. Might be a great land play in the future. Doesn’t get much better here in FL. can bring 500K on a 1031 to the table and set up balance at 8% for 5 years.
Looking forward to MHM. To all MOM folks, this is one meet you should make. This is like taking the next step for starting investors. Ernest Tew liked to say, " The best investment we can make is in our own education". Steve and Corey have brought some new faces to the Speaker’s Table and I can’t wait to hear from folks that are doing real deals. The knowledge at this meet is awesome. I am already packed!!!
My accountant says she can do the 1031 exchange without a third party… anyone done that? Or do i have to use a trustee type from Orlando?