All Forum Posts by: Chaitanya Phansalkar

@Jeff Cragar Thanks a lot for this information and a great tip! Did you deal with someone specifically when getting this loan? Do you remember your loan officer’s name?

@John Jacobus Thank you so much for your response! That’s a good information. Yes the property we are buying is under a $1M and I have just started contacting local banks. I came across a company called ‘Direct Commercial Funding Inc’. They have sent me an application to fill out. But so I only have 1. So, I will keep y’all posted as I get more information. Also, i would love to connect and chat about acquisition strategies. Do you normally just PM each other phone numbers to get started?

@Matthew Arreola Thanks Matthew! What part of the country do you buy in?

@Brandon Turner Thanks for inspiring me with your search for Mobile Home Park search and the knowledge you have shared over the year talking about it on the podcast. That and another investor Kevin Bupp that came on your podcast has made me look into this investment option and now we have a park under contract.

My partner and I have been looking into investing in Mobile Home Parks for about a year and I think we have found the one we like near Houston. We are from Houston area and already have a rental and wholesaling business here. We have got this park under contract just now and are looking for recommendations of lenders/banks that finance Mobile Home Parks.

@Ray Lai @Don Konipol @Michael Le Thank you for all the great inputs!

Yes, Direct Mail is the best way to find properties with values (who is willing to work for it) and I have recently tried it with decent results. Although for a newbie such as myself it's harder to commit to a lot of marketing dollars without seeing the results which is a learning curve.

Take away from this thread for me and ppl reading here would be to find properties with combination or everything from below points. 2% rule isn't a bad thing use but it's just a starting point. Other things mentioned in the replies here can make less than 2% properties produce better ROI than the 2% or more properties often times.

Markets with higher rents, Buy properties below market (DM or wholesalers), Lower taxes, Lower insurance, High appreciation with market growth, High demand

Thank you all for all the inputs on this thread! This helped me clarify some of the doubts I had about Houston area. Could I pick your brains on something that I think is an extension of this topic?

So, I understand it's harder to find "2% rule" properties here in Houston area. But you could always find properties below market and as long as they appraise for higher price and you use the "BRRR" strategy (buy, rehab, rent, refi) you should be able to lower your out of pocket significantly and increase your "cash on cash". So, does this make sense? If so, my question is, is it difficult to find lower than market properties? if not, what are your sources?