All Forum Posts by: Account Closed

Currently looking for parks . Will look at a variety of factors , i.e. metro, location, utilities, tenant owned, or park owned, fixer uppers, stabilized . Looking for deals where the numbers make sense. Then try and see how the rest of the picture looks to see if it makes sense for a deal :)

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Originally posted by @Karyn T.:

@Landon Elscott Excellent read! I can COMPLETELY understand. I too have a Cobra and, like you, I ended up spending more on aftermarket parts than the purchase price of the car, over the years (I raced it at Gainesville). I also ended up picking up a used C5 Corvette when the Cobra became "too much" for daily driving. I sold the Vette in September, and tried to get the Cobra gone as well, but didn't find the right buyer (so it's sitting in storage until the Spring selling season).
We also sold 90% of our possessions so I could travel for work and have our housing paid for...which allowed me to rent out our primary home. I have been able to pay off tens of thousands in debt in just a few months. I no longer have credit card debt. I no longer have any personal loans. I don't buy "stuff" anymore because I don't want to have to store or move it. It is SO liberating.

I don't regret my decision.

I think once the weather pics up sales velocity on cars like this increase so maybe get an ad going in a couple months.

Also check out SVT Perofrmance forums. Lots of deals happen there. Sometimes it makes more sense to return the car to stock and part out the mods if that is an option.

Good luck

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Originally posted by @James DeRoest:

Originally posted by @Greg H.:

On the flip side this is a business and what is best for the business needs to be considered. If it costs you $1000 to pay the tenant off vs $3000 plus in hard costs in addition to lost rent/make ready costs and additional factors such as time and aggravation, consideration must be made to "hold your nose" and do it as distasteful as it may be

As far as consideration to future landlords, I cannot or should not overcome their lack of screening. A gap in rental history is more recognizable on the residential side than commercial but the questions still need to be asked

I think you're wrong to hand over cash for keys, and what is annoying is that you then mention screening!

If you go the proper route, then the tenant has an eviction on their record for the next landlord to see clear as daylight and usually avoid.

So by taking the cheap route of handing out cash, you stitch up the next landlord. And one day, the landlord that gets stitched up is you.

If a tenant does you wrong, you evict. You get that eviction on their credit record, and introduce them to the joys of living in a trailer.

There are lots of joys to living in a trailer. For example, your apartment might cost 800 and I own my trailer with a 250 lot rent. That doesn't sound like a bad deal? Many parks are nice , well taken care. I have also seen many nice mobile homes.

Another note is that many trailer parks also screen as well. You might be surprised what trailers and or parks can offer.

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@James S.

Not a good situation. Probably a lot of risk trying something like this but her is a possible route maybe something of a cash for keys offer.

You can offer them ( or you can get a shill buyer for this , meaning someone else acts on your behalf ) say 5k if they leave the property as you had a change of heart and want to rent it instead.

Again I would caution about implementing something like this but doing more of a think out loud. Good luck

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I think to find deals you would have to work off market as those numbers you are describing make no sense. Also expand your horizons to other markets if the property size will support it.

We are trying to together a couple deals on mobile home parks within a two hour circle around Dallas

Most everything is around 10 caps also with some value add plays

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@Chris Reeves

What are the average home prices of these markets ?

On the surface , rents seem a bit low based on being so close to a major metro unless the markets maybe not so great.

If he is getting an 8 cap offer and it's not under contract .... Sounds like more a story.....

Also if this guy has 10 parks and they are this size , doesn't seem to fit the profile of one rent raise in 10 years.

If they don't have a price on it , offer what makes sense on it and then you will have to work on getting the rest of the sorry together ....:

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Originally posted by @Joe Edgar:

Yikes! Some of these mentioned are expensive. Free trials are nice, but $200/mnth seems steep. Anyone know of any free options and how do they compare?

If I remember right , Buildium will be the lowest cost alternative up to about 200 units and then things start to equal out ( on a per unit basis). Make sure you check what add ons/modules you need so you are comparing apples to apples between all services.

All of these software companies are tech companies that are constantly improving , enhancing etc. that means they will incur real costs and need to offset them in some way. You might be able to find something lower cost or free but it could be more expensive in the long run.

Learning to recognize value can be one of the highest dividend paying pursuits weather you are a real estate investor , a painter , or a lawyer.

Good luck :)

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I would check out Rent Manager , AppFolio , Buildium. If you are doing a lot of things that are specific with mobile home mortgages, Rent Manager might be a better route.

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Originally posted by @April Crossley:

@Account Closed thank you so much for the insight! I met with the one park owner last night and things went really well. He was very adamant about holding at least 50% of the financing- but I'm thinking he might HAVE to due to the way the septic systems are laid on the property with other properties he owns surrounding it. Very meticulous owner, gorgeous park. So I'm going to run some numbers now that I have gathered a good bit of info and I will certainly keep this thread updated once I have it all together. Our meeting went until 9:30pm last night.. so just tackling it all this morning :) I did check out MHU and I'm going to buy one of their books and post there as well. Thank you for all of your great thoughts and feedback! :)

Seller financing can be beneficial. Just keep it mind, it still has to be a deal. Often people get blinded by this prospect. 50% downpayment is not ideal ( unless you are getting a great deal ). The reason being is that it will decrease your cash on cash return since you are needing more money up front. You would get a better cash on cash if you could get better debt terms such as 20% down ( i.e. all other factors being equal).

Why do you think its not financeable by a bank due to the way the septics are laid out? What are the other property types that are surrounding this park? Just keep in mind, general rule, if it would not be financed by outside lending, you could potentially get stuck needing be the bank on your exit ( i.e. not ideal , unless of course that is your goal...).

Keep us posted and good luck.

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All Forum Posts by: Account Closed

Account Closed has started 32 posts and replied 635 times.

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