All Forum Posts by: Alex Bekeza

Hi @Zachary Phelan,   @Thomas S. Brings up a good point.  When you have a park where less than 40% of the homes are park owned then you will have many more commercial lending options open up for you.   The 30 year term with 7.5% interest you mentioned hearing at first is totally realistic if you have this Tenant Owned/Park Owned Ratio I'v described.  

Lenders really only want to lend based on the value of the land + improvements (lot rent).  

IF you have a hairier deal with more POHs you MUST get lot rent separated from home rent on the rent roll..... As a broker, I have to really put on my salesman cap and tailor my approach when pushing MH parks to lenders because they all of their own nuances but as anyone who has analyzed them knows, they can be cash cows and great investments!

@Zoe Mercier where are you looking at parks?

I recommend anyone on this thread tune into Jefferson Lilly's podcast Mobile Home Park Investors. (from Park St. Partners)  It's one of my favorites. 

@Chris Grizzaffi. Did you find a lender who would REFI without any DTI Requirements?

All the best,

We've recently rolled out a new investor program in California which offers rates between 5.375%-6% with NO INCOME VERIFICATION. That's right. If you have write offs that make your DTI look too high to the banks, we can get you the cash out or rate/term refinance you need to maximize cash flow and keep the ball rolling without resorting to higher commercial rates or hard money.

These are 30 year terms, fully amortized with rates fixed for the first 7 years!

If you are a California rental property investor then reach out to me to discuss your scenario whether your looking to get a better rate, pull max cash out, or BOTH.

All the best,

Alex Bekeza

818 606 8823

[email protected]

www.landbrothersre.com 

Kansas City is a hot market and there are several commercial lenders to consider.  I've sent you a PM to get some more details.  

Best of luck!

@Elenis Camargo

Some HMLs will limit the initial draw (draw of funds to purchase the property) to 75-80% LTV

However, they will lend additional funds for renovation. (Making the total loan based off of ARV)

Typically HMLs will have a limit to how high of a percentage renovation funds can make up of the total loan amount.  

@Brandon Zeng Sounds like a plan.  My mom and younger brother both live in Colorado (Denver and Evergreen) so I visit about twice a year.  Stay in touch.  

@Brandon Zeng Having prior real estate investing experience is very helpful in getting financing as a foreigner.  I would definitely consider partnering with someone to get the first deal under your belt and this will also establish some positive mortgage payment history.  

I have to take this opportunity to give a shout out to Glen Oaks Escrow!  They're based in the San Fernando Valley and I've just had nothing but a great experience with the last few loans we've closed using them.  Amazing service and competitive rates!  I've dealt with Eric, Nicole, and Lauren over there and all of them have just given awesome response times and gone above and beyond their duties.  

@Jerimy Justice Its crucial!  I've definitely "fell in love" with properties before too.  Its important to love the DEAL and not the property.  I can imagine a 1920s style home had its charm.  

@Courtney Jones agreed!  Glad you enjoyed it.