All Forum Posts by: Bryan Knight

Originally posted by @Susan Maneck:

But Bryan, your family is all over the big screen! 

 Yea you're right about that! :-) That's still pretty cool to me. Was awesome seeing it played out on the big screen!

@Shawn Munoz Most banks have that 50k rule because they repackage the loan and sale it off on the secondary market. The secondary market won't buy anything under 50K so that rule is really not from the bank but from the secondary market. The fact that most banks don't hold onto the loans that they make means that they have to abide by the rules set for them by the secondary market, thus the 50K minimum requirement. 

That said there are portfolio lenders like @Adam Giles mentioned. Portfolio lender simply means that they keep the loans that they make in house and don't resell them to other investors on the secondary market. By not reselling the loans they don't have to abide by the 50K minimum rule and can be more flexible on things like DTI etc. I talked with Navy Federal Credit Union and they keep all of their loans and they'll lend all the down to 10K! 75% LTV on investment properties. So it can be done. Just find a institution that keeps their loans in house.

And oh yea @Jay Hinrichs I'm like the odd ball out of my family that lives in rural Mississippi. They don't travel at all. They live in this bubble that you don't realize until you get outside of it and start experiencing other places and cultures. Joining the Air Force was the best thing for me. Took me all over the world. Lived in Japan for 4 years and went everywhere in the Pacific. I feel in love with experiencing other cultures and could never go back to bubble world of knowing everyone in your little town and not having real opportunities for growth. I always say "It's a great place to retire, but not to build your business or career." 

I looked into my home county (Jones) and they only do tax lien sales once a year in August. I plan to go down there this year to check it out. @Jay Hinrichs what happened at the end of the redemption period when they were not redeemed for you? Did you have opportunity to acquire the properties? 

George Lods yea. Apparently the owner of my sisters park can't get the trailers in fast enough. She pays 650 for hers. It's out in the county which is more preferable in this area. Everybody wants to go to the county school instead of the city schools in this area, so they're looking for county addresses. She says rentals in B or even upper C neighborhoods Are rented out immediately. I'm checking on the cost of construction for a four Plex in the area. She says there are some out-of-state investors that are starting to come in and build four Plexes in the area and that is unusual for this area. It used to be a sleepy little town but now the word is getting out I guess.

@Jay Hinrichs That's some good advice. I wanted to pose the question here on the forum because I knew I would get some good feedback. I'm not going to go down this road at this point. I want to stay focused on acquiring good SFR buy and hold deals at the moment. I might circle back around to purchasing an existing park in the future, or at the very least now if one "falls in my lap" I'll know a little more about it and how to approach it.

@Mark Rickert Thanks for that article. I checked it out. It made some good points. 

@Joshua Savage Wow thanks for that "inside look" at starting a park. That was pretty invaluable information. I'm looking in rural southern Mississippi, so the cost will be considerably cheaper than trying to do it in any metro area.  In southern Mississippi I don't think I could spend a million dollars if I tried to lol , but now I know it will be more expensive than I first thought of. I'll be sure to reach out if I decide to pursue this. I don't think I will though. I haven't found one person that is pro taking this route, so I'll take it as a sign. 

@Account Closed

Ok, so my sister has "put a bug in my ear" to consider starting my own mobile home park. She got the idea because she's actually living in a mobile home park temporarily while saving up a down payment for a home. The owner of the park just brought in 3 more used trailers and is fixing them up for rent. He has about 25 on the lot now. She says that they don't even have them ready but people have been stopping by all day to check on renting them out. She did the research and sent me about 12 different options of trailers that are currently available for sale in the area. Most under 15-20k.

I've never considered starting a park. Most of the talk on the site and podcasts that I've found have all centered around purchasing existing mobile home parks. It's hard to find any experiences of anyone starting a park from ground zero. Purchasing the land. Getting it zoned for a mobile home park. Getting the utilities set up (water, sewer, power, etc). Transporting the trailers and setting them up. And any pitfalls to lookout for during any of that process. 

She's done the research on her park and found out that the owner one large septic tank per every 2-3 trailers. Each trailer there is metered for separate water and each one has it's own power pole. Tenants pay for all utilities. She knows the company that moves trailers. My brother-in-law is good friends with the owner of the moving company and my brother-in-law is a handy man with connections to other contractors to do the repair work on any used trailers that I procure. 

I've never had to deal with changing zoning before so that's a worry for me. 

Over the next few months I could secure the land and within 6 months start with a couple of trailers and build from there. I'm just wondering why most people seek to purchase an existing park instead of starting from scratch. Is it that much more cost prohibitive to start from scratch? Does anyone have experience building from ground zero?

Welcome to the forums @Anthony DeLaPaz!

Welcome to the forums @Raymond Macasaet !