All Forum Posts by: Daren Jones

Hi @Edford Banuel, I am in the greater Seattle area but welcome and good luck!

Daren

Hi @Doug Rich, I have been trying to figure out some of the variables of the SD IRA as well. I do not know the answer to this but would like to be in the thread when the question is answered by a qualified individual.

I looked in to switching this over into my SD IRA but it has too many variables for me at the time. One was, if I purchased an apartment complex or an investment condo in another market. The condo became vacant, I could not stay in that condo over night while fixing or re-renting it out. Same goes for one of the units even if it meant to check on it.

Good luck.

Hi @Will Gaston, I have found that it all depends on the park and the area west of the Mississippi River. Up and down the west coast it depends on the park and the area a lot. I have had success with small commercial banks with small parks and almost everyone is willing to lend on a large 5 star park. 

On the large side, Wells Fargo and Bank of Hemet have mobile home park specific lending. Standard type terms of 20-35% down, 20-30yr amort., 4.5%+, fixed for 3yrs+. The older and smaller the park (in my experience) the higher the rate, the lower the amort., the more willing to work with you on cross collateralizing. 

I have never had a credit union come through for me. Although, I think it just takes the right loan committee with some of the smaller credit unions who understand mobile home parks. Solarity Credit Union in Yakima WA is one example who understands them but again lending radius is an issue. 

Good luck on this. I think when you have the right management systems in place it is hard to go wrong on larger parks.

@Christopher Hall Yes, I think you can run a smaller park  remotely. It needs systems and thorough expense monitoring though in my experience.

 @William Noel Another suggestion that I currently use is Cozy.co if the tenant has a bank account they offer online payments services for free. You go in and set it up for the tenant, you select what bank account you want the payment to go into, cozy.co sends them an invitation, tenant verifies their bank account (simliar to PayPal) and they can send you one time or reoccuring rent payments. It has been awesome for me. 

Hi Lester,

Welcome! Sounds like you are doing some good research. 

I did some flipping years ago and am now (from 2009) a buy and hold investor in the greater Seattle area. 

Feel free to email should you.habe any questions on buy and hold. 

Best of luck, 
Daren 

I lost my bank...they had a cease and desist issued by the FDIC for lending out of area.

I have several commercial loans on several different types of properties with this bank and all of a sudden, done. No more lending so my search continues. 

The M.O. for my company is buy distressed with cash or hard money, stabilize and refinance to hold. I run into a few variables with this. Most of the time the bank wants 1-3yrs financials on the property and when I purchase them from banks or various sources there are no financials until I purchase. The other big variable is using the new income once stabilized as well as the new value. Lastly, the properties I buy, because I am not a big investor or a big fund, are usually outside of a metropolitan area. 

The park I currently have is 43 units in rural N.E. Oregon that I need to refinance. Any suggestions on common sense banks would be appreciated. I am looking to retain and would prefer a long term solution not hard money or short term. 

Thank you in advance for any suggestions.

A very basic collection system that is free and can be used with parks as well as other rentals is www.cozy.co It is free for bank to bank for the tenant and landlord. Transaction fees are charged to the tenant if they use debit or credit cards. 

I still have everything flow via QuickBooks.

Like @Jim Johnson mentioned systems are everything. E myth...great book to read.

Welcome @Michael Nashto the site from another new member. Good news if you are flipping your own deals, you can pick your own architects!

@Roy N. Thank you for the clarification

@Thomas S.  just a reminder that in the US mortgages are not the same as in Canada and are not renewed but rather refinanced.