All Forum Posts by: Zachary Bradigan

The banks care how much risk is being taken on, and in their eyes too much debt on a property is bad even if it cashflows well. If the Buyer 100% finances a deal, there is more risk of foreclosure because they are paying back 2 debts, so a second lien would have to be disclosed(I assume this is in the paperwork for the loan you sign for), and banks don't like that.

Andy, I'm certainly not an expert, but from what I have been told Brie is correct, you'd be hard pressed to find a lender willing to do this, and you do have to disclose this type of seller financing to the bank even if you have the cash in your account already and are just going to put the seller financed money back in your account to replace the down payment.

Having said that you might be better off getting a second lender like a private investor to cover the 20% however you couldn't use the property as collateral for a second lien unless the first lender is ok with it, or pull equity from another source if possible.

Do you have any other properties to pull equity from, or is this a fix and flip that you could build equity into?

Luke and Mark, to better answer your questions, first off this is my first DM campaign, and it will be only 250 to see what type of response I get from this group with one letter a month for ~6 months. If my results are poor, then I'll send out a different type of campaign later. I'm trying to target local properties that have been owned the same property for over 5 years by individuals or small LLCs.

Having said that, the letter is as close to possible to handwritten as I can get it. I used https://www.calligraphr.com/en/ to create my own font based upon my handwritten letters, and I plan to use it on the envelopes too with a stamp I personally put on, however reading through my letter, I don't reference the property and it seemed out of place, so I figured I would ask others since it was my first time.

Any pointers would be great!

I'm sure the amount of data that the Property Radar group has to comb through is overwhelming, so expanding to another state is probably difficult to say the least, but does anyone know if they are going to expand to other states? I have not seen anything readily available when I search it on google.

I'm planning on conducting a targeted direct mail campaign to Mobile Home Parks and Multifamily units that fit my unit size and price criteria in the next coming weeks, however I was wondering if it would be a good practice to include the address of the property I am targeting or not in the mailer?

I see pros and cons to doing it; it can help the recipient know exactly which property I am seeking out, but if the person owns multiple pieces of property then they might be open to selling another property and not the one I am specifically speaking about so they won't call at all.

Thoughts?

Has anyone found a service or a website that would allow me to search for an address and it would provide me the current owner of a property, provide me mailing address and phone number? I know I can look this up in the County Records, however I have multiple counties that I am spanning and I usually end up with dead-end leads for LLCs that I can't find an owner to, or deceased owners, etc. and it is very time consuming to find.

Long story short, I can pay a Virtual Assistant to take the time to do it, however I assumed there has to be a service that exists which if I give it an address(or list of addresses), it can come up with the Owner(s) Name, Current Address, Phone Number, Email, etc. Does that exist?

It would appear on Google Search that it does, with services like Reonomy, and others, but has anyone had experience with these, and are they going to give me what I am asking, or not? Let me know as I can't be the first person with this issue. Thanks!

I know this is a loaded question already, but how much does Mobile Home Park Due Diligence normally cost? It is 4 separate parks that all are within 20 minutes from each other, they are city water/sewer, it has 125 units with about 110 POHs, and all the expense and income information is at my finger tips. With that said, I wanted to know if I am looking at $5,000 or $50,000. I realize it won't be exact, but just a ballpark or range. Thanks.

I know you are supposed to use Fair Market Rents from HUD to set your rental limit for section 8 housing, however does Manufactured Housing that is rented as a POH have any reduction factor for rent limits? I am looking at a deal and the Section 8 rental rates are quite low, and I am wondering if I am missing something. Also do the rents include all utilities? Thank you!

I just checked my inbox. I don't think you wrote me a message as there is nothing new there. Am I missing something?

I have a deal from outside my area that is off-market I was hoping to get input on. It is 125 lots over 4 parks in one county priced at $2.7M. The owner will Owner Finance at 70% for 5-10 years with a 20 year amortization if I come at 30%. The lot rent is at $200 and a little low for the area($250 for area), and it is mostly POHs and renting them out(like 100 POH), again at a little lower than market. It is city water/sewer, and 2 of the parks are direct billed, 2 are not. The person self manages now, long term I do not. I need to get more information on expenses as they have not given that to me yet.

It looks like a good deal just on the outset, however I was wondering if I was missing something. Let me know!