All Forum Posts by: Belinda Lopez

Hi Jon,

  please do a TON of due diligence when purchasing a MHP.  We've found everything from city and county officials who have done some very creative things to work against Park owners.  There can be several layers of regulations you have to contend with; especially with Well and Septic.  One of the sites I love to help is municode.com as it has a great library of ordinances for various jurisdictions.

$15-$20k per space is not unusual costs from raw land to finished spaces. Is the ROI there for that kind of development? Some states also have strict limits on Wells and then you have to have a certain psi per connection. Septic is another area that will greatly limit what you can do. Not sure what state the park is in but for example, in Texas, you are allowed up to 7 homes per acre but then many counties limit you to 1 septic system per acre. That effectively makes it completely unrealistic to develop new MHPs.

Good luck with your project!

Quick analysis: $2400/month *12 = $28,800 (potential) *50% (expenses) = $14,400. Multiply that by 10% for $144,000. There are lots of way to analyze that deal and each investor will want different things. Some look at IRR, some look at cashflow, some per door. And location, location, location. Where is it? What are the comps in the area? what are the rents? any owner financing? or can someone just take over payments.

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Congratulations! RV & Mobile Home Parks are my niche so I'm biased in this area. I think they are the great ROI of any real estate niche and TX is THE place to do it.

We have a local REIA and when we asked our most experienced investors if they only had $500 to start over, what would they do? They all said invest in Education! Sounds like you already have been doing that so nice job. You'll soon discover that the learning never ends and the more you know, the better edge you have in this game. I also highly recommend the Mobile Home Bootcamp; find a partner and go.

I'm in the process of buying a large RV Park and looking at a few others.  Finding a MHP at a decent price seems like a needle in the haystack these days so we are considering developing one. Be happy to connect with you on more specifics.

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Please be more specific. What are you bringing to the JV? what do you want your partners to bring?

Thanks and good luck.

Congrats on the 22 unit!  Galveston is great place to live. Lots to do but do your due diligence on schools and neighborhoods.  Windstorm, flood insurance and property taxes can take a huge bite out of your cashflow but overall prices will be better here than any other coastal area.

AirBNB/Short-term rentals do well here all year round.  Lots of opportunities and friendly folks to help you.  

Yes!  I would be happy to talk to you about RV Park investing and development. It's a great niche.  Looking forward to connecting with you!

yes!