All Forum Posts by: Dominique Vescuso

This sounds like an interesting idea.  My main question is how do you handle utility issues in the park, do you have a greeter who can reassign spaces if there is an issue? or does the system have a way report and reassign.

@Vanessa Haw I am a broker in Ca.  It is okay if you are not using an agent, although I would still use an escrow company to make sure all of the sale paperwork is done correctly and you have a secured title in your name.  I would not suggest just purchasing on a bill of sale you could run into problems when you go to sell it, unless they still have it registered through the DMV which is unusual these days.

I would do a lot rent survey of the parks in the area. Then gift the mobile homes to the tenants and set their lot rent $25 above the highest park rent, assuming it is lower than their current rent. They are happy since their payment went down and you have lots at full lot rent. 

Hi John, Must be on a permanent foundation here in California to qualify for financing. This is done quite often in my area. They like to buy lots with old single wides so the utilities are there already. Pull off the old trailer and replace with new manufactured home then sell it for a nice profit.

I am negotiating a 62 unit park that is currently running at a negative NOI. The main problem is the water lines need to be replaced. The owner has been working on chasing leaks and now has the water bill down to a semi reasonable level. The park is at 52% occupancy and the current income is $207000 with expenses at $224000. That is including the 9 park owned homes that are occupied. The park also owns another 9 home that are vacant and in need of rehab. All city utilities. Lot rent is $318. 12 lots are vacant currently (no homes on them)

The first step is to submeter all of the units to continue to bring the water bill down. Confirm there are no active leaks in the water system. Then focus on rehabbing the vacant units in the park to bring up occupancy.

Expected NOI after stabilized just park no homes. $147,000.

Seller is financing 10% down at 5% interest only for 3 years.  Asking price $1,050,000

This price still seems high to me?  What are your opinions?  Estimated repairs $350,000

@David Benton

I would try seeing if the seller would invest the over appraisal amount as a partial owner until it can be paid off. Or a second if the lender will allow?

@Doug Elkerman

If you are trying to reach an agent there are several here on BP. And if we are here you can assume we know a little about investing.😎

If you want any help in So Cal I am a Broker located in the IE.

@Steven Pennell

There are many investment clubs that have gone to a virtual platform for their meetings. It has truly made distance investing easier. If you can not find one in your area try another. I invest out of my area and always check in with the local clubs around my investments.