All Forum Posts by: Daniel Tucker

What area are you looking at? I currently own a 24 acre property that just got annexed into the city. The land is zoned rersidential and can be divided into 8400 sqft lots. The city is having a growth spurt and new homes are selling faster than they are being built which is why the city wanted to annex my property. I'm thinking about getting partners to develop a residential community. The land is in the town of Sedro-Wooley, Wa.

24 unit apartment complex all with 2b/1ba with 650sqft. Priced under $300,000 with $150,000 worth of renovations needed. The proforma suggest that if units rent at $650 month NOI will calculate to about $1,440,000. The complex is in a "C" area. After some internet due dilligence the first thing I noticed is there is pratically no parking. Just in the street. The major crimes in the area are larceny which no secure parking area can create. I also noticed there is no laundry facility or laundry room in units. Seller says thats normal there. Do you think that's enough signs to get out?
would a private lender touch this deal?

How about loan to purchase and rehab? Discounted apartment complex .

Loan for $600,000 covers purchase price, rehab cost and reserves.

Based on proforma 10 cap ARV would be $1,444,000. Thats a loan($600,000) of 42% ARV.

Of course all contingent on due diligence being  thoroughly done.

I have investors that buy  nonperforming notes on large multifamily or mini storage. 

I have many prospects under 70% of ARV In snohomish county washington state.
Having problems finding private lenders for a newbie.
Have property $150,000 with comps of 240k to 250k

Can I see all the requirements for getting a loan for purchasing MHP's. (Credit rating, Cap, etc)

I'd be glad to send some wholesale deals your way. Let me know the exact criteria you require? Like % of ARV.