All Forum Posts by: Robert Meyer

@Eric James *big

@Mario Dattilo

That makes a lot of sense, thank you. I will dig into this information and should have a decent idea for when we speak later.

@Mario Dattilo

Mario,

Thank you for the reply! I have received your message and will be replying shortly. My partner on this has another park in the area and there seems to be a good demand for renters. He didn’t advertise and is still receiving calls for rentals he has already filled from word of mouth. As for the septic tanks, that was information only. None of them seem to need replacement at this time. However, we would need an inspection to determine their condition so it is another good insight to consider. I am interested in how to determine if the market would support buyers vs purely park owned rentals. Thanks again and I’ll be reaching out!

-Rob

@Ren Navarro I am new as well. Out of curiosity what  reason did you have in choosing the markets you listed above? I am in the beginning phases, and trying to determine my market as well. So far I am looking in NC and Tucson, Az. and possibly Ohio. 

Hello all,

After talking and networking with a friend I have come across a possibly strong deal, but am unsure how to proceed since I am new to investing, and definitely new to mobile homes/parks. He has first come across the deal (he personally knows the owner) and wants to partner up to make this happen. He almost let it die, but we both see a lot of potential here so we are exploring different avenues. 

Here are the details:

36 Lots total

-31 park owned rented mobiles mostly all late 90's @500

-2 park owned rented doubles @700

-3 open lots (not sure how hard it is to fill open spots)

-Park will need a new road: quoted at 30K

-Septic tanks for sewer 2-3 trailers per tank

-water billed to park (opportunity to separately meter and increase revenue?)

-electric and trash billed directly to tenants

-taxes for the land are 2k/yr

-taxes for homes are 2500/yr

-Location is rural North Carolina, but seemingly desirable location

-maintenance 3500/month (seemed high but unfamiliar)

Total asking price is 870k= 540k land plus 330k homes (avg 10k each home) owner will carry 570k at 5% fixed for 15 yr and wants 300k down, but I only have about 75-100k I can contribute so I am looking into hard money at 12% interest only for a year or 2 and using the first year to sell trailers to the tenants at 10k each to get out of the hard money debt (exit strategy for private lenders is my pickle so far- what do you think about equity share or selling off trailers and collecting lot rent at 300 each?) My intent is to build cashflow as much as possible in my rentals in order to quit my day job and be home more with my family -I travel ALOT. My partner will be local and able to manage and I will be all over the united states. I am being told that there is room to increase rents, but I need to do more research and learn to determine that before I bank on it. 

Your thoughts are greatly appreciated. If you want/need any clarifying information just ask! If anyone experienced would like to partner up message me and we can see how to proceed. Thanks in advance!

Best,

Rob

This is awesome Anthony. I was wondering what the plan is in 5 years when the balloon hits? My understanding is it would be refinanced with a traditional lender? If that is the case have you heard if there is a limit to how many investment properties you can have? Is it a concern that when the balloon hits you wont be able to pay the seller in full? I am EXTREMELY curious about this because I would love to utilize this tool of seller financing. I am currently attempting to buy a foreclosure in Vail for a live in flip with a VA loan. Most likely stay there 2 years to avoid capital gains and attempt to sell it for a profit. I did work the numbers so I would be able to cashflow it a little bit in the event that I dont sell it for a profit. Again, Congrats! Your story truly is an inspiration. You are following the path I want to go down!

 Thanks! @Anthony Gayden

SORRY previous post was done without getting to the final page of this thread. My apologies!  Anyone risked the multifamily houses in central tucson and had luck? And for those doing single family what sort of cashflow are you setting as your criteria? I am working with a realtor and have a pre approval as well. We are looking to move in and house hack potentially. We are also prior service and have the va opportunity. 

Hello fellow Tucsonans! New to bp and new to tucson and new to investing for that matter!! Complete newb ;) look forward to making it to one of them meetings with you guys. I've attended the azreia meeting in tucson once and it was decent. I found that some of the info went over my head since I am so green still. I am looking to get into multifamily buy and hold. I'd love to hear from anyone who has experience with ok locations in tucson. I've found a few decent deals but I have "analysis paralysis " and am hesitant on the locations. To jeremiah Perry I have also been tempted to do that and have a couple properties on my watchlist the are trailers. Would be interested in people's experience in that also.

Robert Meyer