All Forum Posts by: Samuel Coronado

 You evict them first. They get removed from the premises. Chances are if they can't pay the lot rent, they also can't pay the thousands it takes to get the home moved. 

 I am in Athens, AL and was looking at using them for a 25-pad park. Can you tell us more about the water damage you got? For the financing, what was the issue? Were you not able to sell them before the two year mark up?

Just shot you a connection request. 

Refinancing a VA 30 year home loan from a 6.045% to a 5.125%. Should I wait or should I do it now and not try to time the market?

It would save about $230/month and involves about 5k in closing costs and fees. Recoup time is roughly 22 months. I'll save about $82k as is, but I am wondering if it's worth it to wait or not.

 It will eventually cover about 20 acres and have roughly 25 pads. All the acreage is not perfect for development. Maybe about 13-15 acres with some harsh terrain, streams, dense woods I don't want to cut down ever. Slow rolling it out with these first few, then moving on to the next phase. 

Do you put ITINs in instead of SSNs for background checks? Seriously asking because I've never ran across it before. 

 Yes, I'd love to get in on this. It's like having lazy equity in any other asset. I need it to start making some money for me. lol

I just backed out of deal partly because of this and partly for other reasons related to the septic. It always gives me cause for concern because there is not a lot of recourse if they damage the property after closing. They've made tens of thousands and sometimes hundreds of thousands after a sale. They can hit a monthly rate on a hotel if they need. haha

Preparing to break ground on a new park this week. Originally had an order in for 3x 8' culverts that would be roughly $547 each because no one had them in stock. The county engineers had a specific requirement for this driveway with it being so small. I wound up finding 3 from a person who had ordered the wrong size and couldn't get a refund that just happened to be the very specific small size I needed with an arch. We worked furiously over the weekend to cancel the other order before delivery could happen. Getting to scoop up the others ones for $150 a piece tomorrow. Over $1000 saved before the project even starts. I love it. 

This is for MHPs- I can send you my appraisal from the last one I bought Oct 2023. The bank used a comparable sales model. I personally use the income approach. NOI x GRM with enough room to debt service AS IS without expansion, infill, etc. Too many sellers are asking for prices based on the park being at market rent for 100% occupancy. I underwrite it in its current AS IS condition with current rents. Not what they'd like it to be or what the market rent is.