All Forum Posts by: Craig Sloan

@Jarrod Gregory 

Congrats on learning about MHP Investing.  I purchased the home study course from Mobilehomeparkstore.com 10 years ago and it has changed my life.  It's a great asset class my only advice/observation is that many of the available parks that I see advertised right now are way over priced.  Talk to brokers in the industry, find one you trust and look at lots of properties.  It could take quite a while to find the right park.  Be patient and persistent.  I am by no means an expert there are much smarter/more successful people than me on BP.  If I can be of service please feel free to DM me.  

@Brett Abamonte

You've received a lot of quality advice.  Let me throw in my two cents worth.  First of all congrats on being so focused and motivated at your age.  My advice is:

1.  Become a life long learner.   

2.  Give yourself options, you never know where life will take you.  (My plan was to be a teacher and principal.  When I read Rich Dad Poor Dad I learned there was a better way.  I now own mobile home parks and small apartment complexes.)  I resigned my Principal's position 5 years ago and I now manage my properties and spend a lot more time with my family.   

3.  Create as many different streams of income as possible.  

4.  There is always much to learn and good people willing to help you if you seek them out.  I wish you well.  Feel free to message me if you think I could be of service.     

@Nikki O.  Are you looking in any specific cities or near specific campuses?  I've dabbled in this market a little and $600,000 doesn't go very far in some places.  You might try looking at smaller schools or in the mid-west where prices tend to be more reasonable.  I'm no expert and would like to learn along with you.  Please keep us posted on your journey. 

@Gary B. have you talked with any sub-metering services like Guardian Water & Power or Metron Farnier?  The number of units sounds small enough that you should easily be able to do it yourself but it might be worth the phone call to discuss the possibility of having one of these companies do it.  It may be too small for them to mess with and not cost effective to you but the conversation may provide be enlightening.  They could probably tell you what you need to do to implement a RUBS program at your property.  I looked at sub-metering a property that I own and although I have decided against it for now, the investigative process was educational.  

@Amir Estimo

Congrats on getting into the Multi-family game.  It sounds like you have a solid plan.  Continue to invest in yourself.  Are you planning on managing yourself or having the units managed?  There are pros and cons both ways but it will be important to know what those are before you purchase a property.  

Good advice @Neil Schoepp.  Using pro-forma numbers is a recipe for disaster!

@Eric Tonnemacher I am also into cash flow and long term holds.  This may seem like a simple thing and its not related to metrics but from a mechanical standpoint I like to find properties with electric baseboard heat.  I believe this becomes increasingly important as you accumulate more units.  Would you rather have to maintain and replace a furnace $$$$$ or a baseboard heater $.  Now multiply that by 10, 25 or 100 units.  I realize everyone will not agree with this comment but it has served me well.  Congrats on getting into the real estate investing game!  Good luck. 

Gus

I think some of it depends on your personal preference.  I have not done any syndication deals.  I'm probably too skeptical of others.  That is probably one of my many shortcomings.  I like the 20-40 unit space.  I manage my own properties so they have to be in relative proximity to me.  I have 4 such properties.  The key is finding good people to help with showing units, maintenance etc.  Once you get up around 80-100 units you can hire your own people to do maintenance etc. if necessary.  Good luck.  I think you can find success either way, you just need to find what works best for you.  

Move on.  You can and should find a better deal.  A quick and simple evaluation tool is this.  Ask yourself; "If I could do this deal 10 times would I?"  If you did 10 deals like this you would be way in the hole my friend.  Keep looking.  You'll find the right one!

I understand where you are coming from @Ronald Starusnak but that has not been my experience.  I am probably more conservative than most on who I will rent to but to me the DWI speaks to her level of responsibility.