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All Forum Posts by: Arthur Eggink

Arthur Eggink has started 3 posts and replied 7 times.

Post: How to find the down payment

Arthur EgginkPosted
  • Lancaster, NY
  • Posts 7
  • Votes 0
Jack Baczek the net operating income is 138,000 prior to the mortgage. I assumed that was part of the operating income since it had to be paid.

Post: How to find the down payment

Arthur EgginkPosted
  • Lancaster, NY
  • Posts 7
  • Votes 0

Alright so i just received all of the numbers from their listing agent.  When i did my initial calculations i had some incorrect numbers.   The annual Cash flow is 70k after all is paid including mortgage, vacancy, etc..  44 are privately owned, 1 vacant, 4 owned by the park and one was an owner owned home.  The park was established in the 80's and has a septic system that was recently upgraded.  it also has a well system for water which has been upgraded recently.  The current owner, from my understanding, is getting older and wants to be completely done with the place.  To me, this looks like a great deal, but after closing costs etc, i need about 353k upfront, which could easily be paid back within the first 5-6 years if i use most of the income.  Both my wife and i work so the income wouldn't be needed right away.  I will take any suggestions i can.  Please let me know if i am forgetting to look at something also. 

Post: How to find the down payment

Arthur EgginkPosted
  • Lancaster, NY
  • Posts 7
  • Votes 0
That was one of our concerns. But honestly we weren't sure what a good financial return or annual cash flow should be on an investment of that size.

Post: How to find the down payment

Arthur EgginkPosted
  • Lancaster, NY
  • Posts 7
  • Votes 0
Hi everyone very new to both bigger pockets and real estate investing. My wife and I have been looking at properties for the last month and came across a mobile home park with 51 units,49 of which are rented, that grosses near 200 k per year and has a net of about 35k per year. The cost is a bit over 1.3 million and we are trying to figure out how to come up with the 25% down. This is much bigger than we thought for our first deal however the numbers are great it is a great property and so far is just to good to shy away from. Plus all I have is Brandon turners voice in the back saying "JUST DO IT". So I was hoping to find out if anyone has ideas on acquiring such a large down payment or another way to find financing for this deal. Any information is welcome. Including what potential problems there are for mobile park investing. Thanks everyone!!!

Post: Using a real estate agent

Arthur EgginkPosted
  • Lancaster, NY
  • Posts 7
  • Votes 0

Thank you James. I just wasn't sure if my agent is still free when it is not an MLS listing.

Post: When to use a realtor

Arthur EgginkPosted
  • Lancaster, NY
  • Posts 7
  • Votes 0
I had a quick question. My wife and I are looking at tri and four plexes using MLS and loop net. We have been using a realtor for all the houses on the MLS, however we found one on loop net that is promising. Should we use the realtor for that property as well or just use the Listing broker?

Post: Using a real estate agent

Arthur EgginkPosted
  • Lancaster, NY
  • Posts 7
  • Votes 0
Hi everyone. So my wife and I are currently looking to do our first deal!!!! We are looking on both the MLS as well as loop net and other similar sources. We have been using a realtor to look at the MLS deals, but haven't found one where the numbers work out well enough. I recently found one on loop net that may be promising however, the question is do I use the realtor that I have been using for a property on loop net?