All Forum Posts by: James Park

Hi Joe, sure please send me an email at [email protected].

I can also be reached at (562)412-5474

 Hi Reginald, we always secure the loans by placing the lender as the lienholder on title. Then of course, we create a note for the loan as well that specifies all the terms. 

Happy to jump on the phone to discuss it further. Or if you want to talk to any other lenders who loaned me funds for my deals, let me know!

 Do you lend on mobile homes in parks? Does anyone in your network?

I am an experienced pro focused on flipping mobile homes in Southern California. Have an 8 year track record with many successful flips.

Hello everyone,

My name is James and I have been a successful mobile home flipper for over 8 years. I live in Orange County, California, but I actually do most of my flips in Riverside County, but also all over the state of California.

In short, I use private lenders to fund my deals and I pay a stellar interest rate of 18-20% annualized. I am able to afford to do this because my margins on my flips are fantastic.

However, I have more deals and not enough funding. So I am reaching out to the BP community to see if anyone would be interested in lending on my mobile home deals. Again, I can offer annual rates of 18-20%, although I am typically only borrowing the funds for 3-4 months at a time. But of course, I can re-borrow the funds over and over as I always have plenty of deals.

I have a strong track record and can provide details on my previous flips to anyone who is serious.

I can also provide references to other private lenders I've used, who can speak to my reputation.

Lastly, I can cross-collateralize your loans against more than one home, so that your loan is doubly secure.

As far as amounts, I can use amounts as low as $50K per deal and as high as $150K. My deals usually don't require more than that.

If anyone is interested in lending larger amounts, you can consider lending on multiple deals as I currently have 5 in escrow that require over $350K in funding, with more deals lined up. So I will need a total of $500K soon.

Please reach out if you are interested and have the funds.

Lastly, my website is: www.calimobilehomebuyer.com

 Good idea, but the seller isn't sophisticated enough to do their own wrap. And getting them to understand how to do it would complicate things too much. And lastly, no need to give away delta if the seller isn't asking for it :)

I am working on getting them to seller carry a portion of the leftover balance. But he still needs $90K in order to pay his credit card balances off. So that part is nonnegotiable. And that's the biggest part to this dilemma. Only thing I can think of is to find a private lender who wants to do a long-term loan with a decent rate AND be in 3rd position. Not easy to do.

 The problem in this case is the seller's primary reason for selling is he wants cash to pay off credit card debt. He has about $90K in cc debt to pay off. I spoke to him and he's probably willing to carry anything above the $90K, but he does need that amount in cash.

I suppose the main strategy would be to go and get a loan from someone willing to sit in 3rd position. 

Does anyone know whether a bank would be open to doing a second mortgage if I purchased the property but did a subject to on the first mortgage? Meaning, would a bank care if the first mortgage was in someone else's name?

Hi all,

I've purchased properties subject to, and I understand how it works.

I am currently looking at a deal where the sales price is $290K and there is an existing loan for $150K. The loan is fixed at 3% over 30 years and has about 27 years left. Obviously an awesome loan to take over and the seller is fully willing to let me do so.

Problem is the $140K shortfall.

I can either:

1) Come in with the $140K cash - obviously don't want do this

2) Find a loan for the $140K. But what private lender is going to want to come in second, and what bank is going to do it knowing there's a first with someone else's name on the loan?

3) If I can find a private money lender to do a 2nd mortgage, they will need a high interest rate. Probably at least 10% if not 12% or more.  I guess this isn't the worst thing, since the low rate on the first mortgage would offset much of the higher rate on the 2nd.

4) Refinance the entire property at whatever I can get - 7% or so.

I'm just wondering if there is a solution where I can really take advantage of the low rate on the first, offer the property out to buyers with a wrap loan and drive up the asking price because it has built in financing with a fantastic rate.

Any ideas shoot them over!!

And Thanks in Advance!

Hi all,

My wife encouraged me to post about this on BiggerPockets, so here goes...

We own a 4 park package of mobile home parks in Peru, IN.  I'm guessing most people haven't heard of Peru, IN but it's about an hour and a half north of Indianapolis.

The 4 parks total 169 units.  However, we are only about 30% occupied and the parks are in need of a turnaround.

That's where you come in!

We purchased the parks separately, and each one of them were distressed when we took them over.  We have put money, time and energy into them and long story short - we got taken advantage of by some unscrupulous managers and others.  

We live in California, and I guess it was easy to scam us, as we are a 5 hour plane ride away.

Getting to the point - we are tapped out on funds to turn the parks around. And we are looking for partners to help us get it done.

We finally have a good manager in place, who is managing all 4 parks.  His name is Brandon Brindle and he is very reputable in Peru.

The big advantage is there are at least 50 park-owned mobile homes that can be rehabbed and either sold or rented.  This would bring in a tremendous amount of cash flow and also add great value to the parks.  We have a team that can jump on this and do a great job.

So we are looking for money partners to help us get occupancy up and drive the value of these parks sky high. At that point, we can either sell them or operate them for cash flow.  Up to you.

Let me know if you have any questions, as I would be happy to answer them.

To save time, here are the names and addresses to the parks:

1) Bourne End Mobile Home Park - 3 Wycombe Dr, Peru, IN 46970

2) Sherwood Mobile Home Park - 906 Main St, Peru IN 46970

3) Hi & Dri Court - 501 W 10th St, Peru IN 46970

4) Park Avenue Court - 23 S. Park Ave, Peru, IN 46970

James

Hi all,

My name is James Park and I am a full-time flipper based in sunny Southern California. I live in Orange County but do most of my flipping in the surrounding counties of Riverside and San Bernardino.

My niche is manufactured homes on private land.  Not to be confused with mobile homes in a mobile home park! I purchased the home AND the land together!

I got into this niche because single family homes were too competitive. I had to fight and claw just to get a skinny deal with slim profits.  I knew I had to find a niche that wasn't as competitive to make the profits I really wanted.

Long story short, I discovered this niche and haven't turned back since! It's an incredible niche because the price points are lower, but the profits are fantastic!  I've been flipping these for about 5 years full time.

Previously, I had a private lender who would fund my deals.  However, he's recently become ill and his niece has taken over his finances.  And surprise, surprise - she doesn't want to lend out his money :( I guess she wants to hold onto it, since she knows it'll be hers if her uncle passes.

So I'm looking for new lending partners!  

What I can say is I have an extremely strong track record and would be more than happy to show you what I've done in the past 5 years. I can break down each deal individually, but because I (unwisely) have been transacting in my own personal name, all of the deals can be seen publicly and they should speak for themselves. They are all in my name "James Park". I am transitioning to forming LLC's but my previous deals are listed under my name.

Lastly, I can provide HUGE returns!! My flips are quite profitable, so I don't mind sharing the wealth with my private lenders. This arrangement is perfect for folks who have money sitting idle in an IRA or 401K and want to supercharge their returns. Again, I can provide plenty of references from folks I've worked with, including previous lenders, partners, brokers, sellers, etc so you can get a strong idea who you'll be working with. My results speak for themselves.

I'm going to be a bit picky as I only want to work with private lenders who are easy to work with. But I'm optimistic the right people will come together and make a great partnership!

Let me know if you have any questions!

Hi Andy,

Thanks for the reply.

This lender from CA is a little... complicated.  Essentially it's a group of professionals (doctors, attorneys, etc) that pool their money and have a person lend it out.  This person is responsible for finding good investments to lend against.  And because they have so many opportunities in CA, they don't feel the need to go out of state.

The main reason I am pursuing this is because I've tried like hell to get financing in Indiana.  But the banks won't touch me (yet) because I recently went full-time as a real estate investor and don't have the stable income history that most banks want.  

I've tried hard money lenders, but they don't lend against properties under a certain amount ($75K) and they have all kinds of stipulations as well, and I ultimately couldn't make it work.

I don't know any private lenders in Indiana. I tried to find some, but didn't have much success.  

So now that my private lender in CA is showing some willingness, I want to see if I can make it work.  I'm ok educating him as long as I can see this expanding and being a long-term arrangement.

However, I'll give Corevest and Groundfloor a look.  Thank you for recommending them.  

And I'm open to any other suggestions you might have.  Nice to meet another Californian who invests in Indiana!