All Forum Posts by: Allen Martin

@JackMartin thanks man.

I hope that I can return the favor and answer or solve one of your problems one day in return.  An attorney does not need to be local to write me up a lease agreement, do they? Who has suggestions/recommendations for a good lease attorney or Website to go with Don't forget this is for a mobile home park. 

I tried to tag you and Rolfe in the same post he is the one that was in the podcast But I sure do appreciate your response. 

@DAVE RAV My question to you sir is since current rents are $100 & Market rents are $300-400 in Hsv, AL area. How do you suggest I present the deposit & rent increase to the current tenants?? I heard you mention taking the rents up slowly on the B.P podcast but can you elaborate on that. how much A year is slowly, how should I present the Deposit needed as well? I feel like I am about to ask these people for a lot of money at once. 

@Justin Hoggatt so it turned out that I took the 200k-20%-40k down offer since the other offer was going to have me put 35%-70k down. I will be using the extra equity to add value to the park with more pads and electric hookups. Also, the Lot rents were $100 a month which is WAYYYY lower than the current lot rent of $275-$400 So I will be taking my Lot rents up to $300 if not $325.   This deal might sound risky to most but it is my first deal and I'm going for it. 

Whats good My Realestate Fam
I hope one day I can return this favor back to you. I have 2 lender offers on the table for a 200k loan & I need help deciding which is the better offer to accept. Offer 1- Eva Bank: 20% down, finance amount160k, 7.29% with a 5/1 ARM Monthly Payment 1,260 ish. Offer 2- Bank Independent 35% down finance amount 135k, 15yr / 5-year balloon

* I was told that even if rates go up it can only go up legally 2% from my original amount & Keep in mind I plan on paying either loan off early. I am purchasing a mobile home park 5.5 acres with 7 occupied slips in place, sewer septic, and well water. Projected gross $2100 a month / $300 per slip. I plan on adding more slips therefore more homes can be brought in.

Hey, 

I recently posted here on BP about needing help finding lending on this MHP I am purchasing. I was contacted by A guy who claims to have a lender who wants to lend me the money so he sent over the lending documents in an email. Being cautious I simply ask "with all respect how can you prove to me this isn't a scam since it would be an easy way to get all my information" the response I got was "I assure you it is not a scam my lender is willing to give you the money..etc" the person name is Samuel Thomas can anyone vouch for him? 

I currently have a mobile home park under contract which I got pre-approved for a loan of 35% down 70k but would like to find a lender who has a better rate. Finding lenders for a mobile home park has been a struggle so any help in pointing me in the right direction would be greatly appreciated. 

Price: 200k 

# of Lot currently 8 with 7 filled on 5.4 acres with plenty of room to expand. 

Lot fee: 350

Septic tank