All Forum Posts by: Joe Wilson

Hey BP!

Working a project where I need an additional $50K for the downpayment on a MHP. I have an individual that will lend $50K.

This individual will not be a partner in the deal.

What are the some best practices on terms to offer for this investor to where it is a WIN-WIN?

Thank you in advance!

Lee, Thank you! I am currently waiting to see full financials and should see expenses on Tax Returns. The location is in a great area. Thank you again for the reassurance!

HI BP! Looking for your expertise, guidance!

*Off Market Price-$1.2M (7.7 ac, Fully Occupied)

*30 Units (23 Units POH) (7 Lot leases)

*23 Units POH - $700 per mo=$16,100

*7 Lot Leases - $375 per mo=$2,625

*Tenant paid utilities

*Total Expenses from Tax Returns: $36,600

*All 30 park spots have their own septic tanks, and were all pumped Summer of 2018.

*The property has 3 wells while only utilizing one well for the park. The other two are well maintained and can be brought online at anytime if needed.

*Dumpster is on site for trash

Park is immaculate shape and needs no repairs currently. POH avg age of 20 years. 

What are your thoughts on this deal?

View report

*This link comes directly from our calculators, based on information input by the member who posted.

@Stephanie P.

Durham, NC and Suburban, I could go full doc. 

Thank you for the heads up and I will post in Marketplace as well.

@Isaura Orellana

Thank you for the info! How are you finding most of your deals in this area?

Joe

Hi BP Rockstars!

Looking for recommendations for Duplex lender for NC?

Also, what route have some of you gone on financing duplexes that have worked in your favor?

Thank you in Advance! Joe

Edgar, Can you explain what you did for the Non-Occupant Loan for this Duplex? Currently buying my first Duplex and getting all info I can.Thank you!