All Forum Posts by: Jamin Olds

@David Shikiar

Hi David, 

We have been fortunate enough to buy our properties at prices where we pay our investors their principle and interest monthly over the 3 years (some we pay yearly). Prior to purchasing the property we run our number including these payments and make sure we meet our required cash flow.  Let me know if you have any questions. 

Thanks!

Thanks David, I will give them a call.

Hey BP,

Looking for Kalamazoo area investors input -

What is the best insurance company in the area?  

Thanks in advance!

@Richard Allen   

Thanks for the input.... There are a few Walmart close to this location.  I will look into the water/sewer and see why they are predicting income.  Thanks again!

Hey BP!

I am looking for some advice in regards to purchasing mobile home parks.  For a few years I have wanted to purchase a mobile home park (I have a friend that owns one and he makes  $$$$$) but have felt I did not know enough.  After many hours of research and listening to the latest BP podcast I fell that I am ready for the challenge.

I have found the following parks for sale in my area............

$750,000

59 Lots, 44 Occupied @ $265-315, 15 vacant lots

Monthly income approximately $12,550

Annual income approximately $150,600

$900,00

30 Lot @ $225, 8 Vacant Lots

5 rental homes @ an average of $500

Monthly income approximately $9,250

Annual Water/Sewer Income approximately $30,000

Annual income approximately $141,000

Any advice on these properties? How do the numbers look? What should be a concern?  etc.

Thanks in advance!

Hello fellow BP Members,

I wanted to share me and my business partners financing for many of our deals.  We currently have built our investment business to 20 unit in 2 years.  Our first few deal were with our own money. 

We then started using other peoples money for our down payment (Ex: 100k property, borrow 20K from a private investor).  I have always wondered how we could buy a property with no money out of pocket. When meeting with our lender we asked if our down payment could come from someone else....and she said YES!  

Instantly I reached our to close family and friends.  Fast forward to today - and we literally have people lined up to give us money (20%) for the down payment of our properties.  

We pay short term returns of 8-10%. Most of our deal are 3 years at 10%.  Every deal we analyze factors in our regular expenses plus or investor payments.  While our cash flow is not as great early on, we know after 3 years our cash flow will GREATLY increase after investors are paid off.  

I would love to share our strategies with fellow BP members.  Feel free to ask questions.  

I am looking forward to hear and learn from other BP member. 

Thanks, 

Jamin 

Good morning BP - 

I just recently found and started using private lenders as a source for my down payment on my  properties.  The agreement is to pay them back in 3-4 years with 10% return on their money.  Does anyone have private lending contacts that they currently use?   Any help would be appreciated. 

Thanks!

@Josh Bloomquist just saw your post.  I have 11 doors in the Kalamzoo area.  Lets connect sometime.

Thanks Alex!