All Forum Posts by: Ben Davies

Any new owner / investor would need to make these rate changes - compelling the current residence to  move elsewhere (somewhere more affordable).
And this is why the residence are looking to make a Co-Opp. At lease with a Co-Opp there are programs for local, state, federal, grants (several are being pursued). Which would effectively reduce finance cost.
And allows for other options such as offered by ROCusa.org (Resident Owned Communities).
https://rocusa.org/whats-a-roc/what-is-a-roc-how-is-it-diffe...

Together these options allow the residence to keep their costs within their own control, and continue to live where they are.  IF they can self manage successfully (which is a big ask), then this is an excellent option.  Well their only option really.

Anyway, this is the direction they are heading, and for the moment finding some success.

Thank you to BiggerPockets.com, ROCusa.org and the people that are making this possible.  And those that have contributed to the conversation. @Will Stewart, @Roger D Jones, @Bill B., @Mike Reynolds

Conversations with Mr. Paul Bradley at ROC USA have started.

Thank you @Will Stewart and @Roger D Jones specifically and BiggerPockets generically for a quick authoritative response.

My mom is one of the residence and she told me about the 'problem' but none of the history, so I don't know the details around notice and such.

There is a 90 lot park in Littleton Colorado that needs financing. We are hoping you can help.

Seller is closing Mid June unless the newly formed Co Op can find financing to buy the property themselves.

We hope you can help or point in a good direction.

Senior park. 55 and over. In Littleton Colorado 80120. ~90 lots. ~100% occupancy. Selling for $20MM. We are pursuing grants / subsidy including from Littleton City Council and others, along with financing to purchase the property by the residences via the Co-Op.

@Jean Joseph  Stessa is a web app.   There is an IOS app.   Go check out the site  https://www.stessa.com/   

I am using this.   https://www.stessa.com/

it is free and I find that it is useful (I have been using it for a few months).

@Byron Scott, @David Dachtera,  Writing it all down is a great idea.   

I just closed on an 8 property deal in April (my first 'investment' deal), but I have bought and sold the houses that I live in for decades.   I can not even imagine how you went to not even being aware that "own" was a thing, to having the "stones" to actually closing on a property in ONLY 8 years.

It seems to me that conquering FUD dragons (Fear Uncertainty and Doubt) is the real story, especially getting started. With limited support group, breaking free of the known and comfortable, where I imagine your closest friends were less than supportive of radical, new and uncomfortable ideas, not due to malice but actually to keep you 'safe within the known'.

THAT is the story I want to hear. Byron Scott Dragon Slayer. From peasant to Prince.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $344,000
Cash invested: $152,000

A group of 8 SFR around Lawton, Oklahoma. Average at 3BR, 1Bath and about 1000 Sq feet on a lot of about 7,800 Sq feet. Appraised at about $41,500 each, and with closing costs, all in at $43,000.

What made you interested in investing in this type of deal?

As my first 'real' investment deal was looking for a group of properties to mitigate the rent risk, and that were already rented, AND could be had at a reasonable price.

How did you find this deal and how did you negotiate it?

Found on BiggerPockets and negotiated over email and phone calls. Neither the buyer or seller are local to the properties

How did you finance this deal?

Used my SOLO 401k. Found a lender (bank) that would give 60% loan to value, non recursive, reasonable interest rate (~6.9%)

@John Burg

03/15/19 12:00PM - 01:30PM America/Chicago

In the Raw, 6151 S Sheridan Rd Tulsa, Oklahoma 74133

In the title, not in the description.