Some help for a newbie to MHC

[Simcha Davidman]

Thanks for reading!

I'm currently a multifamily (workforce housing) investor but I'm looking to buy a small portfolio of parks. And I've run into some issues I need to address.

1. I ran a test ad for a rent to own mobile home and after 3 days got no responses (in the 100+ lots, there are 9 TOH homes, so I'm trying to see if there's demand to be able to convert the resident base over). Does anyone have test ad text they would be willing to share with me please? Do you put pictures in your ad? If yes, do you take stock photos, or pictures of homes already in your parks (I obviously don't have this option yet)? Any other hints and tricks of the trade would be greatly appreciated.

2. Any tips of converting/adapting my apartment complex underwriting model to one more appropriate for MHCs?

3. Along the same lines, I have a strong grasp of what my budget will be on an apartment complex. But how does that convert to MHC? If they are all POH, will it be similar (plus the added utility and road maintenance)? On the other extreme, if it's all TOH, how much lower will expenses be? Are there averages/rules of thumbs people use for budgeting payroll, R&M, etc?

Thank you very much for all your help!