All Forum Posts by: Bruce Thomsen

Hi BP Family, I am considering a purchase of a trailer park. There are 4 park owned trailers and 2 privately owned trailers. This is in NY. 

Could it qualify for residential loan since only 4 are park owned? 

Or would I have to get a commercial loan? 

Finally, does anyone have any suggestions on the good lenders for this type of investment?

Thanks and advance for all of your guidance and feedback! 

@David David thanks for your feedback. I totally understand why and respect that. To clarify, how do confirm I have the funds if I don’t yet know what I’m buying the property for? Do I pitch hypothetical deals to my Inevstors or wait until we have an accepted offer?

Thanks!

@JD Martin thanks for the feedback!

@Mike A. Thanks!

Hi Team! Thanks in advance for your feedback. My brothers and I own a few SF's and are now looking at MF's. We are activity looking at 3+ family properties. We have been deterred from certain properties because they say that POF or pre-approval is required for showing or to make an offer.

Should we get pre-approved? Also, I found it difficult to go back to our investors and sell them hypothetical opportunities. 

We are now getting close to making some offers and would also like to see a couple of properties that have those requirements upfront.

How do we get around those requirements or show proof of funds that we don't have but will obtain from our investor pool? 

Any type of guidance or feedback from the BP family would be greatly appreciated!! 

I’m in the process of buying a commercial property with an auto body shop. This property is next to a bar my families owns in upstate NY. We are doing seller financing. The cash flow is a bit tight but we are buying it for appreciation due to new developments in the area.

In our lease agreement, that our attorney drafted, he had me paying the water and sewer, insurance and taxes.

Is it common for a landlord to pay for water and sewer in a single unit commercial property?

Thanks everyone for your feedback in advance!

Hi @Jim Goebel-

Thanks for the reply. I don’t at this time but that’s a great thought. I’m going to at least price it out and to get a better idea of costs. Thanks!

I have some real estate experience but I don't have any construction experience due to that and the current market I'm looking to get into wholesaling properties in CT. 

I'm wondering how I should calculate and break down the estimated repair costs and materials?

Does anyone suggest any software? 

Should we start finding contractors to work with?

Any advice or guidance would be greatly appreciated. Thank you!