All Forum Posts by: Micheas Marroquin

I recently purchased a house with 3 mobile homes together. The advice of the BP community was very helpful. Thank you guys! This property is cash flowing about $600 a month. 

Now as I prepare for my next multifamily, I'd like to negotiate better terms with the bank. 

I'd like to know how I can negotiate this terms. For example in the last mortgage, they gave me a 5% interest rates fixed with a balloon in 5 years. At year five, they said if we have a good payment history, they will just adjust the rate at whatever it is in the market. I also paid about 4,000 in closing costs (that includes a half point for $250, appraisal, attorneys fees and so on). So now I would like to ask my banker if they would consider not charging me any closing costs, appraisal, points etc. for my next deal. Do you guys think they would give me their prime rate and not charge me any closing costs if I start banking with them since I am not banking with this bank yet? Has anybody negotiated better terms with a bank this way.   What other ways could I negotiate better terms with my banker. Any help is greatly appreciated.

The loan was approved. Purchase price $92k and me paying all closing cost. Bank finance 80% at 5% interest amortized at 20 years with a 5 year balloon. This property cash flows because the house has 3 mobile homes in the property that are rented. If if it appraised lower that the purchase price and seller does not reduce the price, do I need to come up with the difference? Is that the worst case scenario? What else am I missing? 

Thank you everybody. I did not receive a digital copy.

Today I received a call from the bank. They want me to come to the bank in 2 hours to sign a document to waive my right to get a hard copy of the appraisal value of the property. I had received the letter 2 weeks ago and called the bank that I wanted a hard copy of the appraisal 3 days before closing. So, now he calls me and wants me to come and sign that document. He said the appraiser has not send him the document. They want me to sign it today so we can close on Friday, as planned. Should I tell them that I need the hard copy and postpone the closing another 3 days or should I come an sign it without knowing how much the property appraised for? What if the property appraised for less than the purchase price and we don't have time to negotiate with the seller? 

What should I do? What questions should I be asking? Thank you very much!

I am analyzing a mobile home park.  It has 30 mobile homes that belong to the owner and it's a combination of doublewides and singlewides. All are occupied except 2. It also has 33 lots 17 of which are rented. 9 more lots to develop .  What percentage should I include for maintenance and repair? Also, are there any other expenses in addition to those of a house?  

What is the typical rate property managers charge for managing apartments. I am considering buying an 8 unit apartment each 2 br/bh? This is Georgia. Thank you!