All Forum Posts by: Andrew Bowlds

@Shelly F. Absolutely! Look for it in your inbox here shortly.

@Ryan Peach Sounds great! Just shot the information your way.

I've come across several retiring investors lately, and have three small portfolios around the Evansville and Newburgh Indiana areas. Two of the portfolios consist of 5 SFHs, and one consists of 4 SFHs. All 3 portfolios are 100% occupied. 

As of today, only the first of the five properties are available. It is currently generating $3375/month rent. Asking $313K for these 5.

Looking to sell each portfolio whole, or sell all three portfolios potentially as one. Not willing to split into individual properties. 

If interested, PM me and I can get you more details on each. 

Thanks!

@Stefani Gillenwater 

Congrats on taking the first step and purchasing your first park!

It sounds like you've realized a lot of opportunity with this park, I looking forward to hearing the results once you get it turned around.

As far as the licensing requirement for the property manager in Indiana, the state does provide an exemption to the licensing requirement for a full-time, salaried employees of the owner or lessor the real estate in question. Not sure if you could use this exemption to use your advantage regarding employing a tenant to manage the park, but it may be worth some consideration if you can make it work. 

Hope this helps!

Welcome, @Nicholas Stergion!

What has drawn you to the Evansville area? I've networked with several investors from the NYC area is far too expensive to invest in for many, and Evansville has a very low barrier to entry.

Evansville is a very unique town in many ways, and many of those make it a great place to invest. Nearly 1/3 of all households in Evansville are rentals, and vacancy rates continue to decline in the area as the city grows. 

Looking forward to learning more about your plans!

Welcome, Justin! Evansville is a great place to begin investing. Much opportunity exists here.  If you have any questions of just want to connect, feel free to reach out. 

@Ryan Peach This is an excellent write up. I love hearing positive stories about turn arounds such as this one. From the sound of it, you certainly came out ahead. 

I have no experience dealing with fire damaged units, but after completing this one, is it something that you'd do again, and if so, is there anything you'd change? It seems like the pressure the city was putting on them over the damage created a great opportunity for you. Would you target similar scenarios in the future?

@Lance W. Welcome! I'm an investor and private/hard money lending consultant in the Evansville area. If you ever need anything or just want to network, feel free to reach out!

Without seeing more details of the (hypothetical) deal, it's difficult to get exact numbers for you. That being said, it would be possible to use private/hard money to purchase the entire portfolio wrapped up into a single loan as long as all of the relative values make sense. 

Are these properties already rented and performing, or are they needing rehab work to get them up to rent worthy condition? 

How much value is built into the deal? (What is the ARV in relation to your negotiated price?)

If the deal is solid, and you as a borrower meet the basic lender's qualifications, the process should be pretty quick and easy.Get the properties under contract, collect all of the information regarding the deal, pitch it to lenders, negotiate terms/rates if possible, and then send the package to title for closing. This is bearing there are little to no repairs needed. If repairs are needed, a scope of work will need to be written up to provide with the presentation as well. 

Hope this helps!

Andrew Bowlds - Private/Hard Money Consultant 

Cathy,

As Bob said, it would have to do largely with your credit, experience and liquidity, but there are certainly programs out there who provide what I believe you're looking to do.

If you meet optimal thresholds for the above criteria, you could look at rates around 7-8%. The most difficult hurdle for a lender to overcome would be long holding period prior to demolition and starting the new construction. The best construction rates I've seen go to vacant land that's already been entitled to build upon, prior to the lender closing on the deal. 

We do have some family offices we deal with, however, who do invest in these sorts of deals.

If you'd like some more details, feel free to reach out.

Andrew Bowlds, Private/Hard Money Consultant