All Forum Posts by: Kyle Nield

Hi, I’m new to Greenville. I’ve spent a lot of time reading and researching about real estate investing but just haven’t gotten up the courage to make that first move. I have a lot of capital and would be interested in meeting up and working with others to make a few deals. Particularly in the Laurens area but also interested anywhere upstate. 

I recently came across a mobile home park for sale, and just wanted to get a few opinions on my thought process here.  First of all, this would be my first mobile home park.  My brother works in construction just a few miles from the park and would do the maintenance and property management as his part of the investment into the property (would likely do a 50/50 split).   

-Property is on 5.5 acres about 15-20 minute drive from the beach.  

-There are currently 40 lots, 1 mobile home owned by tenant, 11 mobile homes park owned, and 28 are RV lots.  

- The mobile home lots bring in more rent than the RV lots, and since my brother is in construction, the plan would be to over time transition those lots to either mobile homes or tiny homes (my brother has decent experience with tiny homes).

-Asking price is 1.4 mill, CAP rate 12.31%, According to 2020 rent roll rent brought in $205,000, and expenses to operate were $41,000 (included in those expenses were taxes, insurance, garbage, electric, lawn, well permit, water testing, and 5% maintenance factor.

Any thoughts or advice would be very appreciated.  Another concern if this turns out to be a good investment is financing.  I have great credit with a good paying job (above $200,000), and around $150,000 saved up for down payment, but I have a lot of student loan debt (currently my only debt), and I've heard financing for mobile home parks is hard to come by.  

After a year of real estate research, trying to find deals, almost closing on a deal, trying to find anyone (realtors, hard money lenders, contractors, etc) that want to work with a newbie, all while trying to keep up with my full time job and family of 6, I think I'm moving on. . My main goal with real estate was to retire early (10-15 years from now), and to have steady rental income as a substantial party of my retirement. I have a good job and a good chunk of money that I had saved up to put into real estate. So, at this point I'm considering doing turnkeys or just sticking to the stock market, but am wondering if there is way way to to find and finance people or groups that are already successfully BRRRRing or doing vacation rentals? So, my primary contribution would mostly be the funding, otherwise would be fairly passive. I would love any advise that anybody could give! I've looked into providing hard money lending, but I don't think it fit's into my retirement or tax strategy the way owning rentals does, and I don't quite make enough to qualify and get into syndications. Also, is there a better forum category to post this question in??

After a year of real estate research, trying to find deals, almost closing on a deal, trying to find anyone (realtors, hard money lenders, contractors, etc) that want to work with a newbie, all while trying to keep up with my full time job and family of 6, I think I'm moving on.  .  My main goal with real estate was to retire early (10-15 years from now), and to have steady rental income as a substantial party of my retirement. I have a good job and a good chunk of money that I had saved up to put into real estate.  So, at this point I'm considering doing turnkeys or just sticking to the stock market, but am wondering if there is way way to to find and finance people or groups that are already successfully BRRRRing or doing vacation rentals?  So, my primary contribution would mostly be the funding, otherwise would be fairly passive.   I would love any advise that anybody could give! I've looked into providing hard money lending, but I don't think it fit's into my retirement or tax strategy the way owning rentals does, and I don't quite make enough to qualify and get into syndications. Also, is there a better forum category to post this question in??

I've never gone the auction route but occasionally look at them.  Occasionally a multifamily will pop up.  I can understand why single family homes end up going into foreclosure, but what does it mean when a multifamily does?  Does that mean that the demand in the area isn't enough and the owner either wasn't able to charge enough rent or find enough tenants to make the loan payments?  Would I be walking into the same situation by buying a multifamily at auction? One recently that I considered was a nice brick building fourplex built in 1990, in a B class neighborhood, but the interior looked like it hadn't be remodeled since it was built and the carpet was really bad, pictures made it look like there were currently no tenants in it.   Any advice would be really appreciated! 

Hey, I'm considering buying a home. It's a nice brick home, but outdated. We were hoping to buy it and do some updating while we live in it for the next few years, and then sell.  The house is located in a rural area a few miles outside of town in the middle of a lot of farm land and pretty farm houses.  However, I just found out that the adjacent 115 acres have been purchased for a housing development of 20  upscale single family homes and 13 town homes, all $500,000 and above. This development will likely be entered by using the same road the house is on, will probably increase traffic, and turn the adjacent rolling hills/farm land into high end homes.  My fear is that this will decrease the home value when we go to sell.  Does anybody have any thoughts or advice on how this may affect the home value?

Thanks @Harjeet Bhatti.  I'm assuming there's no seasoning period to cash out if the initial loan is from a hard money lender?

Hey,

I'm pretty new to real estate investing (hoping to buy my first property by the end of the year). The part that still confuses me a little is the loan process. Does somebody mind helping me understand the process for financing BRRRR deals OUT of state. Do you have to use a bank in the state that you're buying the property in? What about if you use a hard money lender? For those that use hard money lenders, do you typically get a bank on board with refinancing after you've remodeled, or do you start working with a bank from the very beginning? Do banks lenders have a problem with a fact that you're using a hard money lender for the initial loan?

Hey @Jeremy Hart and @Tyler Daniel Flinchum, Do either of you have recommendations for professionals in the area that are familiar real estate investing (mostly will be considering the BRRRR method)? Such as CPA's or Accountants, real estate lawyers, brokers, or real estate agents?

@Jeremy Hart, thanks for offering to potentially put together a meet up in the future!  I'd love to be included if there ends up being a group that meets in the NRV area.