All Forum Posts by: Mike Akerly

Hello, my partner and I are ramping up our real estate business in the greater Nashville area.  We have acquired 30+ units to date, developed a number of for sale properties, entitled land and sold it to a major homebuilder, syndicated a number of deals, and invested in others.  That was just the beginning!  We're looking to connect with wholesalers and agents and are aggressively looking for deals.  If you would like to connect, please reach out to me.  I look forward to it!

We're also interested in connecting with any contractors and hard money lenders.  Please feel free to reach out.

@ Rick Pozos - I will check them out!  Thank you . . .

Thanks @Kevin Romines.  Yep, I'm open to all loan types for sure.  Starting to think hard money might be the best bet for the acquisition and site prep, but still lots more research to do before I settle on that.  I'll definitely sit down with a few local credit unions/banks before deciding.  I appreciate the info!

I am starting to explore a new business plan in CA that would essentially include placing newly constructed manufactured homes on lots that I own for rental in the Section 8 program.  My question right now is, is anyone aware of a financing program that's available for the acquisition of the manufactured homes?  I've made some calls to chattel mortgage lenders, but struck out so far on the investor use.

Any more creative ways of financing the investment besides a long-term chattel mortgage (e.g. perhaps a lender willing to lend against the homes alone or the homes and the land once the project is stabilized?)?  Or suggestions on a private lender willing to do something like this with a single digit interest rate and a medium- long term (i.e. I know I may be able to use hard money up front, but I will still need to take them out if this is going to be viable)?  Any advice would be appreciated, thanks!  

@ Nabil - thanks for clarifying!

@ Clarence Johnson - that's interesting (and unfortunate). What is the state of the law now regarding multifamily zoned properties. Can you build an ADU as of right under state law now?

Glad we have some interest!  I've messaged everyone individually and asked for your e-mail address.  I'll send a group e-mail once I have them all and see if we can figure out our next steps and a time and place to meet.  If you didn't receive a message from me, please PM me.

I am interested in connecting with one or more people are are currently research and/or building ADU's for investment. Our goal is to become an expert on ADU's and the sub-topics that relate to them. Current financing available, construction costs and how to reduce them, appraisal trends, best practices when building on investment properties, rental values, design trends, how to minimize the construction time, ideal target markets, which city's DOB's are helpful and which aren't, preferred vendors, etc. I also have a couple great ideas up my sleeve that I would be happy to share with this proposed group, but that I won't be posting on any blog! Please reach out if you are interested in meeting up. I'm based in OC and regularly work in LA as well.

About Me:  13 years in real estate, licensed attorney and broker, executive at major real estate firm, consultant on large scale residential projects in markets from NYC to Phoenix to LA. I'm less experienced in personal investing, but certainly not new either. I've been a landlord twice in the past (sold those properties) and currently am buying my second investment property in SoCal (first is in Inglewood). Planning to ramp that investment business up now with a specialty in ADU development and have started to explore relationships to do so including a family member that owns a successful general contracting business and others with capital to invest.

I'm hoping to find other people that bring something to the table and are actively trying to learn the playing field for ADU development under the new laws. Maybe we could meet for coffee every couple of months to share and discuss.

I would be interested in connecting with 1-2 people based in SoCal that would like to meet in person periodically to compare notes. The goal is to become an expert on ADU's and the sub-topics that relate to them. Current financing available, construction costs and how to reduce them, appraisal trends, best practices when building on investment properties, rental values, design trends, how to minimize the construction time, which cities are helpful and which aren't, etc. I also have a couple great ideas up my sleeve that I would be happy to share with this proposed group, but that I won't be posting on any blog! Please reach out if you are interested.

What is the best deal you have sourced on there on a HELOC. I'm currently researching them and seeking a 95 LTV HELOC with desirable terms. I would greatly appreciate any additional leads if you have already identified a great option!