All Forum Posts by: Rick Klopp

@Rudolph Shepard Jr We have several abandoned homes in some of our parks and have used the same approach with decent success. Tax records are definitely the place to start.

@Derek Meyer thanks for the follow-up. We ended up going with Republic Bank.

I believe several customer-facing asset classes will feel the impact such as office complexes and retail spaces. Also, if you hold an interest in larger venues such as sports arenas or concert halls, COVID-19 will definitely cause a financial burden there. 

Not for the reasons above, but I feel somewhat secure having made investments in affordable housing with a particular emphasis on mobile home parks. I don’t see that asset class taking such a hit as others as some people may have to lower not just their housing expectations but also their housing allowance.  We are actually closing on two parks later this month. 

@Raymond J. Rodrigues more than likely. Most of our SFR loans have 10 year amortization schedules with a 5 year ballon. Currently we are discussing acquisitions with MidFlorida and Republic Bank. I see that you are a lender in the Miami area - maybe we can talk later about our real estate objectives and related financing requirements. Thanks.

@Andrew Postell thanks ... I’ll try networking on the BP State forum. 

@Raymond J. Rodrigues whenever we are considering a new market, we have found better success developing a relationship with a local community bank where decisions can be made in-house. Thanks. 

Looking for a real estate friendly community bank in the Largo, FL area. Any recommendations? Thanks.

I would also take a look at the expense related to holding time for both options.  If you paid cash, your expense may not be that great although it does represent a lost opportunity cost.

@Mya Toohey what’s your thoughts about investing in units in mobile home parks ? I know that the winter season will be here soon and units in 55+ communities are renting for $12-1500/month on a 3-6 rental. Some parks allow rentals, some don’t. Thanks in advance for your opinion.

@Anna Buffkin thanks for sharing. Whenever I run up against similar circumstances, I keep thinking of what Henry Kaiser said - “Problems are only opportunities in work clothes.” It doesn’t always help but keeps me in a positive frame of mind. Kudos to your efforts.