All Forum Posts by: Derek Voyles

@David Ware I did not get that potential Airbnb under contract. I’m continuing to look though. I haven’t picked out a PM yet either. Do you have one you use and would recommend?

I'm looking into a potential flip and was curious if I went seller finance. Could I then apply for a HELOC post close w a traditional lender? If so, how would that look?

Long story short my thought is to secure the property with seller finace up to 12months terms tbd. But to finance the rehab cost use a HELOC once we have closed and seller has placed a lien on the property.

I.E

Offer price $185k

Rehab cost $100-125k (HELOC)

Resale $395-410k

The property is in a private lake community w comps in the 400’s. The homes exterior is in great shape. The interior not so much. It’s a hoarder situation and not real clear of the conditions inside but I’ve been told that it’s a complete gut. (Scheduled to get a look in the next 7-10 days)

Just curious if anyone has used this strategy or if it’s even possible. Look forward to the feedback.

Thank you in advance!

@Benjamin Jones thank you!

@Bryan Hartlen

Thank you! I will play around with that and see what type of results I get.

@Greg Dickerson

Thank you! I appreciate the help.

@Greg Dickerson

Thanks for the tips! Do you own any Airbnb’s? What are the key expenses you take in account when analyzing a potential property?

I've tried using the BP Airbnb calculator but it's not as detailed as I thought it would be. I'm looking for something that will let you plug in capital expenses, gross rents, management cost etc. Is anyone using a good calculator they would be willing to share. Also any tips regarding Airbnb fees and managing an Airbnb? I'm looking at a potential property that potentially could be a good Airbnb. Thanks in advance! 

@Alex Bekeza Thank you! The information you provided is very helpful. Yes, all mobile homes are owned by the tenants paying only a pad rental. There is also a ranch home (2 bed and 1 bath) included in the sale, all on the 3 acre lot. 

The MHP is located in a rural area of Fredericktown, Mo. with a population of just over 4000 people. The median home price is around $85k.

@Amir Giryes here are the details (briefly)

the cost is $169k (probably high) when I ran numbers I would want to purchase at ($149k max) the mobile home Park is a 3 acre lot.

13 pads rented at $115 month (16 pads total but one tenant gets his pad and 2 additional pads free for maintaining the grounds, water treatment to lagoon and collecting rents) all of this could change. I’ve seen par rentals range from $250-310 in the surrounding area. Also it may be more plausible to higher a crew and management company to free up the lots going to “managing tenant”

Their is a 2 bed 1 bath ranch that also is included in the deal. Says rent ready (may need 2-5k in repairs) could be rented out for $450-475 month. (Maybe higher once I get a visual of the inside.)

Running cost would be as follows. Mortgage note, insurance/Liability Insurance, trash pickup, electric for park lights. (I don’t have all the numbers with me at the moment) All utilities for mobile homes are paid by pad tenants.

Sellers motivation is that sellers mother is going into a nursing home and will use the money from sale to help support the cost.

Thank you and look forward to hearing back from you.

I'm looking into mobile home parks. I found one that I started running numbers on but couldn't find a lender to finance the deal. What lending options should I research? What are some other ways besides the the MLS to locate on or off market mobile parks?