AI Live - Land Shark Mastermind

There we go.

Okay. So this is a property we went and saw yesterday. So this is a 6.25-acre horse property. Come on, come on. Oh, it looks like it's sharing your screen. Yeah, it's sharing your screen.

Yeah, I'm drawing this out. Go ahead and drop that off. Show me what you got. Okay.

All right, you seeing my screen now?

I do.

Okay.

Okay, so there's the address. Run this deal. So 6.25 acres, equestrian. They want $2 million for it. So current buy zone is approximately 1.65, 1.75. Max would be 1.8. It goes through, explains all the things, but then it says renegotiate. But then I came back. And I took— go down to the picture. Because you created this picture. So I said, I said, I want to build 2 houses on the red and blue parcels that are, that is outside of the floodplain. So there we go. Says, yes, this could materially improve the deal. So looking at your map, I understand the plan. Red parcel, build 1 new house in the portion outside of the Floodplain blue, build a second new house outside of the floodplain. Keep primary structure mapped out. What the map is telling us cuts through portions. Zone looks promising. Parcels are R-43. Current Maricopa zoning. So also currently allows maximum lot of 25%. Okay, so maximum lot area. La la la. The biggest issue, floodplain versus drainage.

Decide that is a floodplain.

5-way septic grading. Okay, revised development strategy. Existing estate plus New Palm 1, New Palm 2. But I want to determine next, before assigning $1 to development value, we need 5 confirmations. Exact APN for the red parcel, an exact APN for the blue parcel. The parcels are already legal parcels, but merely assessors.

Okay. Legal access.

Each home can independently get legal access, septic water, power. So we're gonna have to answer that for it. Based on your image of a survey, I would initially investigate.

So the tricky thing about the septic tanks out here, that's gonna be the number one, like, issue is where you're gonna put the poops and cacas.

Okay, so do you wanna talk to this?

Yeah, yeah, like, because I'm Right. I'm gonna, um, I want to, uh, show you guys what, what I'm looking at as far as like how, how and where we can build this stuff at. And what, what you're showing them is just The, the, the aspect of the raw land. You're not even incorporating like the fact that it's got a, a stable and stuff like that on it, and that you're, you're able to probably cash flow it as a, as kind of like a horse property. So, all right, here we go. I'm going to share my screen again. Um, put in their information on your Deal Hunter about it having the Mare Motel and all that stuff.

You're telling me to?

Yeah. On your GPT, you, you're, you're had, you had the conversation with it.

Okay, so add in to the property that on the main parcel of land where the main house is, there is a mare motel there that we will be able to rent out, um, for people to board their horses there. Anything else I should tell it?

I think that's okay. I think we're good there. And so over here on the map now, you can see, like, I put the flood— I put the flood layer in so we can see it, right?

Yes.

And now going into it, I'm going to— I'm just going to put the layer in so you can see the house we went and looked at. This is the house that has a unit there already. Um, and then this is the, the mirror motel that Catherine was speaking to. Okay. Um, and this is the main property, but it comes with this other parcel over here. This is— this— there's 2 separate parcels on this. I don't want to have to, um, extinguish with, uh, to show it, but the green represents where that flood layer was. Okay. Yeah, the orange is where it's buildable, where we can build something.

Got it.

Right. And so the red is the actual, like, what was— the blue is like where it was attached to that. This lot, we would split this lot even though it's split over here. Like, it's like this lot right here. We need this part of the land over here for this lot to work. So we actually have to cut this lot down and cut this lot here and create this division between these 2, right, to be able to build a house here and here.

So how hard is it to redo the lines for the lots?

It's not hard. You got to go through a survey and you got to get the survey done. And we're not— we're not— we're just building 2 houses. And we'd have to double-check and make sure that we're not getting in the way of anything like that. But we could basically structure up these 2 properties, sell them as vacant lots like this, um, for, for spec home builders and go down that road. Or we build them ourselves as spec homes and sell them for $1 million, you know. Um, that's $2 million apiece right there, and we're buying the whole thing for $2 million.

Yeah, right.

So, um, yeah, so that's how that would work. You got 26,000 square foot to build up here, you got 34,000 square foot to build back here. Um, if I go— if I go zoom in, you can see like the water, uh, well is right there. So technically building the house around that would be the key. You know, we got to worry about where the water lines go because these are shared wells. So you probably go— some go that way, some go back this way, right?

Right.

And so wherever we're building that house is gonna have to determine— like, we're gonna have to determine where the water lines go because again, we might have to take all these tanks and move them. See where this tank is? Right there. So, and there's a well right here on this property. So that, that lot has its own private well. So that technically could work because if this one shares 1, 2, 3, 4 like that, which I'm assuming it does.

1.

It probably goes, probably goes 1, 2, 3, 4 like this because I've seen somebody— yep, he's got a well right there. So it does probably cover this lot, this lot, this lot, and this lot with— and then you're stuck. But this one having its own well on it right there, now you don't— we don't even need to share with anybody really. Unless they want to build across over here, which I would assume is coming sooner than later.

Yeah, because the development is happening quickly out there.

Yeah, well, I mean, they're building brand new houses right across the street, 22, 23, 24, and they're selling for $700,000, $800,000. These are small houses for, for that price. Um, but the price of real estate is going up out there, and the value of those lots is high. Um, you can still have horse, uh, riding privileges. Um, because what you could create there, the gate— and, and see, I, I was wondering about that yesterday. The, the gate that's right here.

Yeah.

Like, to get to it or whatever. Yeah, we can, we can build a path because I've seen a gate right here. We can build a path that comes through the wash all the way around, straight out to the gate.

So that other people could access it?

Yeah. So, and then again, making each one of these with a mayor motel, like it— I can see where the motel is right there.

Yeah.

This one, this one actually still has it in there, right there.

Yeah.

So I don't even have to replace that one. That one can stay there. Right, right. That can stay there. Building the house where I need to build it, perfect. Building this house where I want to build it, perfect. You know, and then it's got room to have its own mayor motel and all that right there too, right up in there.

Right.

You know. So yeah, but the point would be that coming straight down this way right here, we could literally either coming down this way or coming straight through, bring them right around out that gate right there and create a trail. So, and if you don't know what this is, this is the, the trail to the park. Let's see if you got one. Yeah, coming out that gate. I mean, we'd have to scrub it up a little bit and get it, get it nice to come through. But right there, you're on the trail. And then if we back out, here's your neighbors. Way, way, way, way, way, way down.

Laura, you should have seen this view. Oh my God!

Way down here, you got some neighbors coming in, just so you know. Way down here. A couple miles away, and then there's a couple miles to this spot. They're doing some development out there. Don't don't get me wrong. They're gonna they're gonna want to do some stuff. This is the park though. I think this is the trail park. Yeah. So that's the water station. You can come out here. Are these houses?

No.

I think this are trails. Campgrounds and trails. So there's the park right there. That's always going to be a park.

That's what she was saying, was that we could have RV spaces on that other side and rent those out.

Yep. You got this little subdivision out here, Shea. homes or building homes. Oh God, that was a long time ago. They ain't got it done yet. 2026 finished. They sell this one yet? How much? $3.5 mil. $3.5 mil for that one. And these are in the subdivision. These are small lots. These are, these are one— that's a one-acre lot almost. Almost 43560, almost like 1 foot shy, but it was 2.6 in 2025 and nothing else on it. This guy's got a lot going on. He sold it in 2023. So again, these are, these are Rio— south of Rio Verde. This is, this is exclusive Scottsdale addresses out here, the 85255 zip codes. So paying attention to zip codes is important. Here's some more riding areas over here too. You can literally go across the street and come up over here and go riding as well. And there's a lot of territory up this way to go ride in. Trails everywhere. All right, anyway, welcome to the deal room. Like, we're running deals today, looking at stuff.

Um.

And so, yeah, I think mathematically speaking, Catherine, that that thing's got the potential and propensity to be able to to pay for itself. I think I would imagine. Where'd it go? I gotta find it again. I lost it. There it is. And then where we're sitting back here, like you and I were talking earlier. Like, this could, this could very easily become a chateau all the way out to here. Like, we can tie the stables right into it where it's just like we can build all the way to the stables. Did your eyeballs go really big when I said that?

No, I'm just trying to think because the land, um, I mean, it was, it was a pretty big drop between house and the Well, it gives us the opportunity to, to then, I don't want to draw with that color.

It gives us the opportunity to then put into it the, the step out that we need for like a walkout basement, right? So it would all, it would be like a 2-level then at that point. So let me draw you a really pretty picture.

Got it.

You know what I mean? Like, so this was that, this was that walk-up right here. We were doing the walk-up right here.

Right.

I mean, and like, I'm not interested in really keeping that part, but if we did this with the, if we did it like this over and did a chateau like that with the, like, I'm gonna replace the barn, but the idea would be that the stables are then off of this side over here coming this way. And so this would be a walkout down here because that's where the, that's where the slope was, right? And you'd have a walkout basement right there.

Like right into the horse stables?

Like coming— this would all be, this would all be that down on that level. And then yeah, you'd have your riding arena in the back right here like this off of the stables, and then this would all stay the same basically. And then we would, of course, this would be we'd get you know the the the swimming pool, the pond. You know what I mean?

Yeah.

Because that's what's missing out here. There's no pool. There's no water.

Well, I thought there was no water because the well when she was saying the. How slow the well produces water.

You don't want to run cutting horses out here. You don't want to, you don't want to have roping and cutting. You don't want to raise cattle out here. You don't want to have steers out here. There's no, like, oh my God. And that's the thing, like, you know, you got to keep in mind you're going to be feeding— she, she literally said that you got to park a, you got to park a clamp in that, in that barn over there. That means it's a It's a bale of hay as tall as the house. And it's what, like, it's a, it's a big stack of hay. That's what that is.

Right.

So, um, quit drawing real quick because I want to see this. This guy put a pond out here. Look at that. Is that a pond or a cutting grass? Is that a— I don't know if that's a water feature, if it's a, if it's a green. Yeah. That is interesting. If it's a water feature, that's pretty cool. But that's the water feature I would want to do, is the type of pools that you and Christopher used to build, those natural pools. But you can see we can build a much larger area on there. We can, we can really make it kind of big. Because this house, this house ain't little. How big was that house? 4,000 square feet. No, wrong house. 3,000 square feet. But it's 20 years old. Roof looks brand new. The part that, that is important. The other 2 parts suck, but we can fix all that. But yeah, swimming pools, pond. Water features, area for horses to walk by. Flip it around, put the horses and all that stuff back here, put the front of the house out here. Anyway, we're daydreaming on this. The idea is that we, you know, we can build a nice house here and a nice house here and, and get it to pay for this house here. And house hack it. So number next, I'm going to pull this up right here. I had a deal brought to me yesterday in Texas, 175 doors. So, um, and so it's a potential deal. I had Deal Hunter run it, kind of give us an idea of what it looked like.

Overall.

And I also, um, put it into, um, put it into my, my, uh, my Claude so I could see it there as well. So inside of this, it's showing us that, that they've got, um, The rents are, for whatever reason, the rents are stale. They're not moving much. Operating expenses look like they're leveling out, which helps the NOI. So, but this comes to us with a fair Uh, a fairly high value. They're off— the offer purchase price was pretty high, it's $12 million. So based on that, it's like a 9 cap. We're looking at that NOI as a 9 cap. And so, um, you know, what they're asking is near market, uh, with very little discount to it. But on the side of the DSCR, Like, if we, if we leverage $9 million, we'd, we'd be able to fall into a 1.4. But I'm, I want to leverage all my money. Like, I want all, all the leverage I can get. So even at a, at a $12 million note, we're, we're still at a 1.11. So it's not enough coverage. We really like to have a 1.2. So obviously we're gonna have to negotiate this deal down a little bit because the guy's like, Stuck at $12 million. Um, let's see what it does when I go to $11, because I know it's under contract for $11 and they're trying to make a good buck on it. They want to make a million dollar— they're trying to clear a million dollars on the, on the, on the wholesale. So literally at $11 million, what they've got it under contract for is a 1.12. So property grading ledger, like it went through And looked at like all the rents right here and added all the rents together. I think there's 175 units in there, it shows. So that's good. Um, so, um, we can see what all of our grades are. We got no Grade A property, no Grade B property, no Grade C property. No grade D property. They're all ungraded.

That's why.

Status occupied. In an occupied level, we're at 159. So that's pretty good. And it looks like they've got 1, 2, 3, 4 different cities laying around there. So overall, I think this dashboard gives us a pretty good, pretty good layout of this, of this 175-door deal. Let's shrink it up and go back to my GPT here. So I did a preliminary run this deal. Let me go ahead and download it and then I'll open it up in, uh, in Claude here. We're going to throw it in Claude and make it work. Somebody else got some deals? Who's, who's in the room today, Catherine? Why don't you do some introductions? I didn't give you a chance to really Talk things through with people today.

I think Laura's been letting everybody in. Who do we have? We've got Ashley, Jude, Tina. Got some background noise. I'm gonna mute you, Tina. You've got some background noise, so you can just unmute yourself if you need to.

I have a deal to run. Okay. But my settings look different this time. I don't know if I can share my screen or anything.

Well, let's see. Yeah, hopefully you can.

Did you— good morning, Ashley. Did you by chance get a hold of the agents to do some walkthroughs on those properties?

Yes, I requested both. Mitchell has been approved. And I didn't get an answer on the other one yet, but I scheduled them for Wednesday. Mitchell at 11:30, and then the commercial one at 12:15 once they approve it.

Very cool.

Does that work for you still?

Yeah, that'll work.

Okay.

Do me a favor, send them to me in a text message so I make sure to add them to my calendar and make them red flags.

Okay.

Thank you.

Uh, so the deal that I'm looking at is— I'll share my screen, is that okay?

Yeah, see if it'll work.

Where is it? Where is it?

Where is it?

This one. Okay, so it's A few houses in— these are the addresses right here. They're like all next to each other in Camelback East Corridor, and they could be sold individually or as a package, which is— could be interesting because that's a really nice area of Camelback, like right off Biltmore, all the shopping and everything.

Yeah, yeah.

So it says current package economics asking is kind of high. It says renegotiate $1.8 million. The prior Zillow recorded this address described these 4 properties as a package originally offered at $2.7 million. That appears to be historical marketing. And now you can get it if you buy it individually for $1.8 million. But basically they're negotiable, right? Like they're coming down. At $1.6 million, the land basis falls under $56 a square foot. I would not cross $1.7 million until I have written zoning site feasibility. Which I was doing a feasibility study recently. They're so interesting and like, you know, obviously hard. Like you have to have so much knowledge and know all the zoning ordinances and all the different things, but it's actually really fun if you do know that stuff.

Yeah, the Deal Hunter will do a feasibility study. There's a specific prompt that I built for it, kind of like run this deal. But it's way longer, um, and the prompt that I give it will go out and do a full, uh, full investor-level feasibility study.

What? You gotta share that prompt.

I, I might, I might.

We'll see. The city identifies 24th Street and Camelback Road as primary core of Camelback East Village, intended as an act Activity center with higher intensity development than surrounding neighborhoods. The Camelback East Primary Core Specific Plan discusses office, retail, hotel, entertainment, and housing in the core. That's the right micro location for an assemblage play.

Right.

So specific plan proximity does not equal development entitlement, so it needs to be zoned and like So one of them is zoned RO residential. Another RO residential public record is R-6. So that's 1 house for every 6,000 square feet or something, I think. And then this one is not independently verified.

Excuse me. Yeah, so each one of these, like, can you pull up a, uh, just hit the Zillow button right there. Let's see if it, um, is it going to that property? Okay, and it's boarded up. They're ready to knock it down. Pull back and show like where it's on a, on a map.

Okay, I think I Did that— does Zillow have a map?

Yeah, right there. Well, oh, go back to your— if you go back to your listing, I don't know, I messed you up. There you go. Go down a little bit, it'll show it. It'll say on map or something like that right there.

Okay.

Yeah, there you go. So, um, do the, uh, like, see the expanding, expanding view to the right? There you go. And then do like— does it, does it give you the layers? No, it doesn't give you any layers.

Oh wait, right here, satellite.

Yeah, there you go. All right, now, now scroll in just a little wee bit. Yeah, that's kind of what, like that church one we looked at the other day, you know what I mean?

Like a long and narrow.

Yeah, so go back into it again. And are all these contiguous or are they just like sporadic?

I think it's this one, this one, this one I think it's these, definitely these 3. I don't know what the 4th one is, but maybe this one, or probably—

Yeah, because I mean, if they're all right there and they're all, they're all kind of, um, facing into that direction that way, yeah, like that's Redevelopment City right there.

Mhm. And it's right on the corner, so there's like easy access. Because I was, I was looking into that one, the Mitchell, that you want to go see To try to do a feasibility study. And a big part of the problem was like access off the road, how narrow setbacks that you needed from residential and like all this stuff. We were looking at other developments that had a similar layout and it works. It's so much easier if you can come in off a main road.

Yeah. Catherine, Tina sent over a deal. Do you want to pull it in and run it?

But you could make some, like, you could put something really cool right here.

Yeah, no, I don't disagree.

Um, what's right next to that? What is that, a hotel?

Yeah, there's some hotels right there for sure. So no, that's a pretty good deal for sure. Do you have a— what do you have as far as, uh, how did you get this lead?

I, I have my AI scraping for Uh, stuff like this.

Okay, so, um, does it— is it listed on, on anything as a 4-unit deal?

Yeah, it's listed as a package deal.

Right, right, right. So that's what I'm saying, let's see where all those are. I want to like See what the address and make sure that they're all contiguous, because if they're all contiguous, then my brain, my brain goes up through the roof. Because again, yeah, you want to get it down around 1.5, but you could probably make that up in construction.

Mhm, it's glitchy.

Depending on what you build there. And it has the alley access.

Office ones, like I was saying, like on the corner.

Right, right, right. It has the alley access too. So, um, what did it say? Lender-owned commercial. So if it's lender-owned, um, the other side to that is, is that, uh, if you can get the bank to write a new note on it, um, as a redevelopment, then that's what we do.

Mhm.

You know.

Because ain't nobody wanting any of that.

Mm-hmm.

Cut those gas lines. Yeah, that— I mean, that could be a really good situation right there for sure. $490,000 on, on that one.

And if you buy it with a package deal, like, they will usually give you a better deal.

Yeah, I would definitely— well, that, and we can negotiate for them to carry the note. Like, we can get them to issue a new mortgage.

Mhm.

Okay, what—

where does this go?

So yeah, I would go ahead and make the, uh, I would reach out to that Coldwell down there. Mhm. Reach out to them and, and see if they can, uh, you know, help you figure it out.

Okay.

And then if it's, uh, if it's set up to do that, then again, we Definitely want to make sure that you can build something there. So you want to put it under contract, but then you also want the contingency deal hunter to get it figured out.

Run this deal.

Discover it.

What was that?

So I'm— I got Tina's property ready to go.

All right, cool. I'll let— I went ahead and I went ahead and ran the numbers on that, that 175-unit. So let me, uh, let me pop that up on my screen again real quick.

You're talking about from yesterday?

The one that I was just talking about this morning, 175-unit. Um, there's 175 Units in Texas.

Oh.

I just talked about that one this morning, you remember?

Yeah.

Okay. Just a second ago. Yeah.

So anyway, the, um, I asked it to, to find like how many units, um, are below market, and it showed possibility. So, and that's where we're going to be able to raise, raise money up. Is on that. Um, 124 of them are at— out of the 175, 124 are at or above market. So that's good. That's, that's a good thing. There's not a lot of value add there though, right? So 30 occupied units are below market. And so the monthly upside identified could be almost $90,000 a year if we just get it back up. So now, now we're able to do stuff there. Um, we've got— it shows us where, you know, how long till they, they lease up. Like this one right here, um, they're doing month-to-month stuff like that. We can, we can filter it for that stuff. So, um, and then it took all the information from Deal Hunter. And brought it in here so that we can, we can add it to the dashboard and get a good understanding of this property and what we're going to be doing. So it'll create reports. We've got the, you know, are we, are we needing to make money, raise money? Like this guy right here, there's a $750 gap because there's nobody there. It's, it's occupied, it's expired, but he ain't paying rent. So getting that stuff fixed, there's money to be made. So, all right, so that's what I thought. I thought you guys would like to see that because like I said, I, I took it, took it straight out of, uh, out of, you know, my report right here. I took these reports and put them in there and said, let's figure it out.

So do you think it's a— so it's a value add and you think the numbers are right that it would be like a good Deal.

Well, yeah, I mean, based on what, what I'm looking at on what Deal Hunter was able to— because again, I, I don't have time to sit here and look at 175 properties. Do you? Does anybody?

No.

So this is why we got to use these tools. Trust and verify, right? And, and when I do the numbers, it looks like there's an opportunity to add another $90,000 a year just by bringing the rents up to market.

Mm-hmm. But why is the rent stale?

Because you have an inactive manager.

Oh.

Right?

You can have a good deal and a crappy, um, operator. Operator.

Yeah. So let's say you got, let's say you got a, um, an operator who, who literally just needs to make $70 grand a year to be happy. That's why he's running. On this, it looks like they're, they're running, um, a, um, let me go back and look at it again.

They're not doing the numbers and having the numbers tell them what to do.

There's that. But I, I don't think that because it's so large, like, this is the common problem oftentimes, um, with, with many of the operators is that they get so many Going, and then at that point it's just like they don't know what to do with it because they're out of you know they need a team right they need a team to do it like landlords are like oh shit yeah yeah yeah so at this point yeah at this point the the they're making about it looks like they're making about five hundred thousand a year. After they pay everything off. And so if you're making $500,000 a year off 175 properties, and that's, you know, as far as I know, let me see, that's— I don't believe that's covering the debt either. So their NOI is $1 million. Their net debt service is $736,000. So they're making like $300,000 a year. So at $300,000 a year, do— doing the math, like, um, what is $175,000? Or I mean, sorry, $300,000 divided by 175 properties, you're only making annually $200 a freaking property.

$200 a month or something.

Now do you see how it's like you got to keep adding doors just to keep making money?

Yeah, that doesn't seem— yeah, that doesn't seem like a good, like, business model. But unless you're looking at the long-term—

Well, now they're trying to sell the thing for $12 million. They're probably going to get $10. I would say that it's worth $10, but $10 million for 175 doors. They're probably CapEx. You're probably looking at another half a million dollars to get these things fixed up to be worth anything. But I would buy them and literally just start selling them off one after another until I ran out of doors.

Right.

You know, and put them all into lease, lease, you know, lease-to-own or owner finance terms. And just get rid of them that way.

So is it a fund?

No. Um, I, I have to talk with Trevor about it, but—

So they're not— it's not a multi-family, it's just a package of homes that someone has acquired?

Yep. It's a group of people— I'm sorry, it's a person who grouped all these build— you know, together and has accumulated these over the years.

Interesting. So, well, I want to look into it more if you don't move forward on it. I might have some other investors interested.

Well, this is, this is actually, yeah, this is something that came through, um, a connection to the Sub2 community. So it's, it's probably already made its rounds.

Has it?

I may have. Like, I got it from somebody in the community, so, um, that's probably why it needs, needs to have a million-dollar wholesale fee. Okay, somebody's like, oh, I need, I need a whole case. There's 10 guys in line, right?

So anyway, yeah, that's the worst.

Yeah, yeah. What do you got, Catherine? Let's see what we got.

So this is Tina's. So Tina, I grabbed your PDF and then along with what you said here, and then I just said run this deal. So the verdict is go with conditions, but fix the balloon. Tina muted still.

Can you hear me?

Yeah, we can hear you.

Okay, I'm on to— I need my laptop and then video, but I'm on my phone for the audio. So, okay, so this was offered up in the, the one of the REN groups, the real estate group. Yeah. Victoria comes up with all kinds of things all over the place. She does seem to find quite a few things in New York I'm not really familiar with, but, you know, looking into and just understanding some of the different mobile home park deals that are out there, how this would play out. What's it thinking about?

Yeah, looking at the area. What is it? It's a— is it a mobile home park?

8-pad tenant-owned home park on 4.74 acres. So it's only 8 pads on almost 5 acres, right?

I like that.

I mean, I would hope you could expand, right, that— because it's only $375 a month per renter. Increase it to $400 a month.

What's it say about average income in that area?

So price per pad, $35,000. Average rent, future stated rent, $400.

Down payment, 60, written cash and cash. So 8 pads.

What changed and why it matters. Old asking price is $295,000.

Now it's $280,000. Using— I mean, you would think you could— 10% price reduction is useful, but seller financing is the big concession.

Yeah, I mean, priced at where it's at, it's, it's got room for value add, right? If you can expand on it.

Yeah, 5 acres, it seems sure like you would be able to add a few parks or a few trailers. Maybe I'll reach out to her and ask her about that.

Right. And then also looking into the creative finance option of it, see if they can carry 40, 60, 80% of it.

Okay.

I always start at 80%. I'll be like, hey, can you carry 80% of this for a year?

2 years?

Like, again, like, what can they say? No, right?

Yeah.

So you're never going to get a pretty girl to dance with you if you don't ask her to do it.

So I think Victoria is probably a wholesaler. She's picking up things. Yeah, but she— there is a listing agent that's associated, and it's probably on that. flyer, I would guess. But if we can put together a little kind of list of questions, I will shoot that back to Victoria. Actually, she's probably going to say, here, you can talk to me. She is— Victoria is a realtor herself with KW.

Well, if you want to get on a call with her, we can give her a phone call. I'll talk too.

So, major due diligence issue, tenants' rights of first refusal. This is not a minor boilerplate item. The OM specifically says tenants have ROFR, New York general attorney confirms manufactured home park residents have statutory rights of first right of refusal when the park is marketed or when a bona fide offer is considered.

What does that mean?

They can, they can have a say and they have to say they get, they have to sign off that, that if you're buying it, buying the park, we, we don't, we don't invest in New York or California.

Yeah, that's what I've been there. Don't want to because the tenant rights are crazy.

It's a nightmare.

Strike. I'll ask her, do you have anything that's outside of New York and California?

Yeah.

Yeah.

No, you want to— you definitely want to be a tenant in California or New York.

So you do not want to respond back to him. Okay.

The NOI needs reconciliation. Uh, the $400 a month rents are not bankable. The first right of refusal can affect timing and closing certainty. Uh, small property concentration, 12.5% physical vacancy. This is substantial. Site infrastructure for a park, water, septic sewer, road ownership, drainage, utility responsibility, and park operating permits can Can create far more risk than the structure themselves. So fix verify them before releasing due diligence. Funding strategies path one two three. Here's the offer structure negotiating angle. The SWOT analysis. Here we go. Strengths: tenant-owned homes reduce building maintenance exposure. Eight occupied pads. Create simple income. $60,000 down controls $280,000 asset. 6%, 30 years strong financing. Current DSCR works without needing a rent bump. Weakness: only 8 pads. One vacancy materially affects the income. Rural small market refinance pool. Current cap isn't extraordinarily high. The seller balloon creates a maturity risk. Opportunity is for the rental increase, potential operating cost, negotiate maintenance, longer seller finance, land confirmation. Threats is the first right of refusal for the tenants, rising taxes and insurance, sewer, water, septic, road, CapEx, refinance, appraisal shortfall, tenant legal restrictions, and rent increase expenses. Expensive park infrastructure failure. Primary backup exit, backup exit, lender view, documents I want before closing, final deal hunter verdict, go with conditions. So big opportunity, the seller financing. So you need to work that out. The biggest risk is the balloon refinance risk. So it says how to renegotiate that. And then here's the next step. So counter the, uh, the financing, not just price. Request a full rent roll, leases. Make the offer expressly contingent on the first right of refusal compliance for the tenants. That's a big deal. Uh, do not underwrite this at $400 a month rent. Uh, get the permit, utility infrastructure, septic, sewer, water. Ask for the maintenance equipment to be included.

Mm-hmm.

Your next negotiation milestone. And I would also add in here, can you add more pads and what that would look like? That would be— I mean, on 5 acres to only have 8 pads seems odd, right?

See if there's a way to run some math on where— did it give you some references to go look at the property?

In here?

Yeah, do we have any— like, does it have a link? You're zooming around a lot, so I can't read.

Yeah, I'm not seeing any links.

There's a— go down to the bottom. Maybe there's sources down there. You can click on that. Like, we added sources to it.

So no, no, no, no, it's a PDF. It didn't give me any sources.

Right there on the 3 dots. Try that.

Oh, okay.

So, um, like either a map or the, the listing down here on this— what is it, Real Mall? And we can try to see why they're not— that there's only 8 spots, you know what I mean?

That's what I'm curious about.

So look at the map that's right there. There's a map right there to your right. Yeah, zoom out. Come on, it looks like those are, those are the 3 right there. Do a, uh, do a, uh, street view. No, there's a layer for not seeing where.

No, no.

Yeah, it's that's it.

Those are all.

Let's just get a map somewhere because like this is yeah, we need a Google.

Mm-hmm. See.

Like I said, I think the 8 are all stuck together because they only want to use one septic system or something. So buildable land, you don't know what's there. Zoom in on—

Way out in the middle of nowhere farmland.

Yeah, zoom.

Great. A friend of mine has some farmland in New York. Like, it's so beautiful there, and it's so nice in the spring.

This is pretty. Yeah. Crazy when you think about it's, it's how far from New York that is, because it looks like it's—

Zoom in, please. So you have one mobile home right there. You have a water, like, spillway water thing right there across the back. You see, like, creek running back right there?

Yeah.

That ditch here got water in it.

Yeah.

So, and then your 8 units are right there to the right.

Yeah.

Count them. 1, 2, 3, 4, 5, 6, 7. 8th one's over there. So you could literally, literally go from the last one to this one and just extend them all the way down. You got to put water, you got to put sewer, but that's, that's what you got.

That is the whole 5 acres?

That can't be.

That's buildable 5 acres. There's probably 5 acres to the south of the 2. Look down To the south of it. Maybe, maybe the 5 acres goes down here underneath this road. I don't know, maybe it goes to the north. Yeah, but that could be, that could be 5 acres. Do you have, you have a, uh, drawing tool on here? I think so. It says 100 feet is Yeah, you have a drawing tool, I think, on here.

Where's the drawing tools?

On what app do you have the drawing tools?

Like, I have one on my maps. Yeah, Google, but it'll give me measurements.

Oops.

Oh, but I mean, it's— it, it looks like it probably could be 5 acres to the edge of this Where it turns like lime green to dark green.

That looks like someone else's thing here.

Yeah, like that's somebody else's property and this occurs like somebody else's property.

Road to road to— yeah, that's got— that's 5 acres.

You think that's 5 acres?

Yeah, yeah.

So there really is no more room for more?

No, you would take him— you would literally go scroll in.

Like 2 more units to the left.

Yeah, you're gonna go, you're gonna go to the left of this one. You're gonna just keep stacking them all the way down till you get to the one down here.

Yeah, because it looks like this is like boats and trailers.

Yeah, you're gonna do a sardine can all the way down.

I wonder if you can go across, uh, I'm looking at Bishop Road there and there's an empty green space. I wonder if you can I don't—

I think across the street might be a separate property.

I mean, yeah, it looks like there's a house there.

Oh yeah, it might be part of that house. Okay.

So, but yeah, you can definitely add more units there. And the thing is, is that these people own their units. Yeah, right. You're not buying the units, you're buying the dirt underneath it, right?

Rent dirt, baby.

And then what you're going to be doing is you're going to be adding more. You could literally add more in here as long as you have enough water and enough sewer.

It's a really pretty area. It makes you wonder though if anybody would be interested in selling some of this additional land with all these little farms around it.

Maybe. It's definitely beautiful, but It's definitely cold and got a lot of snow, and it is now 10 o'clock, and we are in Arizona, and we are not gonna do any snow.

They do, so they do have a lot across the road already. Yeah, it shows. They already go across the Bishop.

That's Tommy. Did you see my comment in the chat?

Oh no, I didn't see the comment.

Lake America. It's no longer Lake Ontario.

It's right there by Lake America. I want to go.

God. Wow, that's cool that it's by the lake. That probably adds value. That's pretty fun.

What if we put some— a little RV park there? Do you think if we could think outside of it just being a mobile home, does it have to be zoned differently?

That's okay.

What if we do— what if we put a little RV park there? Does it have to be zoned just for mobile home? I mean, if you have some extra space.

No, you could put— but again, you gotta, you gotta be able to get enough water and have enough place for the, for the waste.

But do the landlord laws apply to an RV park in New York? I think that's the biggest question.

Yeah, again, it— you go based on This is something that I've talked about before. When I ran my Airbnb, I treated them like they were a guest in my hotel, not a tenant in my house.

Right. Which you hear a lot of Airbnb people that are still worried about that verbiage because also there's rules. Like if you're, if you have an Airbnb and someone stays in it for longer than 30 days, they have more rights.

They have tenant rights. Yeah, they have tenant rights.

There's things to think about.

Um, and as far as the feasibility study prompt, yeah, we'll do that. We can do that for sure. Uh, it takes about 3 hours for the prompt to run all the way through, start to finish. So before you do it, you want to make sure you got time to let it cook.

Yeah, I don't know. Is it worth— is it worth it? Are we just striking this area?

On this one, it doesn't seem like it's bad if you can get them to do owner financing and verify that everybody's okay with you buying it. Yeah, yeah, because again, you got to get all those 8 people to agree that, you know, they're gonna— you're gonna be their new landlord.

You know, I'll share this with you.

Yeah, yeah.

Okay, so you can run with it.

So, and I'm gonna, uh, I'm gonna wrap it up with a prayer because I got another meeting I gotta get on, um, and, uh, I want to see everybody again tomorrow. So, Heavenly Father, we thank you for the blessing of this day, the blessing of this life, and we ask that you can Continue to bless and guide us so that we may always do your will. We ask this in your heavenly name, we pray.

Amen. Amen.

Amen.

Right, so we'll see everybody, uh, tomorrow, and have a wonderful, great day.

Thank you.