All Forum Posts by: Nolan O.

@Alex Hochberger Well said … but would it be more accurate to say real estate track growth in money supply than wage growth? My sense is that that is what we’ve witnessed over the COVID era (and even in the post 2008 recovery).

If your formula doesn't agree with seller valuations, then it's by definition not market value. To be honest, the formula you provide always smelled funky to me. Sure, it can be helpful if the seller doesn't keep books. But if a seller has clean and complete books showing a certain NOI, wouldn't it be more accurate to value the park based on those real numbers than assumptions in the formula? Ignoring actual financials to make excel give you a lower valuation doesn't smell like a more accurate method of valuation to me. But then, I guess accuracy isn't the goal of that formula. Is it ;)

@James Black

Have you looked into investing the gains in a qualified opportunity zone?

So much for letting the Internet make major investment decisions for me :P Seriously though, thanks for weighing in. It's helpful to see different lines of thinking on the topic.

I'm looking to offer on a park that has solid numbers, upside potential and appears to be in very good shape. The big hair on it is that the rent roll shows an outside company own about half the trailers. I asked the seller about it, and he said that the company pays lot rent and then rents out the trailers to tenants of their own. Obviously, the thought of the outside company moving all its trailers out is a bit disconcerting, though I realize it would take a pretty penny to do so. (We're talking 18 trailers.) But what else do I need to be thinking about in considering if this risk is acceptable (for any price)?  

Tenant recently moved out. Painted, cleaned and ready for a new tenant. Market rent is $1000+. For sale by owner. Sold as is. This home just fell out of contract. It appraised for $110,000. The first-time home buyer requested a few repairs after inspection. We're out of state and had just fired our property manager, so we offered cash in lieu of repairs. He backed out because the cash could only be delivered in the form of closing costs. We can provide inspection and quote for repairs to those with serious offers. Also willing to consider seller financing, in the right circumstance. We will put this back on the MLS soon. Thought we'd give BP a try while we interview agents. Here's the Zillow listing with recent pics: https://www.zillow.com/homes/for_sale/4883-Cryodon-Blvd-N,-Columbus,-OH-43232_rb/?fromHomePage=true&shouldFireSellPageImplicitClaimGA=false&fromHomePageTab=buy.

I’m in contract on a mobile home park that is eligible for a USDA loan. I have three questions for anyone who’s gone through the process: - [Novice question] I see that the loans are 90% guaranteed. Does that mean it can be up to 90% LTV? - How quickly can I get through underwriting, from start to finish? (I fear I may need to ask the seller for more time.) - What would be considered a competitive range of rates in this environment? (I imagine this would depend on a number of factors, but I’m at a loss on what to compare a USDA-guaranteed offer against.)

Hi @Ryan Groene. I will be providing the equity, no partners or syndication. I see you're an investor. Have you gone through the process of getting a term sheet? And am I reading correctly that proof of funds is all a bank would ask for in order to set a term sheet up? 

I’m looking to buy a mobile home park and have started approaching a couple brokers to get info about properties. One asked for a pre-approval, likely to gauge whether I’m a serious buyer. My thought is that a term sheet should suffice, but I’m new to the world of commercial lending and I’d like to be prepared when approaching banks. What can I expect banks to ask for (and what will they look for in what I provide) when I approach them about a term sheet?

Why, exactly, should a landlord use Rentberry? I just read their website and am very confused. I didn't see a single benefit for landlords.