All Forum Posts by: Pat G.

@Shweta Patel All great advice. One other thing you have to take into account is that with POH (Park owned mobile homes (Rentals) -not RVs) banks and appraisers ignore the income from them completely and assign an value to them based on their age. The older they are the worthless they are. Example a 1970s single wide is worth $3,500 in total and you can't claim the monthly; say $600/month or $7,200/year into the value of the park. The value of the park is based solely on the TOH net income divided by a Cap Rate of say 10% and then take that number and add to it the value of the POHs to get your offer price. WARNING here - the seller and most brokers will not see it that way, but if banks do, you have to side with the bank.

I don't know about RVs and how they value that, but guessing that those can leave easier than a Mobile Home Trailer, I would guess their value would be about the same as as or less than a POH. 

Hope that helps

@Shweta Patel You are very Welcome!

@Kelly Farley You are welcome Kelly. You will love Parlay 2.0 for finding owners and property lines. Yes, GA means Georgia. Sorry for that you are the second person to ask that. I will now spell out the words.

Thanks and good luck

Pat

@Charlotte Harrison Thank You for the kind words. Sure I can converse with you, not sure what I can help with but let's see what happens. Just PM me and we can start with that. 
What is the property that you are selling?

@Yusuf Abdi Thanks for the shout out. Yes, that is Michigan.

@Christopher Raiz You are welcome. I have a lot of experience with Lease with Option to purchase here in MI. I owned about 100 of them at one point. And with that you are going to be dong the Pretty House business, by that I mean those areas in IL you named are nice middle class areas and when you do the Pretty House model you don't have to do any repairs to them. I learned the business from the God Father of Real Estate Ron LeGrand (ronlegrand.com) and then there was Charlie and Randy France and Bob Meister have a Subject To course that is really good, they are in Indiana. You can Google them for their website. Learn on you can and good luck.

I have called the city or county that I am interested in buying in and talked to the Assessors office whom passes me to the IT guy who actually creates the lists. I have purchased several lists for GA this way. Also, you can go to Apartments.com and put in the cities you are interest in and up pop apartments. . You can use the local property lookup site for each property OR download Google EarthPro and then purchase Parlay 2.0 - which will allow you to type in an address and then click on icon and it shows the owner of that property. But in both cases you are going to have to drill down further as most commercial properties are in the name of a LLC, LP or Corp. To find the people behind the corporations just search corp lookup and state and it will pop up. 

@Monika Thapa All great advise so far. First submit a Letter of Intent (LOI) to the seller, which has been looked over by your real estate attorney. In the LOI you state that the seller has to draw up the PSA (Purchase and Sales Agreement) - this way the seller spends his/her money creating it and when you get it take to your attorney and then add in your stipulations that you want. Submit it, close and change your life!!

@Shweta Patel Great question. Multifamily commercial apartments start at 5 units and up. The way you do a commercial apartment, which I am assuming you are talking about 5+ units is to use private lenders for the down payment and re-hab money, if any. And then use a sponsor (someone with a balance and experience) to obtain the loan and then your contribution to the deal is finding the deal, underwriting the deal and management of the deal. I know that I made it sound simple, but really it is. 

First figure out how many units you want to start with, 5, 10, 24, etc. and then go from there.

@Christopher Raiz Congrats on the achievements thus far. Great advice so far. Here is what I tell people when they ask me the same question:

Step 1: What are you targeting?

• Residential
• Commercial

Step 2: Now narrow your focus more: Example if Residential -Wholesaling, Foreclosures, rental, Lease Options, etc.

If commercial Apartments, Billboards, Cell Towers, Tax Overages, Self-storage, Mobile Home Parks, Etc.

Step 3: Go on iTunes and listen to all relevant podcast for your interest.

Step 4: What State(s)?

Step 5: What areas in that state (s)?

Step 6: Write it down - Example I do residential foreclosures in the Southeastern Michigan cities of Allen Park, Ferndale and Royal Oak. 

Step 7: Tell everyone you know or run into what you do.

Hope that helps and good luck. One more thing - don't be afraid to fail!