All Forum Posts by: Mike Reynolds
Mike Reynolds has started 31 posts and replied 2028 times.
Post: Investor friendly banks/CUs in East Texas?
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Originally posted by @Nick Dunin:
@Jay Shuler
Hi jay,
I haven’t used etpcu yet but plan to. They will finance a rehab project with 10% down of the acquisition cost and finance all rehab work as long as you have 20% equity when the rehab is complete. 5% on a 5/1 over 20 years.
Welcome to east Texas!!
Yes, love ETPCU. They have been my bank for 25 years but I haven't financed any investment property yet as most of my stuff is out of state. But they beat everyone I have ever put them up against on other loans like mortgage,car and other. GMAC credit was offering "great" terms on a truck down in south Texas and I just called them and they said no way. We got you covered and made it happen so fast the salesman didnt know what hit him.
Best bank I know for long term relations.
Now, if I could just find something local to buy.
Post: Insurance for Mobil Home Park
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Is there a specific type of insurance that may be better for a MHP that is tenant owned as opposed to park owned? Just wanting to make sure I am covering all my bases.
Post: REFI/Finance MHP question
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Originally posted by @Paul Moore:
Hi @Mike Reynolds. Congrats on a great deal! Did you make a decision and move forward on this yet?
Here is my two cents for the record: a friend of mine had two separate deals with two separate loans. He combined the two into one because the bank wanted to. Later, one of the deals went south. Now he has to put in a lot of money each month to keep the loan serviced to save the second asset. This could cause him to go completely bankrupt at some point. He wishes he had kept two separate loans now.
This will probably never happened to you but you never know. Best wishes!
Thanks for that info Paul, I never thought of that angle. I think we will do the 2 loans after all. Technically I had 3 on the first one anyway. I had to do some pretty creative financing on it. I refi'd a property in Texas for the starting capitol, then the main one. Then I did a side note to the owner.
That wasn't so bad when you consider that all the money was still leaving one account even though it was going 3 places. Last week we paid off the owner finance and her released the title on the 4 best trailers. Then we sold them all to one buyer they next day. Now I have got one ugly trailer to get rid of and that's it.
We didn't but that other park but we are actively looking. I have a great realtor in Arkansas that is helping even in other states even though he won't get a cut. If he finds us a deal I won't let him go without though because he had been awesome. I'm really liking Arkansas though because the market there seems to be easier for parks.
Post: Trailer Park without owner the land
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Originally posted by @Phil Haynes:
I have found an opportunity that look's good on paper but not sure if I should pursue it.
I originally thought it was a mobile home park with 45 units but it turns out it's 45 units within a mobile home park.
We'd never own the land only the units.
I drove by it yesterday knowing which units and it seems to be at least 50% of the park or better.
My initial #'s show it would cashflow nicely but my question is how risky is this.
Also how do I valuate the trailers?
I'm assuming I could never refinance once getting all units looking great.
Would love feedback.
Post: St Louis 2yr SFH Rehab Completed!!!
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
@Andre Taylor I like it. Nice remodel you did there. Here's hoping you get more than asking for this.
Post: Contractor needed: Concrete stairs and patio
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Originally posted by @Sarah E Woodard:
At least a 14 by 14ft concrete patio with stairs along with handicap access.
No one that we have contacted will come to our area since we are pretty rural. We live in Roy, wa. Just seeing if anyone knew of anyone in this area that had a reputable reputation? 
I would go to your local lumberyard and ask them. That is what I do when I build out of town.
Post: I am a general contractor. ASK ME ANYTHING!
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Originally posted by @Dalton Smith:
I am a general contractor in east Texas. I’m looking to meet investors and build business relationships. I am offering a lifetime of knowledge for anyone with a question for a general contractor. I am a top performer in my industry and I am known for taking the hard jobs. I am always on time and under budget. I can almost guarantee I have experience in whatever question you may have. So fire away!
Hey Dalton, we should get together for coffee sometime.
Post: Contractor has tools stolen...my job to replace?
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Originally posted by @Megan Dettenmaier:
Thanks all - I appreciate all of you chiming in - we've all been new at one point or another and your perspective(s) are helpful. This is my first job with this contractor. If you are in St. Joseph, MO and come across any of these things for sale on Craigslist, etc. pls message me.
As to the question about how it all added up to 10K - here are some of the things he reported to the police as stolen:
- washing machine
- oven (yes, an oven)
- TexSpray ($5,200)
- nail gun
- $400 worth of fittings, shark bites
- Dewalt 12 in. sliding miter saw
- X19 Spray painter in box ($600)
- 30 gallon Dewalt air compressor
(lots of other random construction equipment)
- 600 feet pex
- 48 in. round fan
I realize that shark bite is approved for behind the wall construction but no plumber I have had ever has will do it. The question in my mind is why use it at all on a remodel?
One shark bite fitting= $7.00
One ring fitting = $1.00
From your list, I am assuming your contractor is doing it all including the MEPs. He is not a licensed plumber and doesnt have the tools to crimp Pex so he is using shark bite because it is "easy" to do.
Are you building this without the need for a permit? Because if you do have a permit, this will bite you in the butt.
Post: Contractor has tools stolen...my job to replace?
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Originally posted by @John Stetson:
@Mike Reynolds why take them with you? Bring a job box on site.
Well, I do heavy commercial. My job box is about 3 40' shipping containers. Mostly for supplies though. I don't do residential anymore.
Post: Contractor has tools stolen...my job to replace?
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Originally posted by @Sean H.:
I'm a contractor. Only a lazy contractor leaves his tools around at the jobsite. Jobsites get broken into, so if you want to risk your tools getting stolen to save the extra 20m it takes to load and unload them each day that's your own problem. Even if your insurance covered it, your rates would go up for his negligence.
BINGO!!!
Contractor here too. This is all on him. If he is the irresponsible I find it hard to believe he had 10k of stuff there. I would have to unload my cabinet shop to have that kind of stuff on a job. Tell him to file a police report with the serial numbers of everything that was stolen. I bet he doesn't even have more than 2 numbers to give them.