All Forum Posts by: Tom Kirchner

I've just started looking into commercial short sales and am researching the the different tools I'll need to succeed.

Thanks for the input.

A quick update.The owner wasn't very forthcoming with detailed information about his property so I have dropped the deal altogether.

Thanks everyone for your advice.

I'm looking at a couple of NNN properties and would like to have the ability to make a solid offer on them.My problem is I don't have the funds for a down payment.The properties have 20 year leases and the annual rents will easily cover the debt service.

I'd like to know how to access down payment funds that are ACCEPTABLE to the bank.I've spoken to a couple of brokers who say it's very difficult.One suggestion is I could find equity partners and form an LLC.I was wondering if there were other ways like private investors,angel investors etc..that would be an acceptable form of down payment to the bank.

Thanks for your help

I know there are many companies offering short sale negotiations for residential.Does anyone know of anybody who specializes in commercial short sale negotiations?

Thanks for the help.I have a basic numbers down,I just need to get the seller to be more forthcoming with his financials. There's potentially a lot of red flags in this deal.

www.oldschooltitle.com has a very good reputation from what I've heard.I emailed several questions to them and they responded quickly and seem willing to help.

www.oldschooltitle.com has a very good reputation from what I've heard.I emailed several questions to them and they responded quickly and seem willing to help.

Down the road I won't,but right now I could use the cash rather than the monthly cash flow.

I'm new to mobile home investing.I've done some homework and have an idea on how to value parks.This seems like a good deal to me but would like to get opinions from you who have more experience.I was hoping to get feedback on what this is worth and if I'm missing any important factors that would affect the price.

It's not a pretty park,older homes and low income area.

The park is listed for $260,000 and has been appraised at $365,000.It was previously listed for $450,000.

24 lots occupied by park owned homes free and clear.35k value
19 currently rented at $9,400 monthly.
5 need some work to put on pads,estimated $11,000 expense
When full $11,000-$12,000 monthly income.

Owner low balled expenses so I'll estimate 40%=$3,760.

I asked about maintenance issues and he says it could use some landscaping,painting and may have to buy two new septic tanks soon.I'll use $10,000 as an estimate.

If the DD works out I'd like to flip this for quick cash so I can build reserves for future deals.

Let me know if this a deal.

Thanks

I'm new to mobile home investing.I've done some homework and have an idea on how to value parks but would like to get opinions from you who have more experience.I was hoping to get feedback on what this is worth and what I'm missing?

It's not a pretty park,basically rural and low income.

It has 24 spaces including 24 mobile homes which are park owned free and clear(value $35,000).Currently 19 are rented for an income of $9400 per month.The other five still need some work and permits and need to be put on pads at an estimated cost of $9000 total.The potential income with the five is $11- $12,000 month.

I'd like to use a 40% expense ratio(owner claims much less)

I asked about maintenance issues and he says it could use some landscaping,painting and may have to buy two new septic tanks soon.I'll use $10,000 as an estimate.

Please let me know what price you would put on it assuming a 10% cap rate.

Thanks