All Forum Posts by: Michael Perreira

Hello team, I am currently searching for commercial funding for an 8 unit vacation rental property. I have 8 SFR in my portfolio but am trying to branch out to a commercial property. The lenders I have interacted with will only lend on properties over 1 mill but this property is listed at 800k. Any references?

@jeffgoddard

Jeff Goddard I have been completing refi’s on my local properties to generate enough for down payment while waiting park out to see if they’ll drop the price on the 3 park owned homes. How’s bakersfield market for you?

Having multiple streams of income are key! I️ don’t know if one is better than the other, they all have their place. 1: real estate gives you a ton of options such as: refi cash out (which is TAX FREE), sell units if necessary, have paid off real estate cash flow, seller finance, pass on properties to family, etc etc. 2: Roth IRA / 401k. Setting aside the fact that Roth IRA is tax free at retirement and 401k is taxed, both give you the opportunity for compound interest which is so extremely powerful, especially for young investors who socked away any amount they can in their 20’s. Earning several hundred thousand a yr in the market by the time you retire in compound interest allows you to be more aggressive in risk taking before retirement because you have a fall back. 3: business ownership. Now, you can put your real estate business here but I️ was thinking more of another form of income outside of real estate. Again, if you have been building your real estate and 401k then you can take a risk and try to run a business that you area really passionate about and make additional income from I️t. When I️ review the wealth building in the world, other than generational wealth, I️t comes from 3 areas: stocks, real estate, and business ownership. So, why not try all three!!

@Joel Warner and @Brent Coombs. Thank you for your response. The total rents from those 3 units is $30,200 for the yr, I think I can get the same space rent as that and not have to "own" the depreciating asset. But my vision is to use those 3 as vacation rental. The units are a bit expensive due to location and being a bit "fancy" for a mobile home.

First purchase option: 2.4 million includes 3 new park owned homes that has oceans and sunset views which they rent month to month for roughly 1k each. Second option 1.8 million and they will sell the 3 park owned homes themselves. Usually, I wouldn't want to own any of the homes, just the land but this time I'm interested in turning several of the 27 lots into a tiny home vacation rental. 27 spots Average space rent of $500 $174,808 total gross income from 2016 tax return Utilities not reimburses $7616 Commission 9%. $15,355 Insurance $3,503 Tax $1,565 Repairs $3,535 Permits $1,369 Garden/Cleaning $4,732 Total expense: $37,675 Coastal California city that is extremely popular vacation destination. 1 acre ocean view. City water and sewer. Paved Is this a good deal?

Do you have any recommendations for property insurance in South Carolina. Looking for rental and primary residence.

@Sierra Crisp Hello, I also live in Santa Clarita (golden valley area) and am looking to move from single family rentals to larger complexes.  I currently am investing in bakersfield and South Carolina but am open to anything.

Any recommendations for lenders in the mobile home park investment portfolio? I've always had single family residents properties but am looking to diversify into mhp.

Is there a lender that will allow lending to someone with a foreclosure 5 years ago but has 760 fico, 5 investment properties with 50% equity and 20% down payment on a 200k investment property? I'm looking at a solid investment opportunity but am having trouble finding lending