All Forum Posts by: Nita Martin

Thanks so much @Tyson Cross and @Robert Leonard for your support and encouragement! We have been very blessed.  Praying the deal falls to us as we recently discovered there was another offer presented before ours, but they are having issues with financing.  We are trusting that God's will be done as usual 😊

I look forward to learning much from your expertise. 

@Jay Hinrichs THANKS again.  You can only imagine how much I appreciate your feedback.  We are praying it works out.

@Courtney Fricke thanks so much for your feedback.  To analyze the park we used a method provided by @Bruce May in a thread we found here.  My aunt is going to join us this weekend when we walk the park again.  We are also having an appraisal done.  The park is well worth more than they are asking.  I'll definitely be in touch as there aren't many LA folks in this network, and I'd love some of your expertise.

@Jay Hinrichs thanks for your feedback as well.  We are from a small town with several mobile home parks, and the property is in that same small town.  Luckily we approached a community bank suggested by a fellow investor.  We thought the terms were pretty good, but wanted to get the opinion of a more experienced investor.

Greetings!!

My name is Nita and I'm a Louisiana gal just starting my real estate investing journey with my husband.  We are hoping to purchase a mobile home park as our initial investment.  It has 8 mobile homes and a rental home included with the land, etc.  It is an amazing deal, so I won't even mention the price :) . Likewise, it is familiar territory as we were raised in mobile homes, and my aunt owns a park.  That being said, these are our loan terms: 7% fixed for 61 months with a max amortization of 240 months and a documentation fee of $500.00.  Can someone explain this to us in "starting out" terms?  We plan on refinancing for better terms within 2 years since we are purchasing with good equity.

Thanks!!