All Forum Posts by: Derek Kerley

Yes, he will perform minor maintenance labor, lawn care, collect rents and find new tenants when necessary. Is there a rule of thumb i should be using like 10% for a traditional management fee? 

Onsite manager wants to be paid monthly onto of not paying for lot rent (lives in his own 5th wheel) and utilities/cable. Is this normal?

Property Offered @ $350K 

2 - Single Family Homes - CBS

1 - Duplex - CBS

5 - Mobile Homes - from the late 70's - 80's

1 - Travel Trailer - from the 2000's

Total Gross Monthly Rents of $6,000

Annual Taxes of $7,000

My question is what are the thoughts of this deal? I have never evaluated a property like this before and want to make sure I am not missing something. How hard would it be to get insurance and financing? 

Thanks!

I am a local investor in Jupiter,fl if you are invested in selling please contact me. 

Thanks, 
Derek 

Looking to potential purchase an absentee franchise. Wondering what I am missing since on the surface it appears to be a great opportunity. Below are the numbers. I am assuming like all listing in real estate or anyone trying to sell something they rarely tell you the bad side. Looking for anyone who has experience in this and can help. 

Thanks, 

Derek 

Sub Franchise - Quizno's

Annual:

Gross Sales: $342,000

Net Profit: $103,402 - Absent Owner Benefit $75,000

Assets/FF&E: $ 5,000

Asking Price: $150,000

How is a typical Mobile Home park purchased with park owned units? I am thinking of purchasing the land via a realtor and then buying the trailers directly from the owner. Is there a problem with doing it this way? Is it even necessary or a good idea???

How do you evict someone from a mobile home park when they do not pay the land lease. I would assume that since they cannot pay the land lease they cannot afford to move their trailer out of the park. Would the owner of the park/land have to pay for the trailer to be moved? Or does the owner put a lien on the trailer? 

Here are the details. 

12 Unit mobile home park in Northern Georgia. Of the 12 units/pads - 2 are livable (rented @ $550/month), 5 need approx. $1k-$3k/unit in rehab and the remaining 5 pads are vacant. The asking price of $120k includes all the trailers on a 1.3 acre lot. I plan to sell the 7 trailers once all are livable and only collecting lot rent (do not want the hassle of monthly trailer repairs). I am expecting lot rents to be $250/month (12 x $250 = $3,000 x 12 = $36,000 annually) and estimating approx. $22k in annual expenses for taxes/insurance/maintenance/water&sewer/management and $1,200/yr for Misc. 

Wondering what the group thinks of this as an investment. Keeping in mind this would be my first mobile home park and it about 8 hrs away from my home. I have also read that long term the only value for a mobile home park is the land and can be hard to sell in the future. 

Thank you for your thoughts! 

Derek 

Thanks so much for your fast post!

I might be missing something but when I do calculations for potential flips, such as 70/30. The numbers work, but when I take into account taxes I would have to pay on my gross profit (purchase price - sale price) it does not make sense to flip. Any help would be greatly appreciated!