All Forum Posts by: Johny Omaga

Hello BP community!

I wanted to inquire about any reputable mobile park home brokers/agents. If anybody knows somebody in the in the Kansas City area (since that's where we have most of our current properties), that'd be great! But any location would be more than welcome. Thanks in advance everyone! :D 

Our first probate deal.

Background:
We found a very motivated seller who inherited this home and saw it as a burden. We offered cash at a huge discount and they accepted. However, we had no idea their probate claim would take three months. We’ve temporarily paused all future deals until the market clears up but we signed the purchase agreement back in January 😓. We at least were able to complete the project in a month and under budget! More importantly, we were also able to update the porch without breaking the bank which is amazing. Since everything has halted, we are once again keeping it as a rental and hopefully will be able to use a 1031 exchange into an apartment by next year. There is already a lot of section 8 interest. We see affordable housing as being the new norm. This is something we must look to accommodate. However, We have zero experience with these tenants. Does anyone have any comments on section 8? Hopefully, we see a clearer view of the market direction in the next few months. For now, we will refinance since interest are at record lows. On to the next ✌️.

If you are interested in the numbers please comment below. Thanks!

I have contacted Cornerstone Bank and they have actually been really helpful. Thank you for your input.

Yes, I have reached out to them, so I hope to hear back by tomorrow. Thanks again for your feedback :D

Hello everyone!

I wanted to ask if anybody knew of a commercial lender in the KC area for multifamily 5+ units (not hard money lenders please). I've contacted a few lenders, but have had no luck yet, so any recommendations would be great! Also, I would be out-of-state, so not sure if the lender you recommend would care or not, but I have noticed that many banks will not lend to someone who is not local. Feel free to pm me or reply directly back onto here. Thanks again my fellow bp community.

Our first pre-foreclosure deal.

Background:

The seller came to us in response to our mailing campaigns. The seller defaulted on his mortgage, was 8 months behind and had a week until his home was to be sold at auction. He asked for our help and fortunately, we were able to cure his loan the day before auction! His home had almost 40k in equity. However, we decided to do a full rehab and keep it in our portfolio as a rental. Our goal for the year was to flip all our homes and save for an apartment but I couldn’t justify the margins. After the repairs and after closing costs and more importantly TAXES, we have decided to keep it for a year as a rental and sell next year so we can 1031 into another property. In my opinion, the rehab was a bit overkill (and took way too long) but now have learned and will make sure to cut costs where ever possible on our next project to protect our bottom line. In conclusion, We will now continue to target and help these sellers. Ultimately, we’ve helped someone out of bankruptcy, gave them peace of mind, and created a deal where both parties were happy. 

Will update this post with numbers soon 

@Account Closed: yeah I tried reaching her today, but unfortunately she isn’t taking on any more clients. I was able to find another firm, and I’ll be sure to contact them, but I’ll contact Steven as well! Thanks again man :D

@Account Closed Hey, I wanted to reach out to see if you ended up contacting Jackie to help you out with your tax questions? If you did, how did you like her?