All Forum Posts by: Bill W.

@Jose Garcia , on top of what others have mentioned, the most important thing to me to find out, is the amount owed on the home and compare that to the value of the home.

I imagine the seller owes more than the home is worth, which is typical of a seller trying to get someone to take over payments. If there is no equity in the deal, you won't want to get involved.

Generally speaking, the buyers for SFH and mobile home parks will be different so it wouldn't do you much good to market one type of property to the other type of buyer. To increase your odds of a successful wholesale deal and get top dollar, you'll need to find the niche mobile home park buyers who are willing to buy in the area listed. Having said that, if you already have an email list set up and can send out a notice with little effort, it never hurts to send out what you have though.

Hi Thomas, I'd be interested in learning more about what your father does. Does he work in or buy parks? What area does he invest? I currently buy individual homes set up in parks and would like to purchase a mid-sized park in central Texas.

Bill

without seeing the thread, I'm guessing it might have been "mobile home park."

You may also want to check out this thread on a similar topic:

Beginner MHP investor looking for exceptional study materials

Hi @Ana Carini . Great question. I would recommend getting to know the owners and managers of the parks in your area with a goal of buying several individual homes in the park. That way you will have the opportunity to network with people who will be better connected to park opportunities should they come up and you'll get to work in a similar environment, but on a micro level than what you're trying to accomplish. Working with mobile homes and mobile home clientele isn't for everyone and this will give you a good idea if it's a good match for you.

I currently buy individual homes and have my eyes open for the right park when it comes along. There are a few active and knowledgeable park owners on this board who may chime in for additional insight. Best of luck.

@Seth B.

To calculate the cash flow with the 50% rule, you'd take 50% of the rent which would be $775 and subtract your monthly principal and interest payment. The remainder is a very rough estimate of your cash flow.

The 50% takes into account expenses such as management, insurance and taxes so you were subtracting it twice.

@Matt B. hey, you did it backwards. :)

Actually, I think doing it that way makes a lot of sense. If you already own a park and are looking for ways to cut expenses and pump up revenue, you're bound to learn something and make it worthwhile if the presenters are experts on running mobile home parks.

If the point of someone's boot camp is that participants are buying their way into a network with the promise of deals on the horizon, I'm less thrilled about that.

@Belinda Lopez It's great that you've parlayed the participation into a successful deal. Do you think those results typical of someone who attends the boot camp? I imagine that's an anomaly and, as you mentioned earlier, success has more to do with motivation than attending expensive seminars.

I'd be interested to know the percent of people who attend those boot camps and buy a MHP in the 24 months that follow.

Personally, I couldn't imagine justifying spending anywhere near $2,000 on a MHP boot camp. Based on the photos from their boot camps though, many people do.