Manufactured Home Refinance Resources

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Investor hello's from Philly

Hello all.
My name is James Kerr.
I was a Realtor in NY for 5 years before moving into Commercial Finance. I've bought & sold properties in Philadelphia where I now reside. I'm currently active in providing homeowners with creative choices for selling their properties quickly in a buyers market.

Ready for a Deal Analysis

Here's how I see this deal:

Gross rents: $850
Operating Expenses: $425
NOI: $425

Debt Service ($60K, 30 yr, 7%): $399

Cash flow: $26 per month (very marginal)

Kicking in a downpayment does not change the character of the deal. That downpayment has an opportunity cost.

In addition, buying a house that is already rehabbed will NOT have a major effect on the maintenance expense. Very little of the maintenance/rehab that I do has to do with the age of the building or appliances. Most of the maintenance is directly related to tenants living in the property.

On a good note, at least it has a positive cash flow.

Good Luck,

Mike

3rd party proofing Buyers/Sellers

:mrgreen:

1) My number is in my profile
2) The company I work for is a Capital Mgt company

3) I'm not in Chattanooga

You may want to head off that call and get them the information that will actually serve them. In fact you may want to join them on the call to hear what will be transpiring

In fact...if you perform you can head to Austin where the CEO operates from and introduce yourself

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Ready for a Deal Analysis

Not a problem Wheatie, it could have been interpreted either way how I typed it lol. P&I are 319 on the loan if we put down 20%. Consevatively we figured 50% for expenses which we know will most likely be much less so we should average 180-300 positive cash flow. Seems like a good deal, but again.......us newbies just need that little nudge to seal the deal lol

The Buyers list

Rita - Just look on the left side of the forums at all of our resources or go to our Real Estate Resources page and you'll find our real estate club directory link.