All Forum Posts by: Kevin Greer

Thanks for all the help! I can see that I was kind of headed the wrong direction. I'm going to really reevaluate if I can bring more to the downpayment. I'm also going to try and see if I can find any private money. If I can't make any progress there I will break down and pursue a hml. Again thanks for the input.

Thanks for the input! OK so it seems like hard money might be an option. having never gotten a hard money loan, I don't really know what would be considered good terms. What sounds good for a loan of $45,000?

First of all, I am really excited because constantly reading biggerpockets has given me the confidence to try my first project. I am going in with a friend of mine, to flip a house. He is very experienced with construction, and I have been doing never ending research on the logistics. We have hit a little snag though in getting a loan. We don't really have the money of our own to invest, so in order to get a commercial loan we would need to ask family and friends for private loans to cover the downpayment. I would prefer to avoid that. So my question is: Is venture capital worth looking into, or is there some weird catch that I don't know about? I realize they would require a stake in the business.

Thanks for your help.

Wow, thanks for all the help! That makes a lot of sense. I had no idea how to value an MHP. But I guess i should stick to something smaller for my first venture anyway.

Thanks guys!

OK I'm new to this, and hope I get my biggerpockts.com etiquette down right. Haha

I just wanted to pose a scenario and see what you all think.

There is a mobile home park listed for sale near where I live for $435,000
There are;
27 spaces
8 park owned mobile homes renting for 320-545
6 that just rent pads for 145-170
A $30 water, sewer, trash charge per rental.

Assuming the low end and taking the utilities out this comes to $5910 a month. Does this sound like something that is worth the hassle?
I realize I don't have the experience or capital to do this myself, I am just trying to understand howthe cash flow of CRE works.

Thanks for your time.

My name is Kevin. I am newly married, so I am interested in establishing consistent long-term income. I enjoy being with my family so that is important to me.
I am interested in aquiring properties and renting them out.
I look forward to learning all I can here!