All Forum Posts by: Caleb Coblentz

Hey BP,

I was talking with a friend of mine about investing goals recently. He mentioned thinking about selling one of his properties:

-Triplex

-Currently rent is under market. I believe each unit pays around $800. He thinks rent should be closer to $1k

-This particular property is in an opportunity zone. Apparently he can’t utilize the tax benefits but a new owner could.

-I asked about owner financing but he would have to 1031 if he sold.

-He through out $250-300k. There is a dump triplex in the same area listed for $269k. No good comps right now.

How would you fund the purchase? I don't have enough cash for 20-25% down. Would you take out a HELOC or find a hard money lender then refi ASAP?

I use DuRant & DuRant on Farlow St, Mark Neil on Glenn’s Bay rd. Hutchins has attorneys in my office as well. All are great.  If you need contact info feel free to message me

@Amy Toth

Are y’all looking for a property for personal use as well? Any specific areas of the beach?

@Jasmine Hu

I’ve seen a few decent options on the market lately.

I’d be happy to help in any way I can.

Its in Myrtle Beach, SC.  Bonus is the property is zoned for MHP.  Chances are pretty slim on rezoning, I feel pretty good about this one.  That would be covered in the due diligence period.  

Hey BP,

I'm itching to get in to the MPH game.  I've looked at a few, run the numbers on a few but haven't pulled the trigger.  The property I looked at today has me thinking.

25.25 total acres 

11 park owned homes on site, 6 park owned homes off site (2 rented, 2 ready to rent.  The current owners lease some adjoining property and have homes on those), 3 park lots ready for homes and 2 additional park owned homes not set up.  The existing homes are in a wide range of condition.  

Average lot rent in our area is $300.  There is a huge need for affordable housing.  Every MHP I spoke to in my research had 100% occupancy

Option 1:

Purchase the entire property.  Develop 14.96 acre chunk in to 44 pads ($968,000-1,056,000 *$22-24K per pad* expense).  Move all the decent POH to the  14 existing lots outside of that tract (potential monthly rent $5,700) to help offset development costs and service the loan.

Option 2:

Only purchase the 14.96 acres for $200k and develop.

I would love to find a park that is already running, not needing any development but that has been hard to do.  I'm talking with an investor on the hard money side.  I don't really want to partner with him but that is an option.  Thoughts?  

Condo prices are pretty steady.  Inventory is a bit low which keeps prices up.  There are still deals and definitely income producing properties available.  I feel good about our market.  We are forecasted to continue growing.  

It depends on the price and the use.  Do you want long term or vacation rentals?  Condos are attractive - price, exterior maintenance.  Really depends on the intended use.  

@David Hare I’d love to help in any way I can.  Let me know what I can do!

I would look in to the rental history first. There are condos in that price range that cash flow with lower HOA fee. You also need to factor in insurance, management fees. Are you paying cash for the condo?