All Forum Posts by: Mitchlyn D.

Quote from @Nicholas L.:

@Trevor Wilcox

i track most of this with a spreadsheet for my 7-unit portfolio.  i hope one day to have a portfolio that is so big that i need software to do it =)

 I utilized a spreadsheet as well then migrated to STESSA.  It's alot better.  Using stessa, i can even click a button and export my end of year income/expenses for my CPA!  It's free as well.

I use Stessa!  You can track just about everything.  They also have a paid version which allows for more features but as of right now, it does the job!

@Jason Crowe - Are you purchasing just the Homes OR the Homes and Park?  Most lenders want at least a $500K loan or more.  So something tells me your proposed deal doesn't seem worth the lending.  If you are purchasing the entire park, 'most' big lenders want to see 80% of the homes owned by the tenants based on my research.  But of course, a small local lender may be more flexible.  Hope that helps some.

@Britney Ross - The local Credit Union in that area would be ideal.  Based on my research, most lenders have a framework when providing financing.  For example, there is a minimum pad amount, the road has to be paved or gravel, 80% of the homes have to be Tenant Owned Homes, etc..  So as @Logan M. mentioned, a local credit union if possible!  

Or owner finance that baby!!  😃

Quote from @Michael K Gallagher:

@Steven Nash what about south florida do you like?  what is making you target that market?  out of curiosity.  

I was thinking the same thing too about South Florida being so intriguing.  I'm in South Florida and right now, the insurance cost for a roof has doubled.  People are actually migrating to North Florida as I now have 2 tenants from the Miami and Fort Lauderdale area.  My opinion, I would stay away from South Florida but that's just my opinion.

Quote from @Kyle Geoghagan:

Hey Mitchlyn,

Thank you for the insight! Of course I would offer the realtor some kind of fee or incentive or percentage of the transaction (I don't expect them to work for free! Haha). I am already looking for the deals myself as well so I am just trying to increase my odds of finding a deal!

 Hi Kyle,

You mentioned everything but any incentive for the Realtor.  If I was a realtor reading, that would be the first question asked else i've wasted time reading the post.  But it's clear now!  :). Tallahassee has some good deals!  Take advantage!

Hi Kyle.  Glad you took action!  To be honest, Realtor's get paid off of commission of each transaction.  If you want a Realtor to find these deals, it would be in your best interest to offer some kind of incentive.

Or, you can find the deals yourself and negotiate the terms.  Places to check would be Craigslist, facebook marketplace, old listings, etc.  

Based on my experience, your request will not be taken seriously.  My thoughts.

Very nice and congrats!  This park is in San Diego as well?

@Lamar Washington - Still pretty good that your making moves!  Let me know if I can help.  Keep pushing!

@Lamar Washington

Couple of questions:

1.  I see you have a 5% interest rate on a commercial loan.  Is that even accurate in this Market?

2.  You are making an offer based on 'potential' rents.  If you are using any financial institution for acquisition, I don't 'believe' they will lend on 'potential' rents.  It's usually based on the current income amount which then gives the true value.

3.  What are the current rents now?

4.  Do you know if you can actually get that $900 per month rate?  If so, what rehab cost(if any) will it take to get to that amount?  Assuming you don't know because you haven't done the inspection.

I have many more questions but those mentioned above sparked my curiosity.