All Forum Posts by: Cliff T.

Anyone else use Great Jones for PM services?

What are the other requirements for the PenFed HELOC (e.g. W2 income)? And how long did the process take? What were the costs to set it up?

Thanks for the responses all! I'm set up as a managing member. Agree with you all that this is a great learning opportunity, regardless of the ownership %!

Hi all,

My investment partner and I are in the process of closing on a 20-unit property and we're going through LLC entity formation & loan application with Fannie/Freddie. My investment partner is putting in most of the equity and I'll have ownership of ~20%. To be a managing member, I'll need to submit a bunch of paperwork (e.g. real estate schedule, bank statements) and have my credit pulled.

What are some of the benefits of being a managing member (with a small equity stake)? Should I even proceed with being a managing member?

To be clear, if I do not proceed as being a managing member, I would still have 20% voting rights for any major decisions that need to be made.

Bumping this thread back up. Anyone with a good PM in Charlotte they recommend? Looking for a PM to oversee a 20-unit.

@Brandon Cravens @Jack Martin - many thanks for the info. i'll check out the county's website.

in terms of estimating property taxes, would that be a combination of mill rate, tax rate and assessed value? similar to how SFHs are taxed?

Hi all,

I'm doing some research on mobile home park investing and not sure where to look. How does one estimate the cost of annual taxes for a mobile home park? Is the amount listed on the county website, similar to SFHs?

Unfortunately I'm not provided that info from the Seller and need to make some sort of determination for the tax amount.

Is there an easy way to estimate property taxes for a mobile home park? Are they listed in the local county tax website, similar to SFHs?

Bumping this thread back up. Any other local Charlotte lender recommendations that can help with a smaller MF purchase ($1-1.5mm purchase, 10-20 units)?

Bumping this thread back up. Anyone with recent deal terms for commercial financing in Charlotte? Would be helpful if folks could share:

-Approx size of loan

-Balloon payment terms

-Amort

-Interest rate

-Lender name