All Forum Posts by: Bryan H.

Thanks John. There are a few small community banks around that I know lend on MHPs. I just wanted to get my plan together before O approached them. 1st impressions and all.

As far as a killer deal, I know its not the best deal, but it is fair for both of us. He isn't motivated to 'give' it away, he just has other interests now. I think it would be a good/fair deal for both of us. He isn't currently marketing it anywhere (that i know of), so I'm not too worried someone else will swoop in. He knows I've never considered a MHP before and that I needed some time to think it over.

Are there any other changes/additions that you would recommend to my plan before I contact a lender?

Thanks again for your assistance.

John Vashon I guess right now I'm putting this together to see if a bank will even consider the deal. Similar to a pre-approval on a SFH loan. I've never done a commercial deal, so I'm not sure if it works like that. I figured during the due diligence period the actual P&L would be looked at, but maybe I'm wrong.

Another thing you mentioned is experience. Well I don't have any mobile home park experience. But I do have 10 years of commercial real estate project management. I've managed $500k budgets, contract negotiations, etc. And the seller & I would form a mentor partnership. We are both members of the local REIA, so I "know" him more than just a stranger that is selling the property. Does any of this matter to a bank?

I haven't done any wholesaling but wouldn't their answer dictate what you could do with the house - what available solutions you have to their problem.

If they are under water, you aren't going to sell it to a rehabber, they are looking for 70% less than ARV. You are probably going to be able to offer them a lease option, right?

If they have equity, and just want to get their name off the property and the numbers work, you can probably sell to a rehabber.

The reason you are asking, is because it directs you to the available solution to get rid of the property for them.

One last bump to try and get feedback. Thanks

I'd love to get feedback from anyone else who has written a business plan.
http://www.biggerpockets.com/files/349/download
Thanks in advance

Thanks Terry H. I've read some of the things on J Scotts site, I'm sure it will help you too. Good luck

John Vashon I posted my business plan on here, wondering if you would critique it for me and offer any feedback you have.

http://www.biggerpockets.com/files/349/download

I sincerely appreciate the feedback I have received so far. I would love for critiques and improvement suggestions from any and all in the BP community. Here is the revised version
http://www.biggerpockets.com/files/349/download

Thanks in advance

Sounds like you are getting a lot of people in the door with no bites. First thing I would do is save my time and show the property to less people. You need to qualify the people and get their interest, motivation to move, etc. Show the property to only motivated people.

2nd, since you have shown this to 30+ people clearly they are expecting something that they aren't getting when they arrive. The area is asking $1500-$1800? And not renting? What is getting tenants to sign up? Find out from local PMs, realtors etc. Doesn't matter what everyone is asking, find out what they are getting. I have a feeling the market is saying everyone is over priced.

Best of luck to you

Dion DePaoli I'm working though the items you brought up.

1. vacancy history. I don't know that right now. I will need to get that from the seller before finalizing the plan.
2. I will be managing the park. I don't have any experience but have been in commercial real estate for 10 years as a project manager. I can explain that some. In addition, the seller is going to be my mentor. Should I explain that and detail his experience? Or does that seem fishy to a bank?

I'll clear up the rest of your items when I repost the document.
Thanks again for your help