All Forum Posts by: Alex Clifton

@Joshua Schmidt awesome, thank you for the info. I'll make sure I keep an eye out for the financing options on future online listings. 

@Joshua Schmidt thank you for your service. 

I'm interested to learn how you were able to work financing into an auction purchase. Can you explain the type of loan program you used? Was this home bought at an Auction in AR?

We are looking to purchase a foreclosed home that needs renovations to use as a primary residence. What lenders on BiggerPockets can do a one-time close construction loan?

We are already working with two lenders but, would like to shop around on closing costs and to see if another lender has a better loan program.

Details:Purchase Price is 283k, rehab is 45k, ARV is 385k on the low side.

Property located in Arkansas

Credit Score 740+

@Zach Scheer

Welcome!

We are in the Little Rock area. Let’s connect and see if we can help each other in the future!

@Valentine Antony

Is the company your using able to lend in Arkansas?

Hello All,

Honest Proposition...

We will find you deals, bring them to the table, in exchange for a small finders fee/equity and the opportunity to learn from YOU, the experienced/seasoned investor.

We are really interested to learn/partner in the MHP sector but, interested in all multifamily properties.

If you'll tell us what criteria you need to meet on the properties you want to buy, we'll spend the $ and do the leg work on finding off-market properties to bring value to the partnership. (We already have two MHP's to share)

Please network with us and let us know how we can help you!

Welcome Brandon,

Good to see you made it on here!

-Alex

**UPDATE**

First: Original post mentioned a low vacancy rate that was in fact the low occupancy rate. Current HIGH vacancy rate is 83%. 

I have been working with Mobile Insurance Company to get a quote for the MHP. It turns out that the high vacancy rate (83%) and the high number of park owned homes (100%) is enough concern to deter 7 underwriters. 

Since the park can't be insured in it's current condition, I will be moving on to other deals that I have found. If anyone is interested or would like to tackle this MHP, I am more than willing to turn over all information I have to an interested party. I only require the interested party let me observe the process through its entirety for educational purposes. 

I hope everyone has an amazing 2016 full of great deals and new beginnings. 

ALEX

Anyone in the central Arkansas area have any experience or knowledge of running mobile home parks? I am looking to purchase one that has an enormous amount of value add potential and wanted to bounce some ideas off of an experienced investor. 

A few details:

Asking price is 40% of the county assessed value for the land. 5 acres 

Currently at 17% vacancy by 9 park owned homes. 52 lot capacity. 5 other park owned homes that need to be removed IMO (un-rehabable/safety of the park). 

Currently brings in $3500 of rent a month. 

Water is not sub-metered and costs $450/month by owner. MAJOR VALUE ADD

Taxes are 4400/yr. ~$370/month

Already has management - assuming 10% @ 350/month.

Without due diligence and sellers numbers ~ $2330 net income/month.

Obviously PITI, electric, gas, insurance, sewage/water inspections, land maintenance, permits, taxes etc... are not calculated. Will have these numbers after my inquiry is made at the property today.

City-data shows low crime and 13% of the population are mobile home occupants within the city. 

More info to come after visit and meeting with property owner today.

NOTE: Deal breaker for me will be if the property has septic/well water AND no nearby access to city water. 

All comments, questions, and suggestions are welcome!

Provide some feedback!

Alex, 

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