All Forum Posts by: Brett Spence

I am closing on a 64 lot mobile home park does anyone know some good insurance companies for maragos home parks?

If your in twin contact Jason Royce in the Boise area he runs that whole area and use me as a reference good luck

Collin Hunter at ICCU idaho falls manages all the mortgage lenders.  He also is one of the 2 hard hard money guys I have used in east Idaho.  

I need a line of credit and my old bank who I had been with for 8 years said no.  Iccu had it approved for me in about 3 hours the day I asked them.  We switched that day

I own A Pro Plumbing in Idaho Falls our service devision would be prompt and dependable if you need plumbing help. 

My CPA and his CPA are trying to get together right away. I was just wondering if anyone had some out of the box options to present to the CPA's thanks

Investment Info:

Office Space commercial investment investment.

Purchase price: $580,000
Cash invested: $145,000

4 bay commerical building with offices, shop areas with 14' garage floors. 8400 sqft total

What made you interested in investing in this type of deal?

Idaho Falls has a large need for this kind of commercial and I bought my land cheap and 3 years later it tripled in value so the bank gave me the appraised value towards my down payment.

How did you find this deal and how did you negotiate it?

I built it myself. Used my land I owned as 70% of mt down and paid the rest down.

How did you finance this deal?

Local bank

How did you add value to the deal?

My land tripled and I did the build out and plumbing and heating.

What was the outcome?

Each unit brings in $1500 month and 2 units pay the mortgage. Other 2 play taxes abs insurance and pay down the loan. Should be payed off in 8 years

Lessons learned? Challenges?

Went pretty smooth

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes Teton Steel of Rigby Idaho was awsome they did the steel erection which in these type of buildings is about all there is.

I found an owner operator of a trailer park who is 83 and willing to carry the loan for 3 years.  He hasn't been there in 9 years and it's in need of some clean up, trees, junk cars etc. 

Its 64 lots, 53 ocupied and they are all tenent owned.  7 of the remaining spaces have park owned trailers on them but they need repairs. I'll have to find 4 additional trailers and repair the 7. To be full.  

My little craigslist add for a month got me 5 people on a waiting list to move in and do a owner finance.  

Price 1 million with $100,000 down. Lot rent $245 can go up to $350

He wants a $6,600 payment because that's the cost of a care facility he wife is in for her failing health.  He has lots of other money invested and saved he said but doesn't want to really touch it too pay for her monthly expenses. 

I really like the guy and worry he'll pay way more in taxes with interest payments.   Couldn't I back load the loan with 3 years of payments added to the million and then it would be taxed at a lower rate? It would also leave more money to fix up the park quicker. 

He would love for me to present him some different tax options.

ANY ADVICE OUT THERE?