All Forum Posts by: Robert Lindsley

Hey there! I know this thread is mostly dedicated to F&F but was wondering if anybody had recommendations for hard money for a buy and hold? My situation is odd - most of the funding is coming from seller financing, but I need gap funding to cover a $40k deficit. Thanks for your help!

@Account Closed After listening to you and reading your posts here, I'm more excited than ever about mobile home parks.  

When you look at a park for potential purchase, is there anything that 'scares' you?  People, condition of the park, etc?  Or are you at a place mentally where you're confident with anything that gets thrown at you?

Thanks everybody for your help.  I'm absolutely going to pass on this opportunity and keep searching.  I've never felt comfortable with this person and that's not a good way to start a long-term investor relationship, even if he were a above-board.

@Jeff Rabinowitz I thought about what you said and you're absolutely right.  There's really no defense and it was inconsiderate of me to post that without blacking out the account information.  Thank you for pointing that out.  If he were a legit investor it would be a huge betrayal of trust.

Facebook. There's a lending forum that I'm a member of -- but it seems like there are more scammers there than anything. I posted about needing gap funding for a property and he reached out to me. 

I agree with Chris Sackinger Definitely run some reports and make sure properties are cash flowing. Make sure you account for: - Mortgage (principal and interest) - Insurance - Taxes - Electricity (if not passed on to tenant) - Gas (if not passed on to tenant) - Water/Sewer - Vacancy - I figure 7% of rental income - CapEx - 7% - Repairs - Again, 7% - Property management - 10% If you run all those numbers and you're still cash flowing, it could be a great property!

Thanks everybody for your help.  This guy has been suspect all along and if anything the proof of funds letter adds to the sketchiness.  I'm going to pass on this guy unless I can pay as part of escrow close.  Otherwise I'm going to keep searching.  Ideally I'd like a long-term investor/partner that I can work with on multiple deals, and this guy doesn't fit the bill.  Thanks!

That's terrific. Thanks @Account Closed.  I'll listen to that podcast in the morning.  Also thanks for all the work you do in this field to help the new guys out!  I have been focusing on multifamily properties, and I'm increasingly loving the idea of mobile home parks.

I'm pretty new to the real estate investing game, but so far I'm enjoying working directly with owners much more than working through brokers.  There are additional complications dealing with owners directly, but I find the personal connections really rewarding. 

Hello @Jonathan Towell and @Account Closed - I think you're right about the meth house.  My guess is that I'll need to kick that tenant out and junk the home.  I'll check the tenant laws in New York on that, as well as the sex offender.

I haven't been to the property personally, but from Google Maps it looks like most of the homes are in pretty rough shape.  I'd like to either fix them up or replace them in an attempt to make the park nicer.  I don't know if the homes are owned by the tenants or by the park.  I'll follow-up on this thread as soon as I know because my course of action will depend on that.

As for taxes, I'll follow-up with the owner tomorrow and then reach out to an attorney.  $13k a year on a property worth $161k seems really out of whack to me.  Hopefully my pitch of making the property a nicer place to live will resonate and I can get those taxes lowered - if that happens I would take some of that money to accelerate the beautification. 

I also started listening to "The Mobile Home Park Investing Podcast" today.  I heard the first episode and it was great.  I'm sure you tackle this, but I'd actually like to avoid brokers and focus on owners who are interested in seller financing.  Do you have an episode that covers that topic?

I've attached two pictures from Google.  Just from looking at this it seems like it's going to be some work, but with some potential huge upside.  What do you think?

Thanks!
Robert.

Hi there,

I've been looking for gap financing for a multifamily property for the past few weeks.  Through the process I met a man named Bryan Chambers.  He claims he has plenty of money to lend, but wants an origination fee.  Sensing this was a scam I suggested I put the $450 origination fee in escrow and when I get the loan I will release the origination fee.  He refused.  I then asked for references, which he also refused.

He finally sent me a proof of funds letter from HSBC (attached).  I called HSBC and they told me they couldn't verify the funds without Bryan on the phone.  When I asked Bryan if he would be willing to get on the phone he said the proof of funds letter should be enough and he wouldn't get on the phone with the bank.

Now he's pinging me 2-3 times a day wanting to complete the transaction.  I can't help but thinking I'm getting scammed here.  What are your thoughts?

Thanks!
Robert.

I'm a former New Yorker living in Boston. I own a multifamily property in Norwich CT and so far it's going great. I'm also looking at a mobile home park in upstate New York, but the taxes are crazy high so I might pass.