All Forum Posts by: Steven Goldman

Mobile homes are very hard to finance. Many lenders will not even consider lending on a property that has a mobile home and a regular home on it. In no instance will they count the cash flow. When the economy becomes rocky mobile home rents are the first to be effected as the occupants tend to be in more volatile occupations easily effected by economic problems. If you want to do mobile homes you need a piece of property with proper zoning and as others have said be in it for the cash flow and do not plan on selling or refinancing the property with conventional financing. 

I would change the lock on the door until it is straightened out.  Once she moves in you are screwed if she does not pay. Than as advised, speak to a real estate lawyer who represents landlords. Good luck!

If you look at meetup or other websites that allow Groups to advertise meetings, you will find real estate investment groups. Attending those meetings will give you the opportunity to either meet capital partners or meet other investors who may share with you their knowledge of private lenders in the area. It is a matter of doing the leg work and getting know in your real estate investor community. Many people are willing to share their contacts with new members in the group. Their are numerous funding companies and lenders who will support your journey. Good luck!

Is you financing adjustable or fixed? If its adjustable you may want to pull out your equity and do a 1031 exchange and buy a rehab property. If it is fixed the low rate may make the future aggravation worthwhile. Make sure you speak to a tax professional before you plan the exchange.  Good luck.

Their is nothing wrong with the BRRR formula. Rising acquisition prices and scarcity of material and contractors has made this space far more challenging. In order to execute you must locate under value properties so that your acquisition price reduces the total all in, considering the higher costs of material and additional expenses on holding costs. In order to successfully navigate this space you must be very selective about what you buy, where you buy it and what you pay for it. When the stars line up it is a homerun. We have customers who have been very successful in this space. Thanks

If you are buying turn key than debt service coverage is the whole game. The lenders use it to determine eligibility so why shouldn't you? Regarding location, the best deals are in the areas which were most impacted by the end of the tire and parts industry. Akron, Canton, Dayton etc. Of course Columbus and Cincinnati are hot markets but more expensive. Good deals can be found in Cleveland but it requires a strong understanding of the neighborhoods. 

As I have said for the past two years, Ohio is very undervalued and has reasonable rental returns. For a investor who wantsto make their cash go along way this is a great State! 

@stevebabiak   Of course he will need a personal guarantee. Only mortgages on larger multi-families may permit a no recourse loan. 

The real estate based banks and funding companies will fund your properties in an LLC. The question is not LLC or personal the question is how much do you have to put down which dictates where you can find money. If its 5 percent than your options are more limited. Typically it will require 20 percent unless you are using a government insured rehab product. Good luck!

Nice too meet you we both invest and lend in the Eastern Pennsylvania Market. Look forward to watching you go!