All Forum Posts by: Shweta Patel

ey, Interested in investing in MHP also. 

please let me know more information on what you are involved with or looking to be.

svp

Hello, 

Interested in the above

Do you have more information on this? Please email me at [email protected]

I would be interested to know the total #lots, how many are vacant or occupied, and of those that are occupied, how many are POH vs. TOH. age range of the MBH? vAcancy rates?

Is water well or city/county supplied? sub metered or owner paid? other utilities?

Condition of roads? Gravel/dirt? 

Cap rate based on lot rents?  Deferred maintenance? 

Thanks so much! 

Thank you every one. I appreciate the feed back. 

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*This link comes directly from our calculators, based on information input by the member who posted.

@Pat G. Thanks for the feedback! 

@Andrew Postell

Its between two mobile home parks ( one with 37 units and one with 11 units). 

I am very new to private/creative/hard money financing. Thus far I have always used conventional mortgages/doctor loans/va loans to finance owner occupied homes that later became rentals. It has worked great and was (relatively) simple. 

Now I would like to invest in a multi family rental property. 
I have $150K equity in one of my rental SFH ( current 650K, balance 500k).

I have excellent credit. 

This is a cash flowing 11% cap rate property with room for growth and not needing any rehab.

I was thinking of doing a cash out refi on my sfh but realized that after the 75% LTV rule, I only can borrow ~15K and thats before closing costs!?!!.

How is everyone using cash out refi's to continuously reinvest in new properties? It sounds so easy on the podcasts but these numbers make it seem pointless to do so.

I have used connectedinvestors to find hard money lenders and came across some "interest only" loans of 2 and 4 year terms. Just never used this kind of set up before and am nervous about the stability of such a product.

ANY HELP IS GREATLY APPRECIATED!!!!!

@Marianna Osipenkoundefined

Thanks so much for the feed back. 

Both have very little requirements in terms of PM and have onsite tenants that are offered reduced rent in exchange for services. There is no deferred maintenance on either ( at least that I am aware of and an inspection report would reveal more). One is 75% occupied ( 37 units) and the other is 100% occupied. I found this on loop net as well as from cold calling! I think my bigger problem in deciding which one to go with is that they are both relatively good deals ( not amazing). but the financing will determine which one is better. one is offering seller financing at a great rate but huge down payment. The other isnt. I am looking into hard money loans but have no experience here with them and with 4 other loans in my portfolio, dont think I would qualify for a conventional loan due to my income/debt ratio. Have you used this kind of financing before? 

Hey guys,

I am excited to announce that I have found two properties that fit my investment goals and now I have to pick one . 

One is a 37Unit/Asking price 880K/Family owned and listed/cap is ~11% ( or 15% if I can negotiate down to 600k) ( they bought it in '83 for 85K). No seller financing. Super sweet older couple. Room for growth in NOI. Located in Rural NC.

The second is a 11U/asking 575K/flipped last year/listed cap ~10% ( or 12% if I can get my price of 525) , seller financing available with 30% down at 6%interest over 20 years amortized. No room for growth other than marginal rent raise. Located in urban Florida. 

Which do you think sounds better? 

And how would you go about financing these deals? 

All supportive feedback welcome! 

welcome to BP!!