All Forum Posts by: Brenden Mitchum

Hey @Adam Charlton, welcome to the BP community!

Only weeks? Well strap in and prepare for MONTHS of searching. We stopped looking at small MF in Atlanta a while ago. There just isn't a ton of it and what does exist is often traded off-market or for ridiculous prices on the market. And this was before the current residential housing supply shortage. 

My advice would be to forget about the MLS and go straight to direct to seller strategies. There are obvious pockets of small MF in the metro and you could spend some time driving around these to get a feel for what's out there. However, most will be rental units so I'd recommend finding a way to reach the owner, rather than door knocking.

Now, if you're just looking for cash flow and economies of scale, you might want to look into coliving. Atlanta is a great market for the strategy because there are a ton of single family homes but a lack of affordable housing. We're always looking for cash buyers to help get started with coliving. Feel free to reach out anytime if you have questions or want to discuss further!

Hey @Juan Contreras, welcome to the BP community!

It really depends on what you need. If you have dozens of units and need something robust and customizable, you'll want to look at paid options like AppFolio or Rent Manager. If you're looking to manage a smaller portfolio, there are plenty of free/affordable options that should be able to provide what you're looking for. Personally, I prefer Innago after testing it and a couple others (apartments.com & rentredi). It's great for invoicing and collecting rent. I just upload the lease onto it but I believe you can use it to create a lease. Not sure about writing receipts but I know you can do maintenance requests through it. They also have great customer service, which is what won me over. 

I recommend just trying out a few different programs and choosing whichever works best for you! Hope this helps a bit! Please, feel free to reach out anytime if you have other questions or just want to chat!

Hey @Brett Hulsebus

No worries at all - I really appreciate the follow up! While it certainly doesn't help our returns, it does support our decision to go with asphalt from the start. 

Thank you!

Hey @Mike Long

You would actually be able to get help on this from your CPA, as long as they are well versed in real estate and entity structuring. That being said, I do know an attorney that could help. Probably cost more $$ than going with your CPA though...and you're likely getting ahead of yourself if you're just starting on your journey into wholesaling. For now, you could just set up an LLC to wholesale through and worry about entity structuring later once you've gotten some traction.

Drop me a message though and I can provide the attorney's contact info!

Hey @Norman Skillings, welcome to the BP & MHP Community!

Congrats on making the decision to focus on one asset class, and a great one to focus on too!

Here are some resources I think would help as you begin the journey:

Podcasts: Mobile Home Park Master, Mobile Home Parks in Real Life, Mobile Home Park Investors

Books: Mobile Home Park Manifesto by Glenn Esterson

Networking Groups: MHP Tribe

Courses: MHU, MHP Tribe also has a course and mastermind now: https://home.mhptribe.com/

And please, feel free to reach out anytime if you have other questions or just want to chat MHP!

Hey @Ahmad Mian, welcome to the BP community!

Without knowing more about your investment strategy, goals & criteria, nobody will really be able to answer this for you. You're mostly just going to get other investors preferred neighborhoods based on their own investing plan, which may differ significantly from yours. 

Honestly, even with more information, this is a very difficult question to answer. There are simply so many different neighborhoods in Atlanta proper as well as towns outside of the city but within the MSA. Are you referring to city proper only or all of the metro? 

Much of the metro is zoned SFH (especially ITP) so you won't have a problem finding neighborhoods with single family homes. However, multifamily (residential or commercial) is pretty tough to come by and typically trades off-market. Best to run direct to owner campaigns in neighborhoods with small MF if that's what you're looking for. There are patches of these throughout the MSA but, from my experience, Norcross, Lawrenceville and Conyers seem to have a higher concentration than other towns.

Hope this helps a bit! With more info, hopefully we can better steer you in the right direction!

Hey @Antonio Cordova, welcome to the BP Community!

As @Michael Dumler said, your focus should be on building a team here because flying back and forth is not going to be sustainable. Fly out a few times to get a feel for neighborhoods and meet/build your team. Then, start getting serious about what you're looking for and where. Next, effectively delegate and manage your team to secure properties. 

That's the simple, high level version of an OOS investing plan. In reality, it will be much more complicated and difficult than that. Your biggest hurdle will be just finding cash flow here in Atlanta, especially if you want to purchase traditional turnkey investments. This just doesn't really exist here or in most major U.S. metros right now unless you're going direct to seller or at the top of several wholesalers' lists. 

My advice would be to look into coliving investing. This strategy would certainly help generate more income but you will also need to build processes to properly manage expenses. Fantastic strategy and really the best option I'm seeing to produce solid cash flow from turnkey properties here in Atlanta. This is especially powerful for OOS investors, granted you can build the right team of knowledgeable agents and managers. 

Hope this helps a bit! Please, feel free to reach out anytime if you have other questions or just want to chat about the ATL market!

Hey @Brett Hulsebus, thanks so much for the insight!

We are familiar with the loan amount requirements for both. I think you may have misread my question. But, just to clarify, the entire portfolio would be well over $30M at refi so size shouldn't be an issue. However, we are also very aware that those loans are not just based on loan amount. Class, condition & utilities all play a big part too. So, still trying to figure out if one of the parks being on chip n' seal would be an issue. The rest are asphalt. Assuming all are in good condition, regardless of material. Any thoughts on this specifically?

Hey fellow community owners, I was wondering if anyone has experience securing agency or CMBS debt on a mobile home park with chip n' seal roads?

We are looking to purchase a park and the difference in price between chip n' seal and gravel is about $300k. I've only ever heard that banks want to see asphalt roads for agency & CMBS debt. However, in my research, it seems the topic might not be as black & white as I'd thought.

Anyone with first hand experience in the matter??

Thanks in advance!

Hey @Gearold White

I might be jumping to conclusions here but are there only three homes??

If that's the case, you don't really have a mobile home park here; you have a few homes on some land. 

That's how any bank will look at it. Just keep this in mind because even though you're able to get owner financing, you will have a pretty tough time getting any other kind of financing on this. That means your exits will be very limited. You'll either need to hold forever, sell to a cash buyer or sell with owner financing. Or maybe just sell the land to a developer/builder in the future if it's got solid location. 

Plenty of other things to look into but personally, this would be enough to make me bail on the deal. 

Feel free to reach out anytime if you have other questions or just want to chat MHP!