All Forum Posts by: Cody Strickland

BP, I'm looking for an attorney to advise on one of my Reno, Nevada projects but haven't had any luck. Does anyone have any tips on how to track down a reputable attorney? I tried looking around the site for an attorney-specific forum, but maybe I missed it. 

Any help would be much appreciated!

Awesome, thanks @Adam Elhifny!!

I have two projects (both new builds, about 3500 sq ft each) and need a general contractor to oversee construction. Both projects have the foundation/subfloor completed and are ready to frame. Any help would be much appreciated!! 

@Montrell Brown thanks, I'll give you a call. 

PM sent @Reginald Truss

@Bill Schrimpf @Jared Rine @Reginald Truss 

Gentlemen, sorry for the huge delay. When I originally posted this, my inbox immediately got flooded with potential lenders. The good news is that we were able to secure lending and this project is going up as we speak! 

As it turns out, we've actually identified the next project (also a new build in Reno) and we're back on the hunt for lenders. Any chance someone can point me in the right direction? Here are a few quick details about the project:

Property type:

New construction, single family home, 3300 sq ft.

Purchase price:

Land has been cash-purchased for $120k

Construction cost:

$520k

ARV:

$900k

Closing date:

We hope to start construction around mid-March

Thanks in advance!

I am in search of a hard money lender for a project in Reno, Nevada. It's worth mentioning that this is for a new build. Any help would be much appreciated!

Nope, not a lagoon. The processed waste water dumps into a canal behind the property... From what I have been told. I have not viewed this property in person yet. 

Thanks for the feedback fellas. I think this sewage treatment operation is pretty simple @Ryan Groene, but it is certainly something to consider. And I agree, having 27 park owned homes sounds like a headache, but would it really be that hard to move these tenants to home owners @Thomas S.? If the options are 1 - We increase the rent to compensate for the extra time or 2 - We can work out a rent-to-own deal, it seems like most would take option 2 without much flack. 

Hey BP, I'm new to the forums and thought I'd jump right in by asking for advice on a potential deal. It's a 44 pad mobile home park, and although I don't have any experience with MHPs, the numbers seem interesting enough to consider. I have the option to bring in an experience partner if needed. Any insight would be greatly appreciated! 

Here's the scoop:

- 40 of the 44 pads are filled

- Park owner owns 27 of the mobile homes (no vacancies)

- Most of the homes range from 1990s to early 2000s

- Park road needs to be paved, some of the homes (maybe 3 or 4) need to be replaced. 

- City water, but not sewage. Sewage treatment facility on property

- Owner is currently handling all repairs and management so expenses are pretty low (about 20k/year)

The numbers:

- Seller's bottom dollar = $800k

- Gross rent = 210k, expenses = 20k, so cash flow = 190k

- Each home rents between $500-700/month. 

- Each pad rents for $175 per month (could bring this to $225 or so after upgrades)

- Assets and property appraised at $350k

Our long term goal would be to upgrade the park (maybe 100k over 2 year span) and work on rent-to-own deals with the current tenants so that we only own the lots at $225-250 each.