All Forum Posts by: Ricky Reese

Recently I have been researching mobile home parks. The cash flow seems to be the main attraction. I have read articles on Mobile Home University and I'm intrigued. I know the banks tend to shy away from these deals so I have been researching seller financing. How common would a seller financing deal be with 10% down over a 20yr amortization? Also, would it be sensible to bring in private investors to help with the down payment? It seems the chances of making a decent return (>8% cap) comes with larger parks. Thanks in advance.

Recently I have been researching mobile home parks. The cash flow seems to be the main attraction. I have read articles on Mobile Home University and I'm intrigued. I know the banks tend to shy away from these deals so I have been researching seller financing. How common would a seller financing deal be with 10% down over a 20yr amortization? Also, would it be sensible to bring in private investors to help with the down payment? It seems the chances of making a decent return (>8% cap) comes with larger parks. Thanks in advance. 

Good evening BP community, from reading articles and listening to podcasts I understand that private lending can really help you build up your portfolio. I am currently saving for my second deal. My original plan was to get a few deals myself before seeking out private lenders/investors. I assume private lenders want to work with people with credibility and a successful track record. I want to be as realistic as possible concerning getting help from private lenders. Is this an inefficient approach? I do buy and hold.

Thanks everybody for the congrats. @Michael A. my strategy was for cash flow. For my first few properties I will be focusing primarily on that. Good luck with the second property. 

I purchased a duplex with tenants already in place.

I just wanted to say thank you to the Bigger Pockets community for their support and dedication to real estate investing. I discovered the title "real estate investor" about a year and a half ago. I immediately started reading, listening to BP podcasts, and networking with others of similar interests about the topic. Fast forward to now and I have successfully closed on my first property! This is the beginning of my journey and I intend to keep the BP community with me every step of the way. For those who are seeking their first property, stay focused, keep educating yourself on the topic, and before you know it you will be closing on a property. 

In need of advice BP community. I recently located a property, talked with the owner and made an offer. The owner lives out of state so their property manager walked me thru the property. Later me and the owner talked again and we agreed on a price. The property manager presented paperwork to act as a dual agent. However, the owner prefers going straight thru our lawyers. In that case, I would have to pay the commission to the agent/property manager if I decided to use him. This is my first time being in this situation. Not sure if I should entertain keeping and paying the property manager/agent or just go thru lawyers, which the owner prefers. Thanks in advance.

@Dante P, that's great that they provide their own "appraisal". I guess it helps to have a 2nd set of eyes on the deal. Also, that was a good save for you with the follow-up appraisal. I will definitely follow your strategy of providing work done, cost, rent roll, etc. Gives the appraiser something "nice" to look at and it shows professionalism. Thank you. 

@Andrew S, that is a good way to look at the BRRR strategy. Extra money should be available in case of an unfortunate situation like this. I agree the best option at that point would be to sell. Now I see how important the exit strategy is when doing deals. Thanks for the feedback.

@Wayne B, yes I see. The HML wants to try their best in making a good return so they would do their "due diligence" to make sure a profit/return is likely. Since you mentioned it, I don't even think I would want to be 100% financed on a loan with such a high interest rate. Thank you for the feedback.