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23 March 2024 | 0 replies
Share your assumptions below for a tailored model and insightsNeeded: Rent, Rental Growth, Occupancy, Interest Rate, Loan Amount, Property Tax, Maintenance Expenses, Purchase Price, sum of all Closing Costs (including commission), HOA Fees, and Renovation Costs.
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22 March 2024 | 3 replies
This is a pretty weird question, I know, but I am curious.I get that you can do deals pretty much anywhere, and there are good deals all over the country, but I don't believe that the markets are equal in this regard.For example, if the seller has the ability to look at your credit as an investor (which throws out one of the sole purposes of doing a seller finance), versus states/markets that don't require that as much, I would like to know the states/markets where owners checking your credit history is not going to be prevalent in a deal, assuming the seller is willing to do this kind of deal with you.For context, yes, I am a new and aspiring investor, and due to certain circumstances, my credit is currently not the best, but I don't want that to stop me from investing in real estate (which is why I'm leaning to using seller financing).Please no answers saying that I should just raise my credit score and get an FHA/Conventional loan, because I am currently working on raising my credit, but I can't give a time on when my credit will be "back to normal" again, which could mean I could be stuck on not qualifying for a loan for the next couple of years (ain't nobody got time for that).Thanks for the help!
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23 March 2024 | 8 replies
I intend to gradually develop the park by acquiring used mobile homes for around $10,000 each, relocating them to the site, and performing minor renovations.To make the venture sustainable, I'm considering implementing a rent-to-own model, with the ultimate goal of transitioning to a Tenant Owned Homes (TOHs) setup with $300 lot rent.
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22 March 2024 | 7 replies
Last year we bought a park model home and updated it.
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22 March 2024 | 4 replies
They undoubtedly overpaid for the homes which were bought by the least savy homebuyers who have now got into trouble/overleveraged and need to cash by selling a portion of their equity in the first place, thus NADA's positions will likely fall faster than the overall market as they have this intrinsic flaw of no price discovery in their methodology. so either NADA makes out like a bandit by fleecing stupid Americans (not a unique business model) or NADA bought overpriced homes near the PEAK, since they just started business in late 2021, and they will incinerate your investment better than Cathie Wood, I'm getting my popcorn ready to watch this %&*@show :)
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22 March 2024 | 5 replies
Here is a model I built for tracking purposes.
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22 March 2024 | 0 replies
For real estate investors, the WeWork saga underscores the importance of grounding investment strategies in realistic financial models and market demand.
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20 March 2024 | 0 replies
Here's a model I've constructed to aid those in need or simply curious.
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24 March 2024 | 19 replies
Hey mate,Sorry to hear about your troubles but it's not too uncommon.I've been in the turnkey biz for 10+ years now and have often been called the "bad guy" as we only sell to investors looking to purchase with cash.Many believe that because we only accept cash buyers, that we inflate the properties price which definitely isn't accurate.Quite on the contrary when looking back I feel that we under sold them lolWe can justify every one of our property prices with a CMA independent of our in-house sales.Whoever believes that financing a turnkey property makes it safe is wrong.Most turnkey providers or affiliates push the financing model (Even in today's high interest environment) to make more sales.They have "in-house" lenders or community banks that they establish relationships with and promise large volumes in loans.This in return get's rewarded with various favors and many are easily able to manipulate appraisals.Having flipped over a thousand properties, I know how easily an appraisal can be manipulated so for anything reading, "NO", financing a turnkey property doesn't necessarily make you purchase it for fair market value.To answer your question:When S#%@ hit's the fan like it did for you with this deal, I personally would always look to cut my losses and move on smarter and more experienced.Granted, over the years I have witnessed many investors buy 1-2 properties from my company and expect miracles only to get disappointed.
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22 March 2024 | 6 replies
Would you be interested in chatting with me about your model?