All Forum Posts by: Dan Sarao

@Peter Philando - PM me I have a broker that you can reach out to that helped me in Florida.   

@Michael Johnson - I am a buy and hold investor who is active in OH.  I have 2 units under contract in Cape Coral, and my family is relocating there in June full-time.  I would be interested to have a meet up as I would love to start a network locally when I relocate. 

@Amedeo M. - I do have a broker that will do blanket loans though. PM me if you would like their contact information.  I believe the limit is $45 - 50K per property.  They can give you the specifics. 

@Amedeo M. - I looked into them, but the deal that I needed the blanket loan for didn't go through after some more analysis.  

Hi everyone, 

I have come across a mobile home park in GA (about 1 hour south of Atlanta), which I have worked out some interesting terms on.  In turn, I wanted to get some feedback from the community on whether this is a good deal, given how it is structured and the returns it offers.  Also, I want to hear feedback on if how the deal is structured would actually work.  The seller's agent checked with a local real estate lawyer who said it would (is he right?). 

The agreed upon sale price is $125K.  The seller will contribute 4% towards my closing costs and closing fees.  In addition, the seller will also give me a $10K credit to help me pay the downpayment.  These two credits greatly reduce the amount of cash I have to bring to the table, while the sales price allows me to get a commercial loan as its priced high enough.  The sale price was agreed on so that I can get a commercial loan from a lender. I was trying to be as creative as the owner would allow me to be. 

The one tricky thing with this particular property is the zoning.  The mobile home units are grandfathered in and can stay, but if they were to burn down or be destroyed the town would not allow the owner to replace them.  They can however be fixed and maintained.  

I would really appreciate some feedback on this one.  Also, if anyone is interested, I would love to bring in a partner for it. 

Please see a screenshot of the BP rental analysis tool below. 

@Mike Flora Hi Mike, I am currently a marketing executive with a wealth of digital, social and traditional marketing experience.  I would love to see if we could work together.  Feel free to send me a private message. 

Alina, I sent you an email.  Would love to talk. 

@Eric P. and @Ryan Kinley I would also be interested to learn more from a seasoned investor in Lorain.  I also have an opportunity for a portfolio in the area.  It appears there are quite a few large portfolios being sold off in Lorain.  Is there a reason for this? 

@Leslie Fitch This group was recommended to me for lending on a blanket loan.  I just wanted to see how your situation with them ended up playing out?  Are they back in business as normal, and was your loan situated as planned?  

Also, you mentioned that you found new lenders.  Can you suggest additional lenders who do blanket loans on portfolios in the greater Cleveland area?

@Jeffrey Haynes, I used to be very familiar with your (and Akrobatik's) musical talents in my younger days.  It is a small world indeed!  If you are ever in downtown Boston and want to meet up and talk real estate please let me know.  I am just beginning my real estate investing career on the side of being an executive at a specialty coatings company in downtown Boston.  It would be great to meet in case there is an opportunity to work together at some point and create mutual value for each other.