All Forum Posts by: Joel Ortiz

does anyone know can I double close on a property under contract if the end buyer is getting a loan?

one thing you need to do is value the land and the owner financing as separate businesses. The cap rate should only be applied to the land and then a separate offer for the financing because financing is only going to last so much longer. Banks evaluate on lot rent.

keep as much of your money as you can. It's commercial real estate you can force the appreciation by creating higher net operating income. But you have to know what you're doing. Go to cix . Website on the internet can apply for private money financing. But that's after you have inspected the trailing-twelve-month profit and loss, determine market cap rates, determine its value according to host cap rates and planned your exit strategy. Always plan your exit strategy first. You haven't said anything about that. Get educated. What's your plan to add value to the property? 

your Park is not pretty enough or big enough to qualify for any other loans or other programs out there sorry

Sell them on financing if you have to , but try to get $800 to $1,000 down  depending on how much they're going to cost.  What is some type of promo,  free lot rent for two months  low down payment , seller financing . I would never buy a mobile home park  with Park owned homes  unless I was getting rid of them as soon as I could.  I did a lot of research into this  and mortgage companies don't even  count  Park owned  rent as  income for the value of the park.  Mobile home parks are only  real estate value upon the lot rent.  The mobile homes are not real estate  they are a separate business.  So you have to take  that into account. when making offers you have to make two different calculations. Park value based on that operating income have lots Plus whatever you value the rental business at

I was looking for seller finance parks, but haven't found many. But these guys have a ton of parks if you want to call somebody about parks. I've looked at a lot online. I'm in San Diego, don't know if I can help you out at all, but here you go. Have you contacted cooper cardinal? I have a contact email if you PM me

I have three questions in filling out a out an LOI

- How long is a standard due diligence  process ? 

- How much of a deposit should I give ? 

- How much are closing costs ?  

My property  financials will be  3.7 million dollars  with 2.8  million loan + 800k seller 2nd + 100k

how do I get to the seller to talk to him through a realtor

thank you that's exactly my thoughts. I was talking to the real estate agent and he gave me this speech how it's going to go for full price because he sold the same thing twice down the way in Yuma and somewhere else. My thoughts were a piece of land 100,000 square acres in the middle of Mojave Desert may be worth $600,000 but if you can't put a business on it that makes $60,000 then you can't even get a 10 cap

Thanks @belinda

I personally don't know how hard it is to fill the empty parks, but I'm sure my partner does. he's been in the California fire though so he's been out of touch. Just looking for your opinions

thanks Belinda I did not think of it. Do you sell mobile homes? What kind of deals can I get for Arizona hoping that yet 82 eventually if the deal goes through