All Forum Posts by: Gary Dezoysa

Hi Joe, I'm in planning stages but the agent will come by referral and the qualifier would be her recommendation, my number crunching, and then one of the extra things I mentioned.

I'm going to work with an investor friendly agent in a cash flow market. I am out of area. I was thinking about whether to take the agent's recommendation, run it through a police report website, check school ratings, biggerpockets neighborhood ratings, and take action. OR, solicit second opinions, wait a bit more for replies, and then buy.

I think it comes down to how fast agents expect you to move. Do you guys have any opinion on which deal verification method I should do before moving onto the next step (paying for an inspection)?

Hi all,

I live outside the US (as a US citizen/expat) and have a 630 credit score, raisable to 650 or more in a few months. I have some credit blemishes, but also a strong, but new income, savings rate of about $70k/year.

I want to work with someone to see what home loans I could qualify for and when. I eventually want to buy a B/C property or two in Toledo or Cleveland.

Questions

1. Is the person I need to contact a mortgage broker, or a specialist of some other type?

2. Should I wait untl ready to buy or are they willing to help people planning 4 to 6 months in advance?

3. As the Ohio markets are my target and I am out of country, should I target MBs in my target investment area? Or are there expat friendly brokers I need to find?

This mistake thread is probably more valuable to me than a "do this" thread, thank everyone who contributed.

Hello, @Daniel Ryu!

Can you send me a list of all lenders willing to do smaller loans for mobile home parks?

I am interested in but having trouble with financing.

Thank you in advance!

Hi...!

How are you?

My name is Gary. I need a help, can someone provide me a list of all lenders who do a small loans for mobile home parks? Your answers will be appreciated. Thank You!

That's good to hear Jay. Is a 5 year balloon typical? I suppose lenders will consider a part with seasoned management?

I hear brokers don't carry small parks of 1 to 19 spaces. Any suggestions on where to find little parks?

I would like some guidance on the path. I was hoping I could just pick up a 4 lot park valued at $80,000 and let the power of pyramiding take me into the next one. But it seems like parks under 20 spaces are a combination of rare and/or not offered by brokers.

At 20k per space that's 400k from the get go. Owner financing would be practically mandatory but a book I've read said it's only done about 10% of the time. How does a newbie get started in this industry? Or is it all veterans from SFH/MFH investing who are ready for bigger deals?

I'm drafting some purchase criteria to send to a few MHP specialist brokers for a good first deal. Here is what I have:

•     Targeting 1 to 6 units with lot rents averaging less than $400 per space
•     Vacancy rate between 65% to 90%
•     Lot rent cap rate is above 10% (actual, not pro-forma)
•     Seller will owner finance with 25% down. 5 year balloon payment to cash him out
•     No geographic preference on where the lot is. A LCOL area is expected though

This is my "initial filter" criteria. I would then grade the MHP based on area/tenant base, look at ownership of roads, metering, and all the other important DD stuff mentioned elsewhere.

I think the above criteria puts my max deal size at around $288,000 or so. Listings trying to add revenues from park owned homes and other sources would ask for more so I might cap the max asking price to $300,000 to help filter them out.

Would you guys add or amend anything on my list or does it look good as is? My goal is to not get wrecked on this first deal, have a decent cash flowing park, and begin the process of accumulating enough cash and equity to get into a bigger one. My end goal is a somewhat modest $4,000/month cash flow.

*PS: I'm out of the country half the year so I don't have any local market advantage.

I'm drafting some purchase criteria to send to a few MHP specialist brokers for a good first deal. Here is what I have:

• Targeting 1 to 6 units with lot rents averaging less than $400 per space
• Vacancy rate between 65% to 90%
• Lot rent cap rate is above 10% (actual, not pro-forma)
• Bonus if the seller will partially owner finance.
• No geographic preference.

This is my "initial filter" criteria. I would then grade the MHP based on area/tenant base, look at ownership of roads, metering, and all the other important DD stuff mentioned elsewhere.

I think the above criteria puts my max deal size at around $288,000 or so. Listings trying to add revenues from park owned homes and other sources would ask for more so I might cap the max asking price to $300,000 to help filter them out.

Would you guys add or amend anything on my list or does it look good as is? My goal is to not get wrecked on this first deal, have a decent cash flowing park, and begin the process of accumulating enough cash and equity to get into a bigger one. My end goal is a somewhat modest $4,000/month cash flow.

*PS: I'm out of the country half the year so I don't have any local market advantage.