All Forum Posts by: Michael Baradell

@Frank Rolfe man you should start some type of educational course on MHPs!! Haha Awesome insight man, I truly appreciate it!

And for what it’s worth, I am in Louisiana so you hit the nail on the head. Being that there are no REiTs here yet, wouldn’t that also lend itself to opportunity as well though? We have certain parishes where there are no new parks allowed. Should this be where I focus?

@Frank Rolfe Is there a tell tail sign that suggests it’s master-metered electric? 

I do agree though, even with my limited knowledge, this one is simply over priced.

What are your thoughts on a brand new park with all city utilities, but only 18 pads and not any room for growth? 

There are no MHs on the property as of yet. Lot rent is $350. Sales price is $700k. 

This one seems double of what it should be in my opinion. Is it wise to buy homes to fill this up myself?

@Frank Rolfe awesome info!! Thanks so much!

Also, I just came across another park that seems to be decent, but I am concerned it's over priced and im also concerned because it doesn't have much upside for growth. I'm curious on your thoughts..

It's listed at $1.2 and has a NOI of $90,264 (7.5%~ cap)

33 lots all with no park owned homes (1 Rv lot)

Electricity and water submetered and paid by tenants

Expense ratio is 24.9%

Lot rent is $325 ( on the high side for the area)

On site property manager

@Frank Rolfe In one of your podcast, you suggest only calculate value based on using lot rent. Most of what I am seeing for sale includes majority of park owned MHs as well. Obviously, the sellers are factoring these rents into their numbers. How do I calculate true value in these situations? 

@Frank Rolfe thanks for the info! Love the podcast btw. Working my way through it now! Any recommendations on books or courses to help better understand how to analyze MHP’s?

@Jack Martin I truly appreciate the insight. Curious, why is the oxidation pond an immediate no for you?

Also, why is size of park seemingly so critical? 

Do either of you guys have certain criteria you look for that would suggest a deal is at least interesting and deserves further investigation?

Hey Guys, I am brand new at analyzing MHP's and would love yalls insight on these that are available in my area. I'm aware other variable will need to be considered, but on face value, which one looks like the best investment. 

1. Asking price $1,100,00, # of lots = 46, park owned = 0, well/septic w/oxidation pond, $9200/monthly rent, 7% expenses

2. Asking price $1,350,000, # of lots = 27, park owned = 27, city water/sewer, $17,500/monthly rent, 31% expenses

3. Asking price $1,870,000, # of lots = 51, park owned = 48, well/septic (city is available for hookup), $30,600/monthly rent, 29% expenses 

4. Asking price $3,500,000, # of lots = 108, park owned = 15, city water/sewer, $59,675/monthly rent, 22% expenses

5. Asking price $1,180,000, # of lots = 21, park owned = 12, city water w/septic, $10,925/monthly rent, 9.40% expenses

6. Asking price $1,000,000, # of lots = 23, (RV Park) Also included 94 storage units, well with oxidation pond, $19,960/monthly rent, 13% expenses. 

@John Barrows That’s exactly how I saw it as well. It’s a mixture of it being over priced and low rents. 

Thanks for the response.

@Ryan Groene I’m curious, why do you say it depends where they are located? What is the significance of location?

Hey guys, 

I am looking at a park and these numbers seem off to me. Would love some help from someone more savvy. 

Asking Price: $800K

Total units: 20 park owned and 3 lot rent

NOI: $80,677 (Manager lives on sight and trades services for free rent)

Monthly Income: $11,620

Thoughts?

@Reid Hanley mind sharing the numbers on this deal? Im looking to do something similar.