All Forum Posts by: Mike Campbell

I've been looking at buying RV Parks, Boat Marines and or Mobilome parks, I've read that SBA and HUD do have loan programs in these areas.

My question is who do I contact to help get the ball rolling and pre-qualification. 

Thank you f

Charles

Thank for the education, makes total sense as to the "anonymous" part of the LLC.

The confusing side of things is what the point of a LLC, if do something to someone I and the LLC get sued, where's the layer of protection from person acts.

Hello to all.

I've recently started getting serious about Anonymous LLC asset protection.

Been reading Wyoming is the place for ones LLC\land trust, is this correct.

Like looking for a good car mechanic, but not sure where to go, we ask friends, who they use, and how to go about it.

I'm asking for the same, what do you recommend.

Whom do I call to guide me through this process. 

Thank you in advance for your time.

Mike

Apologies not clear on the question, the question is want to sell my apartment building on my own how do I find potential buyers besides Craigslist

Want to sell my apartment building by owner best course of action

Nicholas thank you for the replies and your wisdom, yes I have ran the numbers at current intrest rates, yes I belive they'll be this way for a while, they will lower them back to normal 5.5-6 % where they should be some day.

The quistion still stands, RE: getting seller to give back needed cash for repairs ETC, how is this done to make seller comfortable that they're not going to get screwed over without that 25 back for repairs I don't see how this works .

In my humble opinion, the property is worth $225,000, minus the $25, 000 and deferred maintenance. So I offer $200,000 he says no I want to offer 225k and have him give me back 25k to put into the building.

if I was to buy the building at 225k put 25k into it, bring total cost to 250k.

in my humble opinion it is not worth 250 I know of a building 8 units two bedrooms bath and a half half brick that brings in more Revenue sold for 260 about a year or so ago so there's no way in my opinion that buildings worth 250 especially in today's economic environment.

Here’s the scenario, been contacted by an owner of a 7 unit building with a small rental house on same lot, basically 8-unit building.

Asked if I’d be interested in buying, well of course, duh. I own other rental buildings.

Reason he’s selling, getting older, doesn’t want to deal with it, wants 1031 exchange.

Inspected the property, 25k in deferred maintenance at the least, windows, foundation, laundry room needing cleaned up/updated, exterior of building needs painted, apartments updated as people move out.

Lower C class for sure, but can be built back up, I’m good at those things.

Made offer based on current rent, differed maintenances, cost of money, insurance all expenses are up, lower end of the economic scale renters, cost of living way up, so a downward pressure on their money, not much room for rent increases.

If building had differed maintenance repairs done as described above, I believe to building is worth 225k, wont work at the 8% I was quoted by the bank a couple a months ago.

Offered 200k explaining the deferred issues to owner, a big fat NO, was the reply.

LIKE OTHER SELLERS IN TODAYS MARKET MOST ARE STILL STUCK ON NUMBERS FROM A FEW YRS AGO.

Read books by Steve Berges and Brandon Turner, RE; creative financing strategies.

Since the property is owned out right and he’s looking to defer capital gains taxs would make sense to have him carry the loan until interest rates are more favorable.

The offer would be 225k he carries the loan at 5%, I’ll refi when interest rates are more favorable, this gives him time to defer capital gains, plus make some monies on the loan, I’ll take over all responsibilities.

But what I need is 25k back for repairs and operational capital, why would he give me the cash back at closing.

I know I’m missing something, how does one make that happen?

Hello Terrence

I have found some interest in the modular homes area as well of late.

My reasons are. I build smaller house 1400, 1500 ,1600, in smaller towns, dont have to compete with the big boys that way. Since the cost of construction has sky rocked building in small towns are proving to be a challenge, mind set is, I move to a small-town thing should be cheaper, I even got this one “I’m not paying that to live in that town” sooooo, having issues with cost.

Another reason, there is a HUGH under served market out there, affordable housing, I’m trying and looking at ever option I can to figure out away, including and not limited to modular and manufactured

Let’s start with Modular, I’ve called several plants across this great country and explained my thoughts, surprising everyone I called was more then happy to spill the beans, meaning more then willing to talk about process, cost and even offer tours at any time, very friendly folks. I would say not to be shy look them up and call.

From what I understand from the conversation I had, there costs are waaaaayyyy up as well and the one Modular plant in Indiana I decided on to go look at is 6 months out, Yikes. Still going to look it over and crunch more numbers.

Manufactured; I have been looking into some newer models, the doublewides amazing. Open floor plans, kitchen Islands well-built and insulated. Look up newer models on the net. Cost, very reasonable. To be able to have a buyer finance them, you’ll have to install on a foundation have axles and tow hitch removed and certified by an engineer that it is permanently fixed and cannot be moved.

That’s about all I have for now, still working on the due diligence, talking, asking quistions, number crunching, logistics.

The one reoccurring theme is the bad wrap they both have. The Modular and Manufactured industry has zero positive marketing, working on that myself.

Good Luck

Mike Campbell