All Forum Posts by: John Minock

@Michael Baum I am very impressed with the time and effort you put in to researching for April! That is why I love the BP community!

Thanks for sharing your knowledge!

@Ashley Hambrick

Congratulations on your first commercial deal!

We all want to put as little down as possible so don't feel that you are a risky buyer. Agents love deals so as long as you are fair and transparent with the agent you will be good to go!

When it comes to owner financing (which I love) most of the time they will ask for more down than you are comfortable with. Always negotiate less down when possible.

Good luck with your deal. I look forward to hearing about it closing.

@Allen Lopez

It is not a typical answer. If you owned the property how would you handle this situation?

You are being unreasonable.

Your question about suing the owner is ridiculous.

Your complaints about changing your drivers license....then don't....either way there is a leak and now mold. Move on

@Tanner Foy I agree with having a team. Especially if you are buying long distance properties.

Having people around you that you can trust and depend on is valuable. It might not be necessary but it is valuable.

Best of luck!

John Minock

@Kate Andreeva how much is your monthly payment on the current house?

How much will your payment be after you pullout the $150k?

If you are renting the home for $3500 a month deduct your insurance and payments to get your cashflow.

To me cashflow is king. As long as it generates cashflow I say you are good. Cap rate shouldn't be your focus in my opinion.

@Alan Centurion welcome to BP!

@Marc Sinnott that is a great and informative post! I appreciate your knowledge and experience. Above all your willingness to put the post in here helps alot of us that aren't even in the SFR market.

@Paul S. That is good to hear! I have always made up in my mind that that deal would have been great! LOL 😆 thanks for sharing

@Mark Toto yes we have just recently gotten two parks under contract.

We are seeking parks that are not listed or pocket listings that owners haven't managed well or are tired of managing.

This always leaves large upside for value adds.

Once we complete the purchase we immediately perform our improvements and if utilities are not sub metered per unit we start there.

Then we refinance or BRRRR the park and hold it.

We have developed a small team of investors and we are buying mobile home parks. We structure our deals to benefit our investors by getting them their investment back with 10% return. Our goal is to get them their return in 12 months. The investors in addition to their return on investment also own a % of the property. If we have 5 investors on a deal they would have somewhere between 12-15% ownership.

I have heard that we are giving too much away.

My opinion has been the investors are excited and we have momentum.

I would like to know opinions from my BP community on the way we are running our deals.

Respectfully,

John Minock