All Forum Posts by: Burt K.

Found a Mobile home park for sale Asking Price: $800K includes 19 lots with 3 rented @ $175, park owned homes are fairly old & dated with 1 newer home. 15 Rents ranging from $400-675 per month. 2-3 homes will be vacant in the next month. Total monthly rent roll is around $8,000 - 8,500 today, which I believe they are over estimating and underestimating expenses of course! Two additional lots vacant (1 home fire damaged, 1 camper spot) significant value add opportunity with 1 single family home that might be able to be duplexed work was done on the house with no permits. A separate garage that can be renovated into a second single family home. Roads are not paved which worries me to get a loan, theres a long electrical wire that I think needs a pole. My point is with all said and done I think a rough estimate is looking at $150-200K to get the park updated and infrastructure up to par. Through my analysis I believe and would feel more comfortable at a valuation of $450-550K maybe $650K but would like to be all in around there considering the current condition its in, but want to get the communities thoughts, as this would be my first Park deal.

Im receiving quotes between $4-6K for an investment property valued at $1.2M, does that seem excessive to you? Property is located in CT.

@Lennon Lee

Do you cash the LP’s out when you refinance them and keep the asset or for yourself or do they stay in the deal? I would imagine getting 10% on your money from cash flow and doubling your money within 5 yrs from a refi would be a great deal for being passive or do they stay in the deal reaping even more long term rewards. Also, Do you limit each investor to a max investment to keep power equal amongst LP? With you as the GP controlling interest at 30%?

@Tito Burgos

Hey Tito, how would you set this deal structure up? Using opms for the down payment add the value and refinance makes sense but what do the investors get? Im assuming a high interest rate on their investment, a % of cash flow, % of depreciation and % of revalue when refinancing? Im trying to figure out where it starts and where it stops as whats in it for the guy pulling the syndication together: finding the deal together, rehabbing the property etc.

@Gary Guidi when you refi what equity do you plan to pull out and how will it effect your monthly cash flow?

when you refi what equity do you plan to pull out and how will it effect your monthly cash flow?

Could be 5G 🤔🤔😂😑