All Forum Posts by: Patrick Winn

Has anyone ever or does anyone have any information about refinancing a mobile home park?

I am looking at owner financing with a balloon payment after 5-8 years.

If this is the case, I have to figure out how to make that balloon payment when it comes.

The park does not make enough money to pay back the loan off of the profits under the terms of owner financing.

The benefit for me is being able to secure a mobile home park with minimal money down.

Thank you in advance.

@Todd Dexheimer Thank you for the feedback. Bigger Pockets Podcast #248 will be the very next one I listen to!

Do have any projects coming up around the Fort Worth area?

@Nicholas Morgan

YES do it!

These owner financing deals are tough to come by. Just be sure everything is in writing and then after the refi, I would attempt to raise the rent based on the rehab.

Even if you don’t raise the rent. Say you even lose $78 a month, you’re still better off because you didn’t put any of your own money down to acquire the property and you instantly have equity.

A few things I would be sure I knew where;

1. How will you transfer the ownership of the property.

2. Is there a prepayment penalty?

3. Who will you use to refinance?

4. Will you hire the work done on the house or will you do the repairs yourself?

Sounds like a sweet deal.

If you don’t do it, send it my way!

Thank you!

What is the best way (websites, comps, calling other complexes in the area) to see if an area is a good area to invest in when looking at a small multi-family apartment complex, with a lower end cap rate, out of state?

I have been calling other complexes (as mentioned above) and simply asking them what their rent is as well as looking at "apartments for rent" on Google but if anyone knows of a platform that expedites this process, that would be very helpful!

Thank you in advance.

Okay cool. I might be able to make weekends work. Possibly midday Saturday or early Sunday morning. 

Hello everyone!

I have the opportunity to discuss owner financing terms on a commercial "flex" use, 4,000 sq ft, $565k property.

I am seeking advice on financing terms that would be favorable to all parties, but I do know that the building is vacant and the owners do not owe anything on the property. So from my perspective, it is sitting and they are just losing money paying taxes on it.

It will need some money put into it (~$20k), as well as a lot of time to find the perfect tenant.

I do not wish to put down a large down payment and I do not want a large sum due in 5-10 years down the road. I am new to this commercial space as well as owner financing but I do see that there might just be an opportunity to break into the commercial space for little to no money down.

If anyone has some advice for me on how to present a deal to the owner that will work for both of us, that would be much appreciated. 

@Leah Stuever awesome. Do you know anyone else that might be interested?

What days and times work for you?

@Jhonatan Ramirez awesome. Do you know anyone else that might be interested?

What days and times work for you?

Is anyone in the Fort Worth, TX area interested in getting together, once a week or every other week, to network and discuss processes, procedures and ways to grow our businesses?