All Forum Posts by: Chris Peckham

Originally posted by @Daniel Guerra:

@Chris Peckham 

If you don't have the knowledge, then I suggest you pick one of the solutions below.

1) Team up with an experienced investor

2) Study, read everything about mobile home parks

I'm not sure what type of capital you have but 229K is pretty low. Definitely do your due diligence. @Hai Loc has some good advice. If you have millions in capital, might be a good learning experience but I'm guessing you don't.

Best of luck!

What part of Indiana?

 Daniel, thanks for taking the time to reply. This particular location is in Warsaw.

Originally posted by @Hai Loc:

Originally posted by @Chris Peckham:

Hi all -

I'm a new real estate investor and have a keen interest in mobile home parks.  I'd be curious to hear some expert opinions on this particular property. I'm very much in the "I don't know what I don't know" phase, so what may seem obvious to you is probably not to me.  Any and all comments would thus be welcome and appreciated.

What I know:
*There are two separate parcels of land, each with four units. Two of the units are double units, so there are effectively 10 rentals, per the listing.
*Total of both parcels is 1.25 acres.
*All units are POH (I know this is not great).
*Income = $50,400
*NOI = $25,773
*Tenant pays for electric, heating, and cooling.
*All units share a well.
*There are six septic systems in total. Some are individual, others are shared by two units.
*All units are occupied and most tenants have been there for several years.  The newest tenant has been there for 8 months, but the average tenancy is 4.3 years.
*Location is on a county road, approximately 2 miles outside of a small Indiana town with a population of ~15,000.
*Asking price is $229,000.

Full disclosure: This is literally the first property I've evaluated. That fact alone tells me I should use this only as a learning exercise and to stay far away, but if any of you good folks would be so kind as to offer your thoughts and opinions, I would greatly appreciate it!

 As your first deal you stay far away from it if you plan on venturing on your own.. 

It's extremely hard to calculate capex for the well and septics.. plus having such a small park just to support it. It would be easier to have a larger park with more income..

If your thinking about it make sure you have the proper reserves or insurance.. and make sure you dont cheap on your due diligence on evaluating the well and septics and know the replacement costs including replacing the pumps.. and how frequent the well needs to be monitored to abide by EPA standards..  doesnt this all scare you already?

Thank you for the great feedback.  The POHs and complex septic system were big concerns of mine.  I appreciate your comments.

Originally posted by @Marlen Weber:

@Chris Peckham Congratulations on your real estate investor career and best of luck on your journey of investing in mobile home parks. There are tons of resources such as books and podcasts that can give you great insights as you start out. 

 Thank you, Marlen!

Hi all -

I'm a new real estate investor and have a keen interest in mobile home parks.  I'd be curious to hear some expert opinions on this particular property. I'm very much in the "I don't know what I don't know" phase, so what may seem obvious to you is probably not to me.  Any and all comments would thus be welcome and appreciated.

What I know:
*There are two separate parcels of land, each with four units. Two of the units are double units, so there are effectively 10 rentals, per the listing.
*Total of both parcels is 1.25 acres.
*All units are POH (I know this is not great).
*Income = $50,400
*NOI = $25,773
*Tenant pays for electric, heating, and cooling.
*All units share a well.
*There are six septic systems in total. Some are individual, others are shared by two units.
*All units are occupied and most tenants have been there for several years.  The newest tenant has been there for 8 months, but the average tenancy is 4.3 years.
*Location is on a county road, approximately 2 miles outside of a small Indiana town with a population of ~15,000.
*Asking price is $229,000.

Full disclosure: This is literally the first property I've evaluated. That fact alone tells me I should use this only as a learning exercise and to stay far away, but if any of you good folks would be so kind as to offer your thoughts and opinions, I would greatly appreciate it!