All Forum Posts by: Bryan H.

Dan R. So are you purchasing MHPs that are already listed for sale or approaching owners about selling? I'd be interested to hear how you approach an owner about buying something they don't have for sale. Do you send them letters? Call them? Or just show up at the park with a briefcase full of cash?

LOL

Are you marketing to rehabbers? Or owner occupants?

Maybe your numbers arent as good as you think? Are you presenting them with quotes to complete the work or is 30k your guess?

I always wonder why wholesalers don't flip the house? If you can make 60k, why not do it yourself? Don't have cash? Hard money seems like an option.

How much money do you have to work with? What's the area around it like?

Residential? Make it into 6 loft style apartments or condos.

IMHO If the numbers are accurate, yes. You're in for $155k minus holding and selling costs make around $60k? (ball park)

Dale Osborn Hi Dale, I know this is an old post, but I was wondering if you wouldn't mind sharing your due diligence checklist for a MHP.

I'd wait until 2nd week of May to lower. People are shopping right now as they have 10 days until their lease is up. As the end of April approaches, they will begin to make decisions and the dominoes will fall. If after the first week of May you are the only one with a vacancy, then I'd lower the price.

I recently went though this in Michigan. The old PM company had me sign a form stating I received the deposit and sent me a check for the full amount of deposit. I then turned around and had my new PM company sign a form that they received the deposit and sent them the money. The new PM company then notified the tenant which bank their deposit is being held in trust.

Not sure about legality as I'm not a lawyer, but that's how it was handled.

Hi John Vashon Right now, everything I do in real estate is planning for the long term. My goals for the park would be to maintain the park, keep the tenants satisfied and enjoy years of cash flow. I would use that cash to either payoff the park or reinvest in other real estate.

Depending on the market, I plan to increase monthly rents $5-$10 each year. The current rents are fair and can be increased with the next lease renewal.

Expenses are pretty low. Its on city water with separate meters. It does have septic which requires maintenance. There is a little bit of grass to be mowed and a gazebo that needs power washing & staining. The homes are all tenant owned, no rentals. Its a small park but 11 of 12 lots are filled.

What are your thoughts?

Are the tracks active? If so, don't do it. While you may be able to get someone into the home, they wont stay. The train noise will get old and people will tire of it and leave as soon as they can. You will probably have a lot of turn over with vacancies between.

Stay patient and find a good investment