All Forum Posts by: Arjav Parikh

I am evaluating a property in Flint, MI for acquisition and wanted connect with local fellow investors to ask a few questions.  Please PM me?

Water issue seems resolved later part of the last year.  However wanted to learn if this is the market to buy and hold for rental property etc.

Thank you,

arjav

If you google community banks/credit unions closer to the park (within 20-30 miles radius) and call their commercial mortgage/lending folks, you may be able to find someone.  I am assuming as it is 30 lots, may be a smaller deal for agency financing.

If bank says they don't finance it, you can ask them for a lead.  I have been successful finding lenders this way for smaller transactions.

Thank you @Belinda Lopez.  

If the property is non conforming for land use and zoning as of now and usage is grandfathered (mobile home park), is allowed zoning matching to build/develop residential community?   Does it have public utilities (sewer/water) or access to tap into it?  How is infrastructure including roads/electric etc?  

1) If current zoning allows building residential community, 

2) If land has public utilities and good infrastructure, 

3) If you have experience or know folks who are good developers, 

4) If location supports building community and provides substantial financial gain,

it may be a good opportunity.

Are these mobile homes resident owned or park owned?  Month to month or yearly leases?  If resident owned mobile homes, it may be expensive for them to move and you may subsidize the cost (if redevelopment is more lucrative).  For park owned homes, it may be a bit easier to give tenants ample notice and sell those mobile homes, after tenants leave.

Good luck and keep progressing.

Township floodplain administer mentioned that any mobile home moving into the park, based up on the lot location, needs to be at 4' to 6' height.  Does anyone know what would be additional cost in general?

Thanks

@John Bauer: Sure. Can you please PM me?  Thank you.

Yeah, I have gone through multiple evictions in the past with multifamily residential units.  As repossession was a key outcome I was looking for, so went through entire legal process for eviction.

In this scenario, tenant left the unit and then notified, eviction is not needed.  The challenge in this commercial unit is - I pay leasing agent commission that is calcualated based off of length of the lease and rent amount, I spend money to retrofit to tenant requirements and there are additional costs involved.  They are all worth it when tenant honors the lease terms including duration.

Tenant in this case has signed lease with personal guarantee and has ability to pay just don't want to.  I finally ended up giving it to contingency based collection agency.  Let me see how it goes.

Tenant left the unit (commercial) way before lease expired.  They called my property manager after leaving the premise to notify they left.  

We brought in a new tenant but it took 14 months.  Per lease, they owe loss in rental income. This company is very active in multiple states, lease is personally guaranteed by the owner.

A commercial tenant broke the lease in southern NJ.  The firm that leased the unit is an active midsize firm, able to pay, owner signed personal guarantee.  

I am looking for a recommendation on how to collect lost rent (about 14 months).   

Is collection agency better or debt collection attorney?  Any recommendation - collection agency or attorney who works on contingency basis - is greatly appreciated.

If you are looking for help with your real estate investments - website development, internet marketing of rental/sale, property management, tenant issue reporting/contractor search/management, leases, software related help, etc that can be done remotely, I can put you in touch with a good outsourcing firm.  Please PM me.

Thanks