Posted by Philip on August 17, 2003 at 21:04:58:
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Hard Money Lender to share Vision with. - Posted by George Williams
Posted by George Williams on August 17, 2003 at 14:26:45:
My name is George Williams. I’m a new real estate investor(6months). In the pasts months I had a business partner/mentor. Things didn’t work out due to his dishonesty and procrastination. We{I} decided to part ways after only 6weeks. We bought 2 houses together and is in the process of selling them. The direction I want to go in is in mobile home parks. My wife is from a small town in Georgia. It is a rather poor community that is in desperate need of housing (tradition or manufactered). I would like to open up a mobile home park that I have never seen in Georgia. This park will have a swimming pool, tennis court, basketball court and communitiy center. There will be strick rules and guide lines. Most most mobile home parks I’ve have seen have dirt drive ways and just look terrible. My mobile home park will have paved drive ways with beautiful landscaping. I would like my tenants to take pride in their neighborhood dispite their lot in life. This will be low income housing but it will be the best this little or Georgia has ever seen. I’m looking for a hard money lender to share this dream with. If interested please email if only to give me good advice on accomplishing our dream. This dream if fullfilled will be our way giving back to my wife’s former communitity as making you some money in the process. Thanks in advance and I look forward to hearing from you.
Re: Hard Money Lender to share Vision with. - Posted by Chris Reuman (ME)
Posted by Chris Reuman (ME) on August 22, 2003 at 19:23:58:
George, Your dream might be better accomplished going with a subdivision and doublewides. The zoning laws are easier, and the financing is easier for the doublewides.
On another note, after talking to many real estate investors and my own experience, people lose their shirt when they try to put low income people in middle to high income properties. They are stunned and frustrated when these people trash their apartments, mobile homes, etc. I’m not advising to not do it, but set up strict rules and if possible, partnership with a government agency and government money. The government has agencies that exist to throw money at poor people. In fact they have to or they lose it. Best of luck.
Re: Hard Money Lender to share Vision with. - Posted by John
Posted by John on August 19, 2003 at 13:48:02:
Remember, the program is for Not-For-Profit organizations.
Re: Hard Money Lender to share Vision with. - Posted by Greg Meade
Posted by Greg Meade on August 17, 2003 at 16:12:03:
George…look at some of the Parks around Atlanta. We looked at some that were that nice and better (golf course community). You can probably buy one fully functional cheaper than to design and build one. Georgia restricts MHP dev. like most states. good Luck with your dream!
Re: Hard Money Lender to share Vision with. - Posted by Anne_ND
Posted by Anne_ND on August 17, 2003 at 16:00:59:
George,
I suggest you get the courses available from this site by Ray Alcorn and Ernest Tew. They have lots of very valuable info about owning/starting a MHP.
good luck,
Anne
Re: Hard Money Lender to share Vision with - Posted by Mr. C
Posted by Mr. C on August 17, 2003 at 15:00:18:
It would be foolish to go with a hard money lender, when there’s a FHA mortgage insurance program (207m) that would finance a new construction or the rehab of an existing park.
Yes, you’ll have to wade thru some red tape… but the project would have a 40-year loan term at a reasonable interest rate.
Re: Hard Money Lender /40 Years - Posted by Cyndi-WA
Posted by Cyndi-WA on May 17, 2004 at 21:20:53:
See this site and get the book it is selling (only $14.95) it will show you
how to use a HELOC to pay down that 40 years much faster: http://
www.mortgagefreeusa.com
This book changed the way Australia home owners and Banks
approach mortgages, now he has made a US version.
Dang! 40 years? - Posted by Philip
Posted by Philip on August 17, 2003 at 17:15:34:
Now that is good terms, and low payments! I didn’t know anyone(even the government) did anything with 40 year terms!
Whew!Any penalty for early payoff?
Philip
Re: Dang! 40 years? - Posted by Mike(Al)
Posted by Mike(Al) on August 17, 2003 at 20:46:51:
Some projects will have 50 year mortgages.