All Forum Posts by: Tom Pignatello

Thank you @Gulliver R.! Can’t believe I didn’t think of this earlier. I appreciate the help! 

I am purchasing 15 fully occupied lots with mobile homes on them in Northampton County PA. This is an off-market deal and seller-financed so we do not have a broker/agent to support us through the transaction. The seller does have a title agency that is taking care of the purchase agreement and title search process.

I was wondering if there are any real estate lawyers/title or abstract companies that could help draft up new leases/rules and regulations for the tenants we will be acquiring? 

I am purchasing 15 fully occupied lots with mobile homes on them in Northampton County PA. This is an off-market deal and seller-financed so we do not have a broker/agent to support us through the transaction. The seller does have a title agency that is taking care of the purchase agreement and title search process.

I was wondering if there are any real estate lawyers/title or abstract companies that could help draft up new leases/rules and regulations for the tenants we will be acquiring? 

I am purchasing 15 fully occupied lots with mobile homes on them in Northampton County PA. This is an off-market deal and seller-financed so we do not have a broker/agent to support us through the transaction. The seller does have a title agency that is taking care of the purchase agreement and title search process. 

I was wondering if there are any real estate lawyers/title or abstract companies that could help draft up new leases/rules and regulations for the tenants we will be acquiring? 

Hi All, 

I reached a verbal agreement and my offer was accepted by the seller on a 15 lot park. I will be putting it under contract within the next two weeks. I'm looking to get some feedback and insight on the deal as this will be my first park. 16.5% cash on cash return buying the park as is. Rents are below market so we plan to implement a $20/month increase on all pads, bringing our cash on cash return to 20%. 

Is there anything I am missing in my analysis? It looks like a good deal to me. Any input is greatly appreciated! 

Here are the details

Size: 15 pads, 100% occupied and all 15 homes are tenant owned

Utilities: City water with each home being submetered directly billed to tenants; septic

Roads: The park is on city streets so we are not responsible for road infrastructure, curbing, plowing etc. 

Purchase Price: $425,000

Down payment: $100,000

Financing: Seller financed, 5% interest, 30-year amortization, 10-year balloon

Annual rental income: $64,620; increases to $68,220 after the $20/mo. increase

Total Annual Expenses: $48,200 

• Electric: $600 
• Maintenance $1,200
• Sewage: $2,000
• Insurance: $3,500
• Capex Reserves: $2,100
• Vacancy: $2,100
• Mandorty debt payments: $20,940
• Taxes: $15,760

Net income: $16,420; increases to $20,020 after lot rent increase

Thank you! 

@Paul DeSilva Congrats! I see your from Brooklyn, is the property located there as well or do you invest outside of NYC?

Hello All!

I am working on finding the right portfolio lender to work with. I have used hard money lenders up to this point but want to start working with a local bank to get a lower interest rate and better terms. I am looking to see if there is a way to find the demographics of the properties the lender has financed, most specifically the towns in which the properties are located. Does anyone have any advice on finding this information? 

I know I can find this out by speaking to the lenders but I have a long list of local banks and by finding out this information beforehand, it will save me the time from speaking to lenders that have no interest in doing business where I am investing. 

Thank you in advance!

I have been listening to Grant Cardone's podcasts and watching his youtube videos after hearing him on show 108 of the BP Podcast. He says that you should not invest in real estate and do your first deal until you $100k to invest. 

Before I started listening to Grant I was looking at a few multi family deals for around $200k but he now has me second guessing if this is the right choice. As I'm sure all of you know, he is an extremely successful real estate investor so it is hard to totally ignore his investing concepts and suggestions. I know a lot of you here on BP started with significantly less than $100k so I would like to hear what some of your thoughts are. Would you invest in your first deal if you only had $20k or would you wait until you $100k?

Hi all,

Thank you for taking the time to read my post.

I have a question regarding an FHA loan if I already own an investment property. I am currently living in Texas but plan to move to New Jersey in 9 months or so. I am looking at a few multi family investment opportunities in New Jersey and since I will not be able to live in one of the units just yet, I cannot take an FHA loan for my first investment. If I were to do traditional financing and put 20% down on my first property, can I still take an FHA loan for my next investment if I will be living in it?

Thank you in advance! 

@Tom S. Thank you for the advice Tom! I am going to put together a financial resume and approach a few small banks in my area to see if there is interest on their end in regards to lending to me and then take it from there. 

@Mario Brown This is good advice Mario. I really like your strategy of having all the paperwork done and turned in before finding the property since it gives the opportunity to compete with cash buyers.