All Forum Posts by: Brenton White

P.S. Sorry for the spelling ;) and if you are in the New York area PM me. I would love to get in contact with you, maybe even meet up

Well lets see...here is a mobile home deal I am working on now.

Asking Price: $89,000
10 Lots with the possible addition of 3-5 more sites (verifying)
Average lot rent $250 ($260 is the area avg.)
On septic system, and well. Half the MH are pretty new and look really nice. The other half are rather old, and look the part. Very nice sized lots. All in all the park does not look all that bad. It needs some beutifying but nothing out of the ordinary, for the time being.

Offer price $80,000 total loan of $104,000 which includes closing costs, and about $20,000 built in for repairs, and maintenance. Which means about $26,000 down payment. If I can get it at this price my numbers look like this.

Gross Income: $28,350
Total Op. Exp: $15,900
NOI: $12,450
Cash Flow/Debt Service Ratio: 143.67%
Cash ROI: 13.15%
Should be about $5,000/year in cashflow after everything is said and done.

Big Question: What should I focus on during the due diligence phase...and/or what should I have in the contract as contingencies? I am familiar with what to do with apartments and SFH's but mobile home parks is a new endever.

As far as Mobile Homes go I am looking through local mobile home parks to see what the average or norm is for MH in my area. I have a few that I would like to persue further. My next big question would be what is the best way to approach the MHP owners/managers about doing a lonnie type deal in their park?

A few that I am looking at are in the price range of $4,000. I need to get them down to about $2,500, preferably $2,000. Based on what I have found out I should be able to sell for around $4,000 - $5,000 range with financing. Any thoughts?

Hello all,

I just wanted to say hi to all. I have been investing for approximately 3 years in multi-unit buildings. I am now looking at doing some lonnie type deals, as well as investing in a mobile home park.

I would love to get some good conversations going between individuals who are already doing these types of deals. If you are interested in sharing ideas, or going over some deals just let me know because I would love to listen and share.