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Major

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Hey everyone. Thanks for the replies. Will be creating new posts.

Have three other parks in Due Diligence and will be writing about the turnaround as well as the finishing of two current parks being fixed up at the moment.
 
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WJK

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Oh the Trailer park Romeo and Juliet. Sorry to know the love lost romance will cost you money and more importantly time. It could have been worse but you have the correct attitude.

Thanks for the post and keeping the thread alive. I hope it will help others in the future. Will make it a priority to post more regularly. Let me know how you deal with the insurance.

Best of luck
I don't deal with the insurance on this fire. I carry liability insurance on the park, but no fire insurance on the individual units. After you collect enough units, it's no longer cost-effective. Fire insurance is more than expensive.

But, we'll be able to save the unit. My husband got there in time to throw snow on the fire, along with the fire department to put it out. The biggie is that my husband got the natural gas turned off, so it did explode.

It's a lot of smoke damage; an interior wall burned down, cabinets, floors, and ceilings damaged. The fridge is melted to the kitchen floor. We'll have to go in and gut it. The natural gas system must be retested and approved by the utility company. We know that the water heater is OK. We don't know about the furnace located in the hallway. It's not the end of the world -- just another project.

I started doing equity purchases (now called "flips") in the Los Angeles ghettos 40+ years ago. My life hasn't changed much over all of those years. This gig is no different, other than I rent them rather than selling them.
What I like about my park is the rentals are all in the same place, which makes management and maintenance easier. I own the whole little community, including the small community water system. Everyone here pays me monthly rent! Yes, it's a lot of work, and I do have a park office with regular business hours -- around 30 hours per week. I figure that I must do the bookkeeping anyway, so I spend those hours dealing with my tenants and doing the office work.
During the summers, I also have full hook-up RV spaces and two sleeping rooms that I rent out to our Alaska visitors. We also have workers who come from all over to work in the oil/gas fields here in Cook Inlet.
But, the upside is that it's a great way to make a living in a small, rural town.
 

BRichard

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How is everybody going with their MHP investment activities? I've just closed on my 4th park, and locking up 2 more in Due Diligence.
Any of you guys taking on capital only investors/partners? I'm running out of personal cash and continuing to find more deals.

Deal flow = good/great
Investor flow= need more!!
 

Sandparts

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How is everybody going with their MHP investment activities? I've just closed on my 4th park, and locking up 2 more in Due Diligence.
Any of you guys taking on capital only investors/partners? I'm running out of personal cash and continuing to find more deals.

Deal flow = good/great
Investor flow= need more!!
I’m looking for another park. I have 4 currently and I am running out of tax shelter. Looking for deals in the $1.0 MM to $3.0 MM range. I am an owner operator. I’ll consider Oregon, Ca, AZ, ME, NV. I’ll pay you a finders fee appropriate for the quality of the deal.

If you need capital I can put you in contact with some private equity guys. PM me for contact info.

If you need mom and pop investors I can point you in the right direct as to where you can find some.

Anthony
 
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BRichard

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If you can find good deals, there is plenty of money out there right now looking for good, recession-resistant deals. I just invested in two mobile home syndications, and they both filled up pretty much immediately. So, you might have good timing on this...

Thanks @JScott , I am hoping that is the case!
 

HL805

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@BRichard you are killing it.
what would you say is working best for you as far as finding deals?
mailing? online? etc,
 

Major

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In contract on a 46 unit + warehouse.

Will be doing the whole thing on my YT Channel soon :D

Sure anytime. Have a few deals under contract. When the hammer falls and they have closed, will be able to start finally making the channel content myself.
 
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BRichard

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@BRichard you are killing it.
what would you say is working best for you as far as finding deals?
mailing? online? etc,

@HL805 I run multiple techniques concurrently - hand written letters, postcard mailers, cold calls, etc all at once. I've used brokers and MLS also, but those purchase prices are generally high and the returns much lower. Best deal to date was a pure cold call.
Most of what I see online is wayyyyyy overpriced.
 

James90

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Five months later the family moved and gave me possession of home. They did not get an money back for the last month as they were breaking the lease and agreed to the terms. I managed to save up $2,000, that my partner matched for a total of $4,000 to fix up the home. Installed new hvac, heat pump, paint, new carpet, and two scratch and dent appliances within two weeks. We are not invested into the home a total of $7,800. Put the home on market with a sign in the window and an add on craigslist. We had a buyer for $18,000 in four days. Buyer put $6,000 and agreed to a $450 payment for 4 years with 9% interest. My partner and I split the down payment 50-50.


I'm curious since you originally purchased the home for $6,000..... from your experience whats usually the barrier for your buyers to just purchased that on their own?
 

Major

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I'm curious since you originally purchased the home for $6,000..... from your experience whats usually the barrier for your buyers to just purchased that on their own?
The biggest issue is majority of banks will not lend on a used mobile home. Meaning any home removed and setup on anything other than a manufactured home dealers lot. Majority of buyers will not have much more than a few thousand dollars or understand how to purchase and take over title of a mobile home.
 
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BRichard

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Hey everyone. Thanks for the replies. Will be creating new posts.

Have three other parks in Due Diligence and will be writing about the turnaround as well as the finishing of two current parks being fixed up at the moment.

Hi Major,
Did you close on all 3 parks? Would love to catch up and see how things are porgressing.
 

Major

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Hi Major,
Did you close on all 3 parks? Would love to catch up and see how things are porgressing.
Closed on one, working on closing the second, and walked from the third as I did not like market response add results.

Yes, would like to catch up. Give me a ring or PM
 

BRichard

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Hey guys, I know this thread is old but wanted to see who else is still active in MHP's??
At the end of 2020 i combined 2 small parks (9 + 16) and sold as a small 2-park package. Did well on the sale as we increased value of the parks about 35% in 2 years based on purchase price vs sales price.
Currently holding 3 parks and have 3 more under contract to close here in the next 60-90 days.

Who else is still active??
 
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WJK

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I'm still here -- in a holding pattern -- collecting my MHs rents (I own the HMs in my park) and summertime RV space rents... (I must shut down the RV spaces during the winter months due to Alaskan winters.) I'm a long-time owner. I've increased the gross cash flow by 7 times over those years. I'm almost maxed out for my planned growth. I do have a few more spaces I could fill up, but I can only manage so much stuff myself.
 

BRichard

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I am still active.
Now down to 400 units in 6 parks (just sold a 68 unit park in Oregon), but I am back on the hunt.
The goal is 2500 Units before I die.
That's awesome, you invested primarily in PNW?
 
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BRichard

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I'm still here -- in a holding pattern -- collecting my MHs rents (I own the HMs in my park) and summertime RV space rents... (I must shut down the RV spaces during the winter months due to Alaskan winters.) I'm a long-time owner. I've increased the gross cash flow by 7 times over those years. I'm almost maxed out for my planned growth. I do have a few more spaces I could fill up, but I can only manage so much stuff myself.
I hear ya, we were holding still and optimizing through end of 2019/through 2020. Accelerating the acquisitions again.
 

WJK

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I hear ya, we were holding still and optimizing through end of 2019/through 2020. Accelerating the acquisitions again.
I've been raising my rents. I own all the mobile homes in my park with the exception of one. I'm keeping the rents just under the market average. I'm 100% rented up with a waiting list. My cash is good enough to fund some side gigs. I'm looking at a couple of ideas.
 

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