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  1. Major

    Where are all the Mobile Home Park Investors?

    HOT! REAL ESTATE 
    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...
  2. Major

    Thumbs up...Lets do this

    Thumbs up...Lets do this
    • Major
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  3. Major

    Where are all the Mobile Home Park Investors?

    HOT! REAL ESTATE 
    First of all, congrats on your next addition! Glad to hear you are doing well in this field. @BRichard. Each state, city/county, and judge's for that city/county is different and will have different opinions. I always advise to speak with an attorney if you have a legal question, as I am not an...
  4. Major

    Becoming more efficient at being efficient.

    Becoming more efficient at being efficient.
    • Major
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  5. Major

    Where are all the Mobile Home Park Investors?

    HOT! REAL ESTATE 
    Wow. Would love to read about your subsurface lease... Please keep me in touch. Have always wanted to learn about water basin rights as well. I will have to disagree with you on the mobile home parks not being exciting though. Everyday is completely different. Maybe the culture down here...
  6. Major

    Where are all the Mobile Home Park Investors?

    HOT! REAL ESTATE 
    Very informative. Sounds like you have a great system in place with a terrific partner.
  7. Major

    Where are all the Mobile Home Park Investors?

    HOT! REAL ESTATE 
    Simply amazing the amount of prepp you must endure! I'd imagine you have a wait list of tenants wanting to move in due to your property being one of the only lower price housing in the area. Do you have a manager onsite? Any problems with RV's leaving in the night to no pay space fee? What...
  8. Major

    Where are all the Mobile Home Park Investors?

    HOT! REAL ESTATE 
    You can easily flip a MHP. I just closed on my small park mentioned in my first post. I purchased it for 215k fixed it up and sold it three years later for 417k. Along with the 31k avg cashflow, the property did very well and with only 25k down. Another park I have was purchased in June 2017...
  9. Major

    Where are all the Mobile Home Park Investors?

    HOT! REAL ESTATE 
    You can as an individual conduct up to and no more than 10 installment sales. After 10 you must be certified. The way around it is a lease purchase (rent to own) or as the I learned from Frank and Dave, is a rent credit. Rent credit meaning you give a percentage of the rent as a credit toward...
  10. Major

    Where are all the Mobile Home Park Investors?

    HOT! REAL ESTATE 
    Very true. There are many factors.
  11. Major

    Where are all the Mobile Home Park Investors?

    HOT! REAL ESTATE 
    For operating cost I use 40%-60% based on the condition, occupancy, and estimated amortization period and interest for my debt service. On parks with a value added play or not turn key, the percentage will be high at purchase and decrease as park becomes more efficent.
  12. Major

    Where are all the Mobile Home Park Investors?

    HOT! REAL ESTATE 
    No. I look at 20% to 15% vacancy based on the size and cindition. Banks use 10% vacancy. However, if the get a whiff that the park or buyer can't perform over 10%, no dice.
  13. Major

    Where are all the Mobile Home Park Investors?

    HOT! REAL ESTATE 
    Very true. It's based again on your main goal. I know the customers I target and look for decent sized MSA that is growing or in the path of progress from surrounding larger cities. But some states are not landlord friendly and not worth my capital or time. Especially when viewed as bigot...
  14. Major

    Where are all the Mobile Home Park Investors?

    HOT! REAL ESTATE 
    No I have not. I know there is a tiny market where people will rent out to a RV or tiny home on their land. I see a whole lot of issues with the model you describe. Sounds like a MHP with only one unit. I highly doubt there will be a large demand of people who own a home and continually move the...
  15. Major

    Where are all the Mobile Home Park Investors?

    HOT! REAL ESTATE 
    Yes, I see these type of deals all the time. I passed on a park, a little while back, in Rural VA for a 72 lot park, with 67 occupied lots (lots with a rental unit) for $800,000 with lot rents of $225. So the math is $11,900+ per occupied lot with a gross rent of $180,900 annually. After vacancy...
  16. Major

    Where are all the Mobile Home Park Investors?

    HOT! REAL ESTATE 
    Hey everyone. Sorry for the delay. I really appreciate everyone's feedback and positive views. I am answering questions this week. Feel free to send me a private message. I have been extremely busy the past few months (no excuse I know). Recently closed on a 185 unit park and currently turning...
  17. Major

    The market is hot and everyone is happy.... keep your heap on a swivel.

    The market is hot and everyone is happy.... keep your heap on a swivel.
    • Major
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  18. Major

    @ironman150 I was just at the Ironman competition in Mont Tremblant in Quebec this past weekend...

    @ironman150 I was just at the Ironman competition in Mont Tremblant in Quebec this past weekend. Where you there? Only asked because of your logo and username.
    • Major
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  19. Major

    Where are all the Mobile Home Park Investors?

    HOT! REAL ESTATE 
    @BRichard, Great Job! Yes mobile home parks follow the framework if you set it up correctly in the beginning. Depending on the size of your park, you may not even need a manager onsite and can use my envelope manager method. Allowing you to manage the park with your mailings and tow/three nosy...
  20. Major

    Rounding third plate....Will finish this year strong in order to be mobile

    Rounding third plate....Will finish this year strong in order to be mobile
    • Major
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