All Forum Posts by: Ryan Landis

@Scott Jaffa if you can add me to your list as well that would be great. Primarily looking at 2+ units but open to SFH as well.

Thanks @Reginald Truss - I will shoot you a PM to follow up

Hi BP! My two business partners and I have a Mobile Home Park under contract in Indiana. Park has just under 40 spaces, with public utilities. The purchase price is just under $500K and we are looking for a lender that will allow the following:

1) LTV something above 50%

2) No personal guarantee (will be in an LLC owned by 3 partners)

3) 12-month term at the minimum, preferably 36-60+

4) If we can close in cash and structure a refinance out the next day even better

We already performed the Phase 1 and it came back clean. Gross rents are $10K+ before our value add. Some tax/bank statements from the Seller but not enough to get standard conventional financing likely. 2018 P&L but it has not been professionally verified by a CPA.

If you, or anyone you know, is interested in talking more glad to structure a deal.

Cheers,

Ryan

@Chris Talley depending on where in the flood zone it is, and if there is elevation already, you can also get a survey (I believe it is a survey, I forget 100% but my sister looked into it) that allows you to be out of the plane during the 100 year but maybe not the 500 year. Just food for thought depending on what you decide to do. 

Make sure to keep in mind the financing. Modular can be a lot quicker, and potentially a lot better, but just make sure whatever you build conventional lenders will want to play ball with down the road (i.e. the financing for you and your exit).

@LaVonna Shannon curious to know why he owns that 4plex still? Usually, at that level, you wouldn't be holding on to things like that unless there is some reason??

@Oscar Miguel @Brent Tarnow might be able to shed some light if you are looking in Oakland or the East Bay.

@Rafael Campos is it a cash deal? If it is a cash deal or you can do a double close feel free to DM me and I can give a recommendation. If it is an assignment fee with a loan (especially traditional financing) that will be pretty difficult.

@Account Closed we just gave a great tenant a rent reduction to avoid them moving out. So, rents don't always go about when the market does. For context, we will probably be better off doing this based on the repairs/maintenance they do themselves (and are just phenomenal people) compared to the vacancy if they were to move out and the work/risk of a new tenant. Just my 2 cents, as rents don't always go up.

@Missy Longshore most people don't realize (check with the planning department for your city) that ADU's can only be rented out if the owner lives at the property (either the owner has to live in the main structure or the ADU and you can rent out the other one). Sure, most people don't follow this. But if you had neighbors that reported it ever that wouldn't be a fun experience (I bring this up as I was under contract on a deal in the Peninsula and ended up walking over this issue).

In regards to a live in flip, finished square footage is valuable in the Bay Area. Again, not sure what city you live in exactly, but let's say it costs $150 per sqft to finish your basement, and properties are selling for $400 per sqft, seems pretty easy to me (although basement sqft is usually a bit less valuable).

I know you know this, but 1.75% is insanely low, so keep that I imagine. For your FHA loan, are you out of your private mortgage insurance? That might be a win there to get rid of that depending on your rate/etc.

Travel rewards - welcome to the fun!