All Forum Posts by: Greg Tawes

@Mo Muigai that's not too bad especially if it's a fixed rate. I'm paying 8% on hard money and about 5.25% with community banks for investment property loans through my LLC. Typically maturity is 3 to 5 years.

@Marylin OShea I’m on the Eastern Shore this weekend. I will stay tuned for future events. Thanks!

@Ben Bannister I live in Berlin, MD, but have some connections to that market. If time permits, I might join in on the meet up if that’s ok? There aren’t any meet up in my market that I’m aware of.

Thanks, Greg T

@Michelle Szeklinski Yes. They likely require a mortgage on the house they financed for you. In fact, there is a lot of wealth built by hard money lenders when they take an asset back.

When I mentioned total equity I was referring to my down payment, so that plus closing cost is my total upfront cash required or total cash equity. I would argue that the concept of a Cap Rate is the same whether a residential or commercial property. It's simply a ratio of Purchase to NOI and another tool to analyze the deal metrics.

Any advice on targeted Cap Rate and Cash on Cash Return for Duplexes and Triplexes? I have a deal I'm reviewing now that has an 11% Cap Rate and a 15% Cash on Cash (calculated as cash generated after debt service divided by total equity + closing costs). Thanks in advance for your input!

I have a renter that flushed towelettes/wipes down the toilet. Ended up causing a major clog that resulted in two plumbers being there all day and a $1200 bill. The act wasn't intentional, but should I still approach them about paying some of the bill or taking a portion of the bill from their security deposit? Thoughts?

Thank you for your responses. I need to budget that cost in my capital outlays. I'm thinking perhaps I buy a couple and get them rented / rent to own and then gradually in fill in the remaining vacant lots. I am familiar with Clayton Homes, but I'm not sure what the CASH program is??? Also, any idea what it would cost to move and set up a mobile home say 50 miles. Just trying to guesstimate. I'm also looking at another park with 21 lots and some 30+ year old units. Average age is probably 20 years. It's probably 80% renters. It's 100% leased, but there is some turnover I'm estimating 12% vacancy. I also estimated $500 per unit in maintenance. Do these figures sound reasonable? Draw backs are the age of the units and very small lot sizes. It feels much more like a classic mobile home park vs a neighborhood.

I have a question, I'm looking at a small park in a rural market (maybe 30 lots). There are about 15 vacant lots and 15 with mobile homes. Do you ever have to bring in the homes yourself for spec? Do you buy them all new? Will the manufacturer typically provide financing to the landlord for these? I just don't think I'm in a dense enough market for folks to see a vacant lot and decide they are going to go buy a trailer to put on it. However, if there's a decent trailer already in place I think a rent to own scenario would work. Any recommended strategies?

Hello. I'm looking for some meet up groups to participate in in Maryland. I live on the Eastern shore, but would be happy to travel to Annapolis or Baltimore. Any suggestions? I tried the meet up app but didn't have much luck. Thanks, Greg