All Forum Posts by: Josiah W.

I'm looking for a HML That can do $1Million deals here in Maryland.

I'd appreciate any & all referrals.

Anyone have any leads on long term debt with no seasoning ? 

I'm trying to refinance deals once I have a cash flowing tenant in place.  My local banks all want a minimum of 6 months and up to 12 months seasoning.

I have cash reserves, a 750ish FICO and history as a landlord.

Looking for 75% LTV and rates can be negotiated. Looking for 20-30 years. Would be open to 5 - 7 years ARMS or balloons.

Here is a sample property. Purchase price $53K. Rehab $5K. ARV $80K Rent $900 a month. Looking to REFI 50-60K out.

Hello there from Sedona, Arizona.....

I am a 62 yr old married man about to retire from my full time job and am a licensed realtor as a part time job.

My wife and I are considering and starting to learn more about manufactured homes.  We are thinking about buying a lot and placing a manufactured home on the property to resale for a profit.  In Sedona there aren't many MH's or lots that allow them, so an older model on a 0.25 acre lot sells for around $105 psf (a 1,500 sq ft MH would sell for around $157,500!)...a lot which will require adding a $10,000 septic system would cost me around $50,000.  Our thinking is $50K for lot, $50K for MH, $10K for septic and $15K for adding a deck and misc we'd be into the project for around $125K.  If we get a newer model and can sell it for around $160K we could make a nice little profit of around $35,000 at best.

So, I hope to get some advice here from people who are like minded and perhaps tried this type of project or can guide me to others who can offer specific advice to either encourage us or offer a reality check.

Our average house on an average lot in average condition sells for around $185 psf and it goes up from there quickly to around $300 psf and up.  Most selling for around $230 psf.

Most MH are selling for around $105 psf for an older model and yes that includes a 0.25 acre plot of land.

So I'm hoping to do this full time as a replacement income from my forced retirement at age 65, but start part time now.

On another note....since I'm over 59.5 yrs old, I believe I can take the money out of my 401K and do a ROBS (rollover business start up) 401K and use those funds to purchase land, MH and improvements.  I have a lot to learn about that also, wondering if I have to put the profits back into the 401K or can I withdraw them like an ordinary 401K and pay the tax on that....I'll be keeping my CPA busy for while!

Looking forward to sharing and offering whatever feedback I can to others here.

Have a wonderful weekend!

Clary Roberts

Greetings All:

I have an opportunity to purchase a former one level 28,000sf school (one level) block built in 2 phases. First section built in mid 50's second section built in 80's. Includes classrooms, kitchen, dining area, separate gymnasium. In a small rural town, for $80K.

I am looking for revenue generating ideas.

Thanks!

Hello BP,

I feel that I am at the information overload stage from all the amazing stuff I've discovered on this site. I have made notes as I read through the forum posts but have yet to consolidate them.

As it stands, I am hoping you can provide some information on my situation.

So a good friend of mine and I decided to give our best shot at this and ultimately invest in real estate in the US. We are not handyman by any means, as we both work in the corporate world, but we make a decent stable income and have adjusted our goals accordingly.

We are particularly looking in Ohio(Cleveland and Columbus) and Indiana(Indianapolis, Noble County). Obviously these are huge geographical regions but this is where we have started and we hope to narrow this down by as much as we can. (As a side note, my favorite discoveries was this article by @James Wise https://www.biggerpockets.com/blogs/4704/blog_post....)

Depending on the financing, we are looking at properties that are below 100k. I am mostly interested in residential, but my friend has had exposure to the manufacturing industry so he knows a few things about commercial (quite minimal though) as well. Our starting combined capital will be about 25k USD. We are looking for a buy and hold and long term cash flow.

1) What would you say would be the best way to structure our “group”? At first we thought to create a corporation in the US, but I have seen many suggesting LLPs? I know ultimately we have to hire a professional but what options would you guys have avoid or consider?

2) What are some good lenders we can use? We can use one of our Canadian banks for a 5yr mortgage (if we go in as a corporation), but I was hoping to find more options. What are some institutions you would suggest (particularly in Indiana and Ohio)

3) Mostly to Canadians – seeing that I am settled in Canada, with a girl who will probably be my wife, will this impact my ability to use my RRSP funds under the First Time Home Buyers plan?. The capital I'll be using in the US will strictly be cash from my chequing account. My girlfriend and I are looking to buy our own property in the near future in the GTA and I would like to be able to use the rest of my savings, including my RRSP, towards this. Will venturing out to the US with my good buddy have an impact on my ability to borrow, use RRSP funds, or in any way that I am not aware of?

I apologize for the wall of text, I tried to be as brief and clear as I could. I’d really appreciate any information you might have.

Thank you,