All Forum Posts by: Cory Hoffman

How is the credit of the tenant? Is the lease NNN or is landlord responsible for roof, HVAC, etc? Would your tenant client consider long than 10 years, maybe 15? I can help you value the asset if you'd like.

The answer is yes... if you can assemble a good team that you can lean on for market knowledge and to get results.  These team members should be a contractor, a realtor, a property manager, possibly a few bird dogs, etc.

There are a few books out there that go into more detail on this.  

Jonathan,

I would suggest focusing on existing retail or multifamily where there is existing cash flow but a value add play versus new construction because of the length of time you are getting investors their returns.  You should also get the word out to local attorneys, accountants, and others who may have clients interested in real estate opportunities.  You never know!

What are you interested in learning about?  Parks can be cash cows and they can also be money pits.  As a general rule, you prefer that the homes are owned by the tenant and you rent them the lot.  Less headache and better resale value.  That being said people make a lot of money creating and selling mobile home notes (see Lonnie Scruggs).  There are a few ways to create income from day 1 depending on the deal.  I work with a few investors actively looking for parks and are open to partnering or putting up equity.  There are some general questions you want to ask when evaluating any deal.  Happy to discuss if you'd like.

Are you buying this with a new entity?  Have you tried to obtain an unsecured line of credit with your new business in addition to your loan?  What about a refi of the equipment?  There may be some other nontraditional ways to come up with the capital.  Happy to brainstorm if you would like on some ideas to get the cash you need.

I would suggest going direct to the retailer as well.  Often times, if it's a great location, franchisors will use your location to find their next franchisee.  It would also be good to do a google search to see who else is out there and what is not out there.  Happy to brainstorm with you on prospects as I have done this for landlord clients in the past. 

Sai,

I am in Western PA, but am a licensed broker.  I could run a Costar survey to give you a sense of what the market conditions are for lease and for sale.  Let's discuss.

Cory

Congrats on your find! Depending on price you may want to consider just doing an LLC with you being the managing member. Less legal costs and less headache. Happy to walk you through all of this. I have an office in northern VA so am close. Cory