All Forum Posts by: Jared Rogers

First Community Bank lends statewide on these type of deals.

Sandy Shelton of Shelton & Nelson.

@Taylor Jennings Not sure why this was moved....maybe they don't understand that you are essentially providing an open source template to a free CRM.

@Bridget Smith-Osbourne I am probably not telling you something you don't know already (since you own something on the other side of town) but Fayetteville is very transient due to the military personnel concentration.  So it may not be due to deferred maintenance at all it is just the nature of the beast. For a C location and a C property your rent projections seem inline.  Credit will be an issue and always has been in Fayetteville even for A properties due to the military base.

@Tom Yung Thanks for correcting me....I learn every day on BP.

@Louise Whidby many of the counties list them on their website; they are also published in the newspapers in other areas; and you can go to the county clerks office as well. Note that counties in NC do not sell tax lien certificates, rather the tax authority has the right to foreclose and sell the property at a tax foreclosure auction to redeem delinquent taxes. The winning bid is then subject to a 10 day upset bid period. There are investors in my area that do tax lien certificates but they travel to other states like Georgia.

@Carlo Santarelli still sounds tough to me...the numbers are tight and old homes always need repair and are more costly to repair as well.  Sounds like it is owned free and clear maybe more interested if you get good seller financing.  The children may want to sell for the management issues but appreciate a monthly loan payment.

You need to understand what the lot rent would be assuming you did not own the homes (what are similar lots renting for at other parks?).  Homes as rentals can very expensive to maintain and I noticed you do not show any park expenses above either (taxes, insurance, grounds maintenance, utilities (water, sewer, etc.).  Even though the park owns the homes today are the homes on separate lots (in other words is the property zoned for mobile home park and how many lots) and do the lots have individual utility service?

@Carlo Santarelli That deal is too tight in my opinion....that is unless market rent today is +$850 and you can push rents in future years.  Given the square footage have you looked at making it a 3 bedroom?  It seems to me that the size should justify a 3rd bedroom and market rent has to be higher for a good 3 BR house.  

@Jesse Tsai You have sold properties on auction.com and I see you state you had a good experience. What kind of assets were they? Rehabbed homes, notes, etc. Why did you use auction.com instead of more conventional means?