All Forum Posts by: Will Karstetter

I am buying 5-10 homes per month right now with cash, renovating with cash, and then doing a cash out refinance with local community banks. The terms I have been getting are competitive for community banks and I can't complain with a 10 year fixed, 20 year amortization. However..

***Always trying to improve***

Has anyone had a good experience using a "private" 30 year fixed rental loan lender / company? I am looking for:

- Minimal seasoning period since most of my renovations are done in 2-6 weeks

- Minimum 75% LTV on cash out refinance

- 30 year fixed, 30 year amortization

- Competitive rate, points, prepayment penalties

- Ability to loan on homes with a total ARV value under $100,000

Any recommendations or referrals would be greatly appreciated. Thanks everyone!

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Originally posted by @Account Closed:

30 year loans for investment properties definitely exist. The loan should close to a business name, with interest rate about 5% and 2-3 points.

Do you have any companies / lenders that you would recommend?

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Originally posted by @Matthew Ringer:

Getting 30 year as we speak

Did your 30 year loan go through? How was your experience and who did you use?

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Originally posted by @James Ma:

I only do 30 yr terms if possible

Who is your go to lender for 30 year fixed? Any recommendation would be appreciated.

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Hello, my company owns several mobile home parks in the Tulsa and surrounding area. I would like to grow my network of mobile home park owners and buyers. Looking forward to connecting. Thanks!

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@David Starr My partner and I own several mobile home parks in the Tulsa and surrounding area. I would be more than happy to set up an appointment for you to come by our office to put a value on the property and help in any other way that we can. If you're intersted, feel free to direct message me.

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@Ryan Marrs and I are running into this. Loads of checks in the mail and tons of time wasted on organizing, driving to the bank, and depositing. Our main source of the problem is that a large majority of people who live in mobile home parks don't have bank accounts. New tenants must have one, but the grandfathered in leave us with little alternatives but to collect the mail.

For one of our parks we have switched to everyone depositing at the local bank branch for us. Still time consuming, but I think that is the best it is going to get.

Any suggestions?

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My main advice would be - Don't get lazy. Make sure you do a walk through through each unit even if its an inconvenience for the tenants. 8/9 rooms will be fine and you'll call it a day just for the 9th room had mold / leak/ something terribly wrong going on. I've heard lots of horror stories from new investors on this.

Is this an as is purchase?

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Originally posted by @Dan Handford:

@Will Karstetter I do not have any experience working with USDA loans but I did find this resource that you may or may not already know about which may help you:

https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=mfhprev

Yes I've looked this over, but thank you!

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Originally posted by @Jay Hinrichs:

Originally posted by @Will Karstetter:

Originally posted by @Jay Hinrichs:

Originally posted by @Cody L.:

Originally posted by @Will Karstetter:

Setting artificial goals based on the number of doors a person owns is a recipe for unfulfillment. Goals should be based on cashflow or net worth. I hate the idea of romanticizing the idea of someone owning a large number of units or doors when someone else could own half as much, make more money, and have a less demanding workweek.

To address your point, no I do not fault investors for exploiting their full potential. Instead we should applaud and study these companies / investors who have managed to build such great portfolios (again going back to number of doors). We can learn a lot from them and one day become like them - if that is your goal. If not, reach your goal and be happy with what you have accomplished.

I used to focus on doors as that's what I feel comfortable talking about when people ask what I do, or how many properties I have. I don't want to get into cash flow with people as that's a bit personal. I'll tell someone I have 1000 doors but I'm not going to tell them how that manifests to income.

well we can put two and two together that's probably at least 10k a month :)

@Cody L I certainly understand your point. Income can be private; however, from my experience when you tell someone who does not understand RE investing that you own 20 homes, they will assume you're making way more than you really are. Think we are circling around the fact that it will entirely depend on who you're talking with.

and of course how much debt you have.. one of my partners has 100 doors here in PDX but they are all free and clear.. so that's 13 million in value with no risk.. and cash flow of course is pretty decent when you don't have debt service..

But I think the major play with someone like Cody is the massive depreciation he can take on so many doors and suspect little to no tax liability..

All very good points! Really enjoyed your podcast btw

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All Forum Posts by: Will Karstetter

Will Karstetter has started 4 posts and replied 40 times.

Post: 30 Year Fixed Loans For Single Family Investment Property

Post: 30 year loans for investment properties?

Post: 30 year loans for investment properties?

Post: 30 year loans for investment properties?

Post: What's the best way to find mobile home park buyers in Tulsa?

Post: Preparing for possible Eminent Domain buyout of my small MHP

Post: I love the 1st and 15th

Post: Looking at a 4plex tomorrow, what should be sure to see/ask?

Post: USDA Loan For Mobile Home Parks

Post: When is enough enough? How many homes does one need!?