All Forum Posts by: David Marasow

Dear BP Community! I'm experienced in many different types of RE deals, V add MF, industrial, and repositioning. I've never forayed into MHPs before - I'm looking into a park with 46 slabs in CT. I know in my gut that it's a great deal but I could use some help!

It's a 78 YO guy looking to retire and move down south.

46 Slabs, PP 1MM dollars - included in the 46 slabs is an SFH worth approx 250k. (The house would need to be subdivided in order to sell or can be rented as-is for 2k a month). City sewer and water.

Currently, only 31 Slabs have Tenant owned homes on them currently renting at $380 a month Current gross is $140k expenses are 90k NOI as is 50k.

Multiple Comps up the block and within a 5-minute drive are renting for $435-$450 a month. (Truthfully all the comps are all 100% occupied and I strongly feel $500-$550 is not out of the question either)

The business plan is to get all 46 slabs at $435 and the house at $1500 a month for a total gross rent of 258,000 minus 7% vacancy and 100k for expenses at an 8 CAP the deal is worth 1.75MM (Current standard in CT is a 6 CAP but I believe that will go up with rising rates so I'm UW at an 8 CAP).

The deal needs to be all cash because Fannie Freddie only does deals over 50 slabs and debt nowadays is rough anyways, especially in this case I would not make enough to cover debt at 6%.

Here are my challenges!

1)Where/how do I test the grounds to make sure everything is kosher? Sewer and water lines, power lines.

2)How and where do I buy 15 MHs can I use debt vs all-cash etc? 

3)How long does it take to intake and get them delivered?

4)What's the eviction/Foreclosure process IN CT Please don't tell me what happens in another state, if I up the rent slightly and then the community starts a revolt and they don't want to pay?

I just need to iron out a few details I'd love to chat with anyone for a few minutes at your convenience and hopefully do some business together!!!

David

@Mark F. NJ has its own set of major issues, for example tenant for life, 5 year COs, some cities have rent control....

yes, get them to sign a surrender agreement.

i cant find mine now....dm me ill see if i can send you one 

when i want a property, I say I'm the end buyer. if i'm not sure i just say ill get you a good deal...

why not meet the biggest land developer in town, ask him to work for him for a bit or pick his brain...so what he can teach you on top of gaining experience?

Damn thats alot, i feel your pain.

do you personally know anyone in other states in real estate? i would start with family and friends, then do research on locations you may want to have investments in...for other reasons besides for money...

buy close to where you live/want to live.

Thanks for sharing

once you made up your mind of long distance landlording, i would make a list of all the big brokerages in town, get a appointment all on the same day and meet with each one of them, 

feel them out, what they sell, what they do, what they are like, what they can get for you....

in 2 days i can meet with all brokers in a small to mid size town...and walk away with good enough notes of what and where and whos good...