All Forum Posts by: Kacey W

Ok. I am waiting for a signed contract to come back on a mobile home park I am purchasing.

Here are the general numbers:

-100% occupancy
-Purchase price- $300k
-Down payment- $100k
-Owner will finance- $200k @ 360 month, 8%, 5yr balloon
-NOI w/ current owner and under market rents-$28,900
-NOI from day 1 under new owner (1st yr)-$42,224.50
-NOI after debt service (1st yr)-$24,614.50
-22% cash on cash day 1(after debt service)
-(30% cash on cash by year 3)
-49% cash on cash return if sold year 1(after debt service)
-(54% cash on cash by year 3)
-Total cash returned if sell park after yr 3 ($179,830)

Numbers are as precise as possible with dd expenses.

So this is a very solid deal in a very solid market. Probably a high 3+ star park that has been kept up very well.

I am willing to put in $50k to the deal and want to utilize investor cash for the rest of the down payment or total purchase price. I do not want to ask friends or family and would like to focus on finding connections for this deal and comparable deals I have my eyes on.

I will be looking to sell or refinance the park after 2 years to pull initial investment out.

My question is, what would be my best options for funding the remainder of this deal and why?

Also, if anyone is interested in talking more about this deal, and possibly investing, please pm me. I can show all of the info.

Thank you,

Kacey

Hello Regina, Ta'Quila, all,

I am looking for someone that is experienced with the Filthy Riches system to work with. I have access to some houses that would fit this mold, that I would buy in blocks of 50 to sell. I would finance the houses, and would like to find a partner to sell them at a % of profit spread. There would be no out of pocket expenses for the partner.

If interested, please email me

Look forward to hearing from you.

Kacey

Anybody with any experience in something like this?

I am looking at the possibility of teaming up with a land owner and small city government to develop a low income housing subdivision. They are throwing around the term "land trust" to hold the land in and sell off the houses in the subdivision. The buyers would own the house but not the land itself.

I am not very familiar with this sort of arrangement. Where would this leave the original land owner in terms of profits for the land. Would they sell a fee structure in this case?

I always thought of a land trust as a managing entity for a real estate holding.

Anyone familiar with this process? How does this process work? What are the advantages/disadvantages to this method of development?

Please point me to past deals if you know of any. I need all the research and first hand experience I can find.

Thanks in advance

What are some ways you use to get access to REOs before they are listed on the MLS?

What works and what doesn't?