All Forum Posts by: Chase Louderback

These seem like perfectly realistic/good scenarios to me.  I think you can go either route and you shouldn't have too much of an issue doing the second approach as long as the deal is very good.  There are a lot of hard money lenders out there so it should be relatively easy to source that capital.

Definitely going to echo the thread sentiment that you shouldn't be looking to syndicate those smaller (or cheaper) deals since it is more expensive and there are moving parts that are unnecessary for the price range that you would likely be operating in.  

Hi @Nick Love,

It sounds like you are well on your way.  I'm in the space and would love to connect sometime. Are you going to the Real Estate Guys Syndication Seminar in February?

Hi @Mary Denby,

Our next meetup is set for February 20th in Harrisonburg.  You can find us on the Meetup app or here on BP 

https://www.biggerpockets.com/forums/521/topics/65...

Feel free to DM me if you have any questions or just want to chat.

I agree with @Luke Miller here.  If you have the education to underwrite a property to know if it really is a "deal" or not then it shouldn't be too hard to find an experienced sponsor.  Keep in mind that depending on the size of the property and if you are looking for agency debt you will basically have to bring on someone with Fannie/Freddie experience.  That being said, there is real value in being able to speak the language with brokers and underwrite properties.  If raising capital is an issue maybe try to network to have someone to go to when you find a deal.

If you are working on getting educated then Syndication School with @Theo Hicks and Joe Fairless has some great information.   There are other educators that have been posted on this forum that are great too.  I'm a student of Michael Blank's and between his program and a couple other mentors I feel it has really accelerated my learning curve.

You can also "buy" an apartment as part of the Limited Partnership (LP) and get experience that way. Many different ways of getting into apartments, so feel free to DM and I'd be happy to chat any time.

I haven't been to many yet but will be at Michael Blank's Financial Freedom Summit and the Real Estate Guys Syndication Seminar this year.  Has anyone been to either of those or are going this year?  Will definitely report back with how those go!

Welcome to the Forums @Matthew Kroetch

Harrisonburg and the nearby local markets (Luray and Stanley) are my investment areas as well.  Would love to connect with those of you in the thread that are investing nearby.  Also, if you are in the area I am hosting a monthly Harrisonburg Real Estate Investors meetup so that could be a great place to make some connections with other investors, contractors, etc. @Mattias Clymer @Cassidy Burns

Good luck!  

Thanks Kristine!

Hey Trevor,

I look forward to meeting you too!  This group is newer and just starting up so if you know of anyone else that is in real estate in the Harrisonburg area, please invite them to the monthly meetups.  Talk soon.

@John Beck  Looks like you've had some great feedback from other investors here.  I would definitely second what @Gulliver R. said in his post and just make a "new owner" letter to the tenants when you close on the park.  You can have a general statement of the change of ownership and go over the new payment method, due dates, etc.  Similar to what @Ryan Murdock posted.  This could also be a good time to be clear on any changes in park policy or rules in that letter, but be concise and only include what is necessary.

Since it is a small park you could hand deliver it to the tenants and for larger parks mail them to tenants or have your on-site manager deliver them.  Congrats for your new acquisition!

Hi Christian,

I was looking over that MHP as well recently.  It looks like it is all (or mostly) Park owned homes and is advertised as "unzoned."  The management of all POH could be wearing on the current owner and/or the zoning of the MHP could be causing an issue.  It's something to look into since it did sell for 1.6 million 2 years ago and demand for MHPs has only increased since then.  Hopefully that was helpful.