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14 April 2018 | 14 replies
@Kurt Jonesok so here is the numbers from the OM that the broker furnished to me: ESTIMATED LENDER ACQUISITION COST:List price: $1,175,000 ( @ 28 units = $41,964 per site)Buyer requesting Down Payment of 30% = $352,500Projected Lender Financing: $792,500 @ 5% FIXED 30 year AMORT with a 10 year DUEINCOME, EXPENSES & CASH FLOW:Actual 2016 Gross: $212,752Actual 2016 Expenses: $95,915 (45%)Actual 2016 NOI: $116,837Projected Lender Debt Service: $57,494Projected Net Cash Flow: $59,343FINANCIAL INDICATORS:Cap Rate: 9.16%Projected Total Cash Return: 18.96%PROPERTY DETAILS:All age park28 Homesites# of Park Owned Homes: 28 (100%)Occupancy: 100%Utility Reimbursements: NO2016 INCOME AND EXPENSE ANALYSIS:Total Net Rent: $212,752Total Operating Income: 212,752Real Estate Taxes: 4,054Property Insurance: 5,524Utilities ( all lumped into one total, broker and/or seller did not offer it broken down individually ..yet): 30,658 Payroll & Benefits: 26,225Maintenance & Repairs: 2,058Administrative/ Office: $26,668Advertising & Promotion: 728Total Operating Expenses (45%): $95,915--------------------------------------------------------------------------------------Net Operating Income: $116,837The screen shot copy of the rent roll excel sheet i am waiting on further explanation from broker in order to determine how to interpret all the acronyms that the seller put in it so i can begin to figure out the rent roll for that month.
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14 April 2018 | 5 replies
Security deposit amountYou can find plenty of examples by searching for "tenant estoppel certificate doc" or exchange "doc" with "pdf" for more options.Here is an example and explanation: https://eforms.com/rental/estoppel-certificate/Some have a lot of legal jargon but this document does not need to be so detailed.
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15 July 2018 | 12 replies
Jacob, Thanks for your detailed explanation, it does appear I was basically using the COCR.
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26 April 2018 | 51 replies
They are out there in nearly every market.Thank you for this detailed explanation.
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14 January 2019 | 15 replies
@Ashish Acharya, thanks for the explanation.
20 April 2018 | 4 replies
Hi Don,I appreciate the explanation, I thought that might be the case with the other owner/landlord that was mentioned.
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18 April 2018 | 4 replies
Additionally, funds that reside in someone's individual bank account do not need to be sourced after 60 days*.As an explanation, a borrower would need to show two statements with the funds present subsequent to the statement where they were deposited.
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18 April 2018 | 5 replies
I listened to his long winded explanations of what was going on (he lives alone) and told him I recognized I'm hounding him as we talked 1-2 times a week but I hope he understood which he did.
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30 April 2018 | 11 replies
Hi Joseph, I don't have a property yet, I am focusing my energy at the moment on building my infrastructure.I will try to open an account through Israeli accountants as you suggested and as others suggested to me as well.Thanks a lot for your answer and for the explanation!
17 May 2018 | 2 replies
Some of your questions were very braud and would require a much more in depth explanation or even a book to answer.