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All Forum Posts by: Patrick Wood

Patrick Wood has started 6 posts and replied 12 times.

Post: Seeking recommendations for a commercial lender

Patrick WoodPosted
  • Investor
  • Fort Scott, KS
  • Posts 12
  • Votes 3

I am in phase two of a MIH grant process that would award me $650,000 to be used towards my project. I have secured financing of $500,000 for the project. With that said, I am not happy with the terms. Therefore I am wanting to check and see what other lenders can do. 


Post: Does anyone have knowledge on Tiny Homes as a rental strategy?

Patrick WoodPosted
  • Investor
  • Fort Scott, KS
  • Posts 12
  • Votes 3

I built 6 tiny homes in a campground that I owned.  The biggest misconception is that they are cheap to build because the square footage is so low.  Wrong the cost per square foot goes up drastically. I built these in 2018 the cost to build a run of the mill home was around $100/sf and it cost me $150 with no builder mark ups. The good thing was they were very efficient.  Utilities ran around $50 a month for all electric.  I tried long term rental and Airbnb and they were always full. I built just outside of town in a rural community so there were no permitting issues.


Post: Seeking recommendations for a commercial lender

Patrick WoodPosted
  • Investor
  • Fort Scott, KS
  • Posts 12
  • Votes 3

My project was recently selected to pursue a MIH grant up to $650,000. I have a letter of intent for $500,000 from a local bank with a 7% interest only for 12 months. Converting to permanent variable rate with personal guarantee. I am curious if there are any better terms for this deal. Reach out and I can give you more details for the project. 

Post: Best Proforma Software

Patrick WoodPosted
  • Investor
  • Fort Scott, KS
  • Posts 12
  • Votes 3

For the past 10 years, I have been using a basic excel based proforma software.  I need to upgrade and I would like to hear from those that have suggestions.  My main obstacle is that the software needs to be able to incorporate numerous financing sources.  Such as traditional financing, grants, tax credits, private funding all at the same time.  

If you have a suggestion, please let me know what it is.


Pat

Post: Property analysis tips

Patrick WoodPosted
  • Investor
  • Fort Scott, KS
  • Posts 12
  • Votes 3

Harry what categories are holding you back?

Post: Estimating rehab costs

Patrick WoodPosted
  • Investor
  • Fort Scott, KS
  • Posts 12
  • Votes 3

Jimmy I need to clarify.  If you have an established relationship with a GC that you trust, by all means have them help prior to offer.  The issue with investors, is that we tend to analysis many deals.  If you have contractors visit every deal and give you bids and you get 1 out of 10 or 1 out of 20.  They will not want to continue helping.  You need to be comfortable with the offer you are putting together.

As far as hiring a GC to do a bid to cover everything.  Yes you can.  For me it really depends on the scope of work that needs to b completed.  If you are doing a complete renovation that is extensive.  It may be best for you to have one point of contact and one contractor that is responsible to you.  The problem with this is if you need a new furnace and a roof, you don't necessarily want to pay a GC markup on the furnace that you could have done yourself.

I am currently adding an investor services side to my business that will address deal analysis, estimating and project management.  We will be do these tasks for investors and teaching investors how to become proficient in these areas.  

Post: Estimating rehab costs

Patrick WoodPosted
  • Investor
  • Fort Scott, KS
  • Posts 12
  • Votes 3

It is hard to bring in experts every time you analyze a deal. The contractor/experts will get frustrated with you and start avoiding your calls. My recommendation would be to do your inspection first. There are many checklists to assure you get everything documented. Then figure your rehab cost and ARV. This will allow you to make an offer with an inspection clause. If your offer is accepted then you bring in your inspectors, contractors and other experts. Verify your rehab costs and confirm that there will be no surprises. All this can be done in due diligence prior to closing. I will say that time is of essence. It will take some time to have inspections and confirm your rehab costs.

Post: Seeking Refinace for Rural Industrial Building with great history

Patrick WoodPosted
  • Investor
  • Fort Scott, KS
  • Posts 12
  • Votes 3

SEEKING REFINANCE
I am seeking a refinance for an industrial building in a rural area. The property has had a very strong publicly traded company on the lease for the last 5 years. Funds will be used to purchase a multifamily property. If anyone has a program that fits this property, please email me at [email protected] or message me here.

Post: What Are Your Personal Goals for 2019?

Patrick WoodPosted
  • Investor
  • Fort Scott, KS
  • Posts 12
  • Votes 3
@Kyle Mitchell I have also been looking into buying existing businesses. Can you tell me some steps you use or a little secret. I am having a tough time finding a good business and if I do they think they are worth way more then they are.

Post: Working on a TIF bind for 48 unit apartment

Patrick WoodPosted
  • Investor
  • Fort Scott, KS
  • Posts 12
  • Votes 3

I currently have a contract on a property that we are in the process of getting a TIF and IRB. We plan on doing 48 multi family units, 104 self storage units and 4 commercial pad sites. I am looking for advice from investors that have used TIF's and or IRB's.  Pros and cons. Advice and insight.