All Forum Posts by: Brett Miller

@Paul Moore I really appreciate your input. This Dela has evolved the more we've dug into it. Still seems like a very good deal but it's turned into more of a large trac of land with Mobile homes on it instead of an actual park. More digging is needed to really know for sure but we are up for the challenge.

Thanks yall!

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Looking into buying our first park. What are the pros and cons from park owned homes vs tenant owned homes (not sure if that's the correct terminology). We have primarily been in the commercial building space but this opportunity has come up so wanted to ask questions from experienced owners. Thanks!

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Quote from @Beth Johnson:

@Brett Miller

There's no dollar threshold per se, if that's what you are asking about. There are federal regulations for private debt (hard money and private money fall into this category) and private equity (think syndications where you will hold real estate in the fund) that means if you aggregate capital into a fund then it's considered a security.

On the debt side, this can also be called a pooled mortgage fund or something similar. Just know that the concept of using multiple people or entities to fund a loan is considered a security. There are other ways to lend out private capital such as fractionalized loans where multiple people/entities are named on the loan together - such as you as a lender at 40% and me as a lender at 60%. If we don't know each other and a broker/originator pulled this deal together offering each of us an interest income, then it's likely a security but that is determined at the state level, not federal. For example, in my state of WA, a private debt fund is deemed a security and so are fractionalized loans/notes. But individuals lending our their own money is not.

Hope this helps! Happy to answer other questions if u have any!

Yes thank you for that. It definitely does answer some of my questions but then adds some more as well. I've never raised capital before for real estate so I think my questions are more around the logistics of what happens after you actually have the money that someone loaned you. How is the money secured through real estate? What documents are needed for the whole process? Those kind of things...

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Investment Info:

Office Space commercial investment investment.

Purchase price: $2,740,500
Cash invested: $400,000

A 22,000 square foot office space. 4 long term tenants

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See ya'll there! Looking forward to it.

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Tallahassee, Florida

Sorry, didn't proof read. That should say Also not alone.

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I haven't finished the second part of the most recent podcast but during the first portion, the differences between hard money lending and raising private capital. It seems like Amy is alone talking about SEC filings as well. Where is the threshold between hard money, private lending and having g to file with the SEC? Not sure if there are state specific but I'm based in Florida. Thank you for any insight you can give.

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@Neil Seldomridge what kind of loan do you have (conventional, FHA, etc.)? How long have you lived in the property?

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Columbia, Maryland

Hey Yall, I'm trying to connect with other investors/Sales Associates in the Tallahassee FL area. I know of one Investor group here in town but was wondering if there were any more. Thanks yall!

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@Tom Thomas IV thank you! I appreciate it

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All Forum Posts by: Brett Miller

Brett Miller has started 5 posts and replied 11 times.

Post: Mobile Home Park question

Post: Mobile Home Park question

Post: Recent podcast on Raising Capital

Post: 1st Commerical Property

Post: Meet up at The Edison at Cascade Park

Post: Recent podcast on Raising Capital

Post: Recent podcast on Raising Capital

Post: Can BPO lead to loan being called?

Post: Networking Tallahassee, FL

Post: Property Managment Interview