All Forum Posts by: George N.

Hey Jared, welcome. Get with @Patrick McGowen he does a monthly meetup with investors in the area. Good place to learn and network. 

Jared, one thing you can do is put it under contract and assign it to someone else for a % of the deal. If it really is a good deal you should be able to make a few thousand on it even more if it's a really good deal So for instance I might be interested if you want to shoot me some details on the property.

Oops, just saw this @jessica . I'm in Texas for another 6 weeks. What's the snag? Feel free to PM me if youy

@Jessica Weilerundefined

Melissa Dascoulias is the wife of a vet and a go-getter. She is a top-notch agent and along with husband @Peter Dascoulias II is an active investor locally as well. As a military guy myself highly recommend!

How's the place in Great Falls coming?

Never consider a park with natural gas pipes? Where did that one come from? You just eliminated a massive swath of all parks, likely a very solid majority in the north. I've never heard of that before. Did you mean private gas lines? But septic is ok? I wouldn't almost never touch any septic system.  

There are programs that offer homes to park owners with little or no down. I have also financed homes through a local bank. It doesn't have to be as capital intensive as one would think.

@Aaron Mazzrillo makes a good point I wanted to hit on in my last post. If you have a huge chunk of cash burning a hole in your pocket and nowhere to put it maybe you tackle something like this. But if not, probably a really bad idea. So my saying it's a maybe is based on the assumption that you are very cash rich/liquid. 

You can also call Frank on the weekly call in show if you don't want to do a full deal review. 

Seems like a decent deal in every way but the utilities. At the end of the day even with a new packaging plant you'll still own a park on private utilities which will scare away most buyers/banks. Even if they're new. 

I would worry less about filling lots. Rochester is a decent sized and fast growing metro. MN has a reputation of having a good tenant base. Run a test ad and see what kind of response you get. Clayton has a program where they will finance new homes at little to no cost to the park owner. Champion is coming out with a similar program. If the test ad is successful then you will likely be fine there. 

I'd get with Frank Rolfe. Talk to him and see what he thinks. Personally I'm betting he would recommend walking the deal. But your appetite for risk seems higher. I guess in the current market if you're gonna really score you need to be willing to accept a black eye or two most of the time.

Is the seller carrying paper? Financing this place is going to be a beast between occupancy and utilities. While the real money to be made is on the upside I think a 10 cap on current performance is still steep unless there are stellar seller financing terms. You're going to be dropping serious money into this thing even at 0 down and will be at the mercy of government bureaucrats, a thought that would keep me awake at night. 

@Nichole Menzies I think as a commercial broker it would be very beneficial. You would be an authority on parks and know more than almost all your competition. Personally I've also found that the basics of what Frank teaches apply to multifamily as a whole and even the greater economy.