All Forum Posts by: Charles A Munk

I'm looking for a lender who will do a cash out refi on an 11 bedroom, 5 bathroom home I have rented out by the room on a month to month basis.  Which lenders are doing Cash Out Re-fi's on Padsplit types properties?

Thanks!

Thank you @Mohammed Rahman

Has anyone every converted an assisted living facility into micro apartments?  I'm looking at an assisted living facility that was built in 2006.  It's in foreclosure and in need of cosmetic work.  With the affordable housing crisis, wondering if anyone has any experience in this realm.  This building has nine rooms with bathrooms and ten rooms with shared bathrooms.  Thanks.

OK thanks, I'll join!

@Harland Merriam Do you all still meet in west volusia?

I'm interested in with a Zoom meeting format.  Too much Covid out there to gather in a big group for me.

Investment Info:

Single-family residence fix & flip investment in Deltona.

Purchase price: $100,000
Cash invested: $35,000
Sale price: $190,000

Fix and Flip in Central Florida. This hoarder house was a challenge to clean out and remodel.

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

It was a good price in a nice neighborhood.

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

Found this deal through a wholesaler and paid his asking price.

How did you finance this deal?

Used a hard money loan.

How did you add value to the deal?

Completely remodeled interior of home.

What was the outcome?

Sold home for a profit.

Lessons learned? Challenges?

Lessons learned:

1. It's good to have a network of contractors.
2. It takes a little more time to sell a property through the holidays.
3. I need to find a private money source to scale my business.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

MoFin Lending

Happy Holidays BiggerPocket Friends! 

I am looking at evaluating/buying an RV Resort park that has both cabins and RV Sites.  I have no idea what a yearly occupancy rate should be for an RV park.  It is in a great location near a National Park.  Any sage advice you give will be appreciated.

Hey Biggerpockets, I just evaluated a 3/2 SFH (1,350 sq ft) with ARV of 230k. The garage was converted into a family room. It was an not permitted but it was done well. Should I count this in the sq. footage when analyzing the deal? The garage would add 350 sq ft to the home and would raise ARV to 270k? Thoughts?