All Forum Posts by: Ryan Detig

@Will Stafford  I am not sure sorry. 

@Amanda Broadfoot  I am not familiar with your market.  If rental properties in your market normally only get rent in the .8% to 1.2% rule (rent divided by the purchase price) than it seems like you are on the right track.  You also have the benefit of knowing what work you did to the property so maybe your expenses would be a little lower.  Note, this statement assumes that your 150-$200 cashflow is an accurate number with everything taken into account.

If rentals in your market normally sell for 1.2% to 1.8%  then I would take the 10k (which will probably turn into 5k after inspections just a heads up) and put that into a rental that is closer to 1.5% deal or greater. 

@Malik Bradham  I recently wrote a post (with great comments from other BP members) that discuss this question.  Please feel free to check it out. Click Here  

@Khris Clymer  I think this is a good idea.  Depending on the location of the property I will put "good" credit on my ad where I think it will be difficult to get qualified tenants.  In A class neighborhoods I put "600" minimum on the ad. 

@Connor Heim No problem.  Her name is Trudy Johnson.  She is in charge of the commercial loan department. 

@Cameron Cameron The current Credit Union I use is Education's First FCU. 

@TJ Hudson I have two fall back plans regarding Cap Ex. Vacancies I am not really too worried about as I personally have a well paying regular job that could float 1 or 2 property vacancies for a couple months. I currently have a policy to have minimum 3k per property in my business account. As backup plan if something major happens I also had my father open a HELOC on his paid off property that he is willing to let me use if there was some MAJOR expense. I will try to raise that 3k number up to 5K in the next year as I am not planning on using or living off of the extra income I get from the rents.

@Aaron Ray  What I was referring to was that I would document the property and how much it was on the market for and how long it was on the market so that when I had a deal come up I was thinking of buying, I could reference that document (and photos) and have comparable rental comps even after the comps were off the market and already rented.  

Building a relationship with a wholesaler when you are not wanting to be a wholesaler is a good idea because they can start to look for deals that they know you are interested in buying.  It helps them know how to negotiate deals and gives them confidence because they know you are ready to buy.  They then do the leg work, get you a deal, and make some money.  Its a win, win, win situation then. 

@Aaron Thomas  Well that seems really good.  If you are set up financially to make a move on this deal I would not try to low ball the offer to be greedy.  The numbers seem solid (note I don't currently invest in mobile homes just as a disclaimer) and I would hate to scare off a seller when the numbers look that good.   I would also make sure to not count on you doing anything.  Budget for maintenance, landscaping, Cap Ex, etc, and put your offer in based on that because you never know what might come up and you don't want to be locked in to having to mow a yard for 5 years because at year 1 you thought it was a good idea.  

@Taylor Johnson  I will admit I have not purchased "packaged deals" like this but I would like to, as respectfully as possible, ask, are you sure this is a good deal?  I don't want to come across as a negative Nelly or anything like that.  I was just looking at your numbers and comparing them to a property I recently purchased and I was concerned (please note these are completely different markets).  I currently have a triplex that I purchased 2 months ago for 85K that has total gross rents of $2250 with taxes of $1820.  I know I am in a completely different market and for your market that may be a great deal (if so Great!).  Please just make sure to double check your numbers and check with local real estate investors you have built relationships with before moving forward. 

Regarding your actual question, I think you would have to get a commercial lender to be a to "package" those properties into 1 loan.  If not, you could negotiate those prices as a package deal, but when it came to buying them, you would most likely close on them as if they were separate properties (separate closing costs) with a standard lender. 

@Aaron Thomas  Seems like an interesting property for sure.  The walk through should tell you a lot.  I would take someone with you on the walk through if you know someone experienced.  

Things I would be concerned about.  Note I do not own mobile homes but have 4 rentals.  

1. What are the utility, landscaping, management fees?

2. Is it on public sewer and water?  I would not even consider doing a deal with private well and/or a septic sewer system.  The liability with providing "clean water" and the potential environmental costs with a septic system makes the risk much higher even on a great cashflow deal.  

I would really try to get in touch with a local investor who has done some deals like this one to talk through the deals with.