All Forum Posts by: Chris Ebert

Good communication and he pays the preferred. Shoot me a DM if you have any specific questions.

I would replace #2 with Operator - parks aren't that difficult to underwrite. Unless you're in an auction scenario, you shouldn't be looking to squeeze every last dollar out of the asset. Also, if you're buying parks with a good portion of park-owned homes then #3 is good. Otherwise I would replace #3 with Attorney. Just my 2 cents.

@Brahan Gamarra - the seller said "the MHP brings in $100k yearly" and even if he meant revenue it doesn't add up - 32 lots x $175LR x 12 months = $67,200. Assuming you're able to agree on a price that works you shouldn't have an issue financing the park with a local lender or loan broker. A lot will depend on your guarantee though.

@Michael Baradell, that makes sense. While on a percentage basis of rents the fee might seem high, it's more about the absolute dollar amount at this revenue level. The time and effort spent by a third party manager could easily exceed the $700/month. With that said, once you get occupancy up, the management fee should revert to a more normalized percentage of revenues. I would expect >10% but haven't explored third party management. We do all of it in house.

@Michael Baradell, is that a 3rd party management company or an onsite manager? Are the homes owned by the park or tenants? 

Brad Rymer at Cloverleaf Capital Group - PM me for his contact info

Has plenty of bank relationships to get your deal done.

@Stryker Brown, I can't speak to exact costs of these items. You'll need to get quotes from service providers. The one question I have is around bringing in 12 homes. It sounds like you are bringing in used homes. I would be shocked if you are able to buy a home, set it up and rehab for close to $10,000. From a pure cost and opportunity cost, I would recommend getting your MH dealers license in GA and going through a new home program like 21st CASH or Cavco. Getting your MH dealers license also allows you to legally sell the homes. I don't know GA's laws but in NC you can only sell a max of 2 homes before you need your dealers license. I hope this helps.

@Michael Case, what kind of information are you looking for? I am one of the many operators that Evergreen has invested with so I might be able to provide some insight. Feel free to send me a DM.

@Robert McConnell, what type of MHPs are you considering? Based on your post it appears to be more lifestyle communities than affordable housing. As for the affordable housing side of parks, I can confidently say that absent a turn to Communism in this country, the demand for affordable housing will never go away.

Hi @Gabriel Romero, here are my thoughts:

1. Convince a mobile home park owner to sell to you with seller financing and no money down. Yes, you can use OPM. Just convince people that it is a good investment and that you can make them money.

2. Yes

3. Competition and ignorance. Learn more and differentiate yourself

4. Yes

5. Yes