All Forum Posts by: Charlotte Dunford

@Don Jackson The tenant owes you rent, you evict, period. Their attorney is using a scare tactic. Get yourself an attorney, NOT her attorney. They can only stop an eviction if she pays in full. Do not accept any payment from her that is not in full payment. If you accept a partial payment, that would muddy the water. You could work out something called a "consent order". This order lays out a payment plan. As soon as they miss that first payment, a default judgement happens and the eviction is completed and a done deal. This Consent order needs to be approved by a judge to be effective. Get yourself an attorney representing you, now. 

@Michael Tucker another option for you: Airbnb it. WIth the number of bedrooms you have, you can house lots of people. If the market rent is low, Airbnb might be an alternative route.

@Jennifer Pauyo I am a woman, wife, investor, syndicator, immigrant, entrepreneur, in the mobile home park business. 

@KB Bjerk For your first property. I would recommend doing a semi-stabilized, light value add property. That way you can learn a lot and won't get yourself annihilated from the risks involved with the foreclosure property. 

@Breelon Bryant When you have a higher loan amount, the monthly cash flow would obviously be lower. But that's not a problem because you cash out refinanced and pulled some money out. You can reinvest that capital into something else. The BRRR strategy boosts IRR. You Internal Rate of Return (IRR) is one of the most important metrics of an investment. IRR takes into account the time value of money. The faster your money moves in and out, the higher your IRR is. You want your IRR to be as high as possible. BRRR allows you to pull out capital and reinvest and scale up. Take down as many units as possible, with as little down as possible.

@Benjamin Portnoy There are different sources. Below are the most effective. Remember that great deals are made, not found.

1. Broker relationships

2. Mobilehomeparkstore.com

3. Loopnet

4. Cold calling

5. Seller Referrals

@Account Closed I think you should keep them (if they pay on time and are good tenants). Turnovers are expensive!

@Kaleb Woods I would negotiate a longer balloon payment - at least 5 years. 2 years is way too short. You could offer him a higher monthly payment, or a higher down payment to get a longer loan term.

@Jeffrey Grieshop The closing attorney and my real estate are two different people. My real estate attorney advises me on my syndication structure and other deal specific legal matters. The closing attorney handles the title work, the closing docs and paperwork related to closing.

@Benjamin Portnoy I have certain criteria for picking any properties. I buy the asset because it makes sense, not because it's close to me. Below are some of my criteria for mobile home parks.

1. Must be in a metro, preferable over 100k in population

2. Economy must be growing and high future job prediction

3. Public utilities or at least public water

4. Housing vacancy must be lower than or about national average

5. Numbers must work on top of the markets itself. You can buy something overpriced at a great market, and you end up losing money because you paid too much and the numbers never worked in the first place.