All Forum Posts by: Carrie Cavins

Thank you Rachel H. and John Arendsen for the input. I like the idea of contacting the local dealers. I did talk to the park office and found they own about 1/3 of the homes and was able to get average rent prices. I was not able to get prices on average home prices but will call them back. Besides getting comps, is it worth the $26 to look at the value online? I forget the website at this moment but it's like Kelly blue book. Also, I'm going to look at the property today (my very FIRST one!!) Any suggestions of what to ask and seem none threatening? It's not a distressed property, excellent location and 8+ school rating, owner doesn't want to rent after current family members move out. Thank you!

I am looking to purchase a MH in a MHP that is tucked in a very large SFH development. I have not found other MH for sale in the area to comp with. I have found a park 20 miles away with homes that are 15-20 years newer, as well as MH 35-40+ miles away on land. How do I put a value on the home to make a fair offer? Thank you

Is there anything written, published, discussed on breaking down the steps for buying your first MH park? I am interested in this too and would love specific books, conference/boot camp guidance so I'm not told to "practice messing up" on a smaller deal? Why not "go for it"? I read blogs, books, listen to podcasts and there is so much on SFH but not this. I want to start SOMEWHERE, just need some basics and a step by step guide. Brandon Turner does a great job of encouraging newbies and gives great step-by-step analysis and I'm currently using it trying to make my first purchase.

Is there such a thing for MHP?

Thanks in advance!

Originally posted by @Account Closed:

@Arthur Eggink Without knowing anything else 1.3 M on 138k NOI would be worth looking into on the surface. If you dont know what you are doing though, it can be a disaster. You need to get educated on the investment class and really know what you are getting into in order to succeed.

There is a podcast on college rentals. I don't know which number but I listened to it on YouTube. you may be able to search for it there.

How do I find out more about delayed financing?

I'm in a very similar situation as you and also wondering whether to keep and rent or sell. With that said, when I looked into getting my PMI dropped (FHA 3.5 down, lived in home 5 yrs, value sky rocketed) I was told the current balanced owed had to be 80% of original PRINCIPLE. I had thought about paying to have my home appraised and now waiting since I'm not at the 80% mark. Somethings to clarify perhaps.