All Forum Posts by: Ken Morris

Quote from @Thomas Gardner:

I run a similar program here in Virginia. 

Let me know if you have any additional questions. 

TG

-

I’m in Virginia how can I get in contact with you?

Quote from @Daniel Ryu:

@Colby Wise

I DM'd you

Would you be able to send me a list of lenders too?

Quote from @Logan M.:

Any seller carry?

 Yes. Text me or email me [email protected] for more detailed 

22 unit mobile home park in Virginia for sale 

-

Trello board (has photos and rent roll):

https://trello.com/b/ihCtMuP0/rustburg-mhp

22 unit Mobile Home Park.

- 11 lots have homes.
- 11 lots vacant.

Address for the park is: Rebel Circle, Rustburg Va 24588

Lot rent is $450 per month

The only utility bill is for the well pump electrical and then pumping the septic tanks every 2-3 years.

It’s on private water and sewage and all tenants own their own homes there so expenses are virtually next to nothing.
They take care of their own trash etc

We located all of the septic tanks and had the lids dug up, installed risers on them and had them all pumped.

If interested text me at (804)982-8942

@Crystal Smith

 again, thank you!

@Crystal Smith

 thank you for the quick response. I have one more question for you.

How do you usually get the ARV for a multifamily property 2-4 units? do you just use the sales comparable approach as you would with a single family property?

Okay BP, I first searched around for my question before asking but could not find any good clear answers to these questions:

1) Are we supposed to use cap rates ONLY with commercial properties? Or can cap rates be used with single family and 2-4 unit properties too? Because I was thinking cap rates are for commercial properties and GRM is for 2-4 units and that comparable sales CashFlow etc is for all but most specifically for single family properties.

2) If you are supposed to use cap rates for single family properties what are good ranges to buy at and what are good ranges to sell at (just generalized ranges I know it is dependent upon market and condition/class of the asset). But for a SFR what would you say these ranges are?

3) What are some good GRM ranges for multifamilies to buy at and to sell at? (Again generalize).

Thanks BP I can't wait to see what you cook up in the responses have been trying to clear this up in my head for awhile.

Okay BP, I first searched around for my question before asking but could not find any good clear answers to these questions:

1) Are we supposed to use cap rates ONLY with commercial properties? Or can cap rates be used with single family and 2-4 unit properties too? Because I was thinking cap rates are for commercial properties and GRM is for 2-4 units and that comparable sales CashFlow etc is for all but most specifically for single family properties.

2) If you are supposed to use cap rates for single family properties what are good ranges to buy at and what are good ranges to sell at (just generalized ranges I know it is dependent upon market and condition/class of the asset). But for a SFR what would you say these ranges are?

3) What are some good GRM ranges for multifamilies to buy at and to sell at? (Again generalize).

Thanks BP I can't wait to see what you cook up in the responses have been trying to clear this up in my head for awhile. 

Hey, I think that you should definitely analyze it both ways; with you living in one unit and with you renting it out. You need to also have some parameters in place that you adhere to. So minimum CashFlow acceptable, NOI, etc..

Hey BP if I want to do a wholesale deal with another investor can I use some document as a contract agreement? The other investor has the property under contract and he is looking for an end buyer and I have the end buyers. We agreed that I will get 1k out of the deal.  So simply, what can I do to protect my interest in this deal?