All Forum Posts by: Logan M.

 Who was the lender?

 Your best bet for that size will be local banks and credit unions, good luck.

Quote from @Matt Giordano:

Quote from @Logan M.:

I tend to get frustrated when I keep telling people that you can buy large multifamily with 0% down. I just put the MHP below under contract with 0% down, 20 years amortization with a 10-year balloon.

The frustration is because I don't see other investors actively doing this and these sellers and communities need it, badly. 

16 spaces, storage parking, storage garage, community office, and potential expansion opportunities. To make this deal even better it is in the middle of my drive to visit other communities I own. (Like a 30-second detour)

Also, this park was on a website like Craigslist, this is the second 0% down seller financing deal I have found from that lead source.

 Hi Logan, 

Congrats.. Thank you for posting this. Would you be able to share an example of how you structured the 20 yr? 

Purchase price = x 

Cash down = 0

Owner Financed amount = x 

 interest rate = x

Monthly interest only payments to seller = x 

20 yr. term = x 

so on and so forth with gross PP?

Matt  

Purchase price = $700,000

Cash down = 0

Owner Financed amount = $700,000

interest rate = 7%

Monthly interest only payments to seller = Its about $5,000

20 yr. term = With a 10 year balloon.

Quote from @Randall Alan:

Quote from @Logan M.:

Real estate investing has its ups and downs, but nothing could have prepared me for my rental property catching fire on the 4th of July. My neighbor’s fireworks went rogue, setting my house ablaze and forcing my tenants to move out.

The Chaos

On what was supposed to be a festive night, I got the dreaded call from my tenant – my property was on fire. Thanks to quick action by the fire department, everyone got out safely, but the house was left uninhabitable.

The Fallout

The damage? Over $200,000 worth. The house is unlivable, and now I’m dealing with the headache of insurance claims, finding contractors, and ensuring my tenants have a place to stay. It’s a logistical nightmare and a financial hit that no one wants to face.

Moving Forward

Despite the mess, I’m determined to rebuild. This whole experience has taught me a few key lessons:

• Insurance: Make sure you’re fully covered for disasters. (Fortunately, we were insured)
• Emergency Fund: Always have extra cash for unexpected events.
• Tenant Support: Keep good communication and support your tenants through tough times.

Final Thoughts

This July 4th was a disaster, but it’s also a stark reminder of the unpredictable nature of real estate investing. Stay prepared, stay resilient, and always expect the unexpected.

 @Logan M.

We've "Been There, done that, Twice!"  But neither nearly as bad as yours - our biggest one was a kitchen fire that smoked out the whole house.  

Hopefully your insurance policy also compensates you for loss of use - where it continues to provide you your rental income.  I can definitely say that while the bigger fire we had was a pain... it actually worked out really well... in the end we had a much improved property, and we stepped in and did as much of the work we could do ourselves that the insurance company was compensating us at  'retail' rates for... like painting, and replacing cabinets, and other simple tasks.  We actually (legally) made more money on our property because of the fire! (trading it for our time and effort though).

Hope you get through it smoothly.  Be sure to check your adjustor's work.  We were able to go back and say, "what about THIS, and what about "THAT" where they wrote us additional checks for things they didn't do right or account for.  With a big fire, it might totally be worth hiring an outside / independent adjustor to review their adjustment work.  Just a thought for you.

All the best!

Randy

 I believe exactly what you are saying, I think I will come out ahead.

Fortunately, I had a good insurance agent who gave me multiple riders like Actual Lost Rents, Code improvements, and a few others. The quotes we are seeing now are stretching upwards of $300,000.

Real estate investing has its ups and downs, but nothing could have prepared me for my rental property catching fire on the 4th of July. My neighbor’s fireworks went rogue, setting my house ablaze and forcing my tenants to move out.

On what was supposed to be a festive night, I got the dreaded call from my tenant – my property was on fire. Thanks to quick action by the fire department, everyone got out safely, but the house was left uninhabitable.

The damage? Over $200,000 worth. The house is unlivable, and now I’m dealing with the headache of insurance claims, finding contractors, and ensuring my tenants have a place to stay. It’s a logistical nightmare and a financial hit that no one wants to face.

Despite the mess, I’m determined to rebuild. This whole experience has taught me a few key lessons:

• Insurance: Make sure you’re fully covered for disasters. (Fortunately, we were insured)
• Emergency Fund: Always have extra cash for unexpected events.
• Tenant Support: Keep good communication and support your tenants through tough times.

This July 4th was a disaster, but it’s also a stark reminder of the unpredictable nature of real estate investing. Stay prepared, stay resilient, and always expect the unexpected.

I would suggest talking to your local credit unions. That size park will make it very difficult to find more typical MHP financing.

Understanding How Real Property Works

I am not making the argument to do anything unsafe or that you need to do all of the work on your properties yourself but I believe that understanding how real property works will save you from being ripped off, allow you to prioritize repairs more effectively, and get you out of tough situations by providing you with solutions to problems.

Why Basic Home Maintenance Skills Matter

1. Cost Savings: Knowing how to do some basic things yourself can save thousands of dollars. This significantly increases your profit margins and allows for more reinvestment into other properties or projects. This is critical early on when you start investing.
2. Better Property Management: Understanding the basics of plumbing, electrical work, and other home systems means you can quickly address minor issues before they become major (and expensive) problems. This proactive approach helps maintain the property’s value and keeps tenants happy.
3. Informed Decision-Making: When you have a good grasp of how things work, you’re better equipped to evaluate the quality and necessity of work done by contractors. This ensures you’re not being overcharged or paying for unnecessary work. 
4. Increased Property Value: Well-maintained properties with thoughtfully executed improvements can significantly increase in value. By doing some of the work, you can stretch your budget to cover more improvements, thereby boosting the property’s market value and monthly rents.

Tips for Building Your DIY Skills

1. Start Small: Begin with simple projects, like fixing a leaky faucet or installing a new light fixture. These small successes will build your confidence and skills over time while not taking any unnecessary risks.
2. Use Online Resources: Websites like YouTube and home improvement blogs offer step-by-step guides and tutorials for almost any project you can think of. This may also help you diagnosis a problem so you know who to even call.
3. Practice Makes Perfect: Don’t be afraid to make mistakes. Each project, successful or not, teaches valuable lessons that improve your skills and knowledge for future endeavors. Any time spent on your properties will provide you with invaluable experience and understanding of the asset you own.

As you scale, you will hire more and more work out but until then don't be afraid to get into your investments.

The picture below was a long day managing a community park we are building in one of my mobile home park communities. $50,000 job done for less than $10,000. Many of my projects are being positioned for the day that rates come down, whenever that happens. 

 Israel, what are you actually looking for? Do you need someone to operate the property etc...???

The real play is to get a seller-financed note and then sell all the homes during the term they give you and then refi out.

What is the best software/service to use to pull property lists with or without numbers?

Once you get the list if it doesn't have numbers what do you use to skip trace the list?