All Forum Posts by: Charlotte Dunford

I give 30-day/60-day notice to raise rents by $50 first day of ownership, if this was allowed according to their leases. When is it cool? Whenever it's not at market level. 

@Sebastian Scott As for structure of the seller financing deals. Here's how I've done it before. I've put 10%-35% down, 3%-6% interest rate, amortized over 30 years, balloon in 5-10 years. 

@Sebastian Scott For the business I'm in which is mobile home parks. There is a certain price point where seller financing is more probably - mostly deals that are under $800K are tougher to find bank financing thus the seller is more willing to provide seller financing. Most of the seller financing deals I did were a result of negotiations and offers. Most of them were initially asking for "all cash" offers only. Since I believe in leverage so much, I always ask for financing. After several rounds of offer making, and it takes time sometimes - I got them.

It doesn't mean that you have to drive a Bentley or get Chanel bags. It doesn't even need to be fancy. It just need to be professional, clean, and that it fits who you are.

Dressing well is very important. I think it shows that you respect other people and you take the meeting/occasion/conversation seriously. It also makes you feel more confident and that you take care of yourself. Why would your customer/investor/tenants trust you to take care of them if you can't even take care of yourself? 

@Dontrea Riser Mobile home park investor here. I give my tenants 3 calendar days. If not paid, late fee is applied. If not paid in full within 2 days then eviction is filed. No pay, no stay. 

@Andrew McCotter on top of "location, location, location.", here's something else I believe in "leverage, leverage, leverage". Your cash goes a long way. You should preserve it as much as you can take down as many deals as possible.

@James Williams I think funding needs to be secured before you even go under contract. You essentially have a product that doesn't have a customer lined up yet. Whole sale or partner with someone as its urgent. If not, let it go and take it as a hard lesson.

@Scott Blackwill A side note. Not only does multi-family has depreciation, but also mobile home parks. MHP's depreciate over a shorter time period too so you get more each year. 

@Sebastian Scott I can answer on these questions a little since I've done a few seller financing deals, most are out of state. All mobile home parks

1) The title company closing attorney can prepare the promissory note and loan docs. They incorporate this cost into the closing costs. It's not complicated at all. 

2) You can usually put that into the purchase and sale agreement that allows you to do that. Talk to your real estate attorney about incorporating this language. Generally speaking, once you close on the property, you can whatever you want renovation wise. For mobile home parks, I need to clear with the seller and make sure he's good with me selling the park owned units. (if the deal was on seller financing, of course) 

3) Include language about "non-resource loan and no personal guarantee". If the seller insists on personal guarantee, than make sure there is only one person and not your entire investment team. (I ran into this before). Make sure there is no prepayment penalties.

4) I don't think so.