All Forum Posts by: Ryan Doyle

I agree that $400k is too much, that wasn't really my question (hence my original post saying assuming it was a reasonable price). The seller is claiming NOI of $55k, but that is with all 12 POH's rental income as well. Lot rent in the area is about $300.
My guess is that my offer may even be below the existing loan...depends on the actual expenses. But I was more interested in understanding how the SF part worked.

I really like the area where this park is located, I think it is about to get a lot stronger, and it has room to grow...if I can get it at a price that cash flows as is, when I get it to full capacity it will be a great property. I just need to get more verifiable info from the seller, and go from there I guess.

Thanks

I've been told that the seller is motivated to get rid of the property after her divorce. Her husband was the one that ran the park, and it is now her's. I'll need to get more info on her actual needs for the SF, but I'm assuming it is for the steady payments.

As far as my experience in park management...0. I've taken classes on property management and MHPs, and feel that I could handle it. I'll always have my trusty friend Google with me. Plus, it isn't a large park, only about a dozen units...but there is room to expand.

I'm thinking now that SF may help me get the deal, but that I may need to find a partner as well. And I will have no problem negotiating a lower price if I don't feel that the numbers support $400k...whether it is accepted is something else though. According to the preliminary numbers, it is at about a 14% CAP.

Let me clarify a couple of things about this.

1 - The seller has offered SF already.

2 - This is for a mobile home park, not a SFH.

So it would seem that by going with SF, I'm fixing both problems. Hope you can sleep better now...

I've got a deal on my radar, but don't know if I can swing it without some sort of seller financing...and even then, I'm not sure I have the concept down 100%.

To make the numbers easier, I've rounded everything off, but these are close to what I'm assuming right now:

Asking Price $400k

Existing loan $288k

Assuming that the $400k is a reasonable price:

If I were to try and get a bank loan for that amount, I would be required to put down 20% or $80k (which I don't have).

If I get SF, I would get a bank loan for the $288k which is less than the 80% LTV, and the seller would hold $112k. Would this require a down payment on my part? And if so, who does it go to?

Welcome,

Good to have more Tampa investors on.

I'm not sure sub dividing and selling the home separate would work in this situation, my understanding is that the home must have land attached to the road so it would not be land locked. The home sits on the back of the property, and the driveway splits down the middle.

I'm thinking I'll pass on this one, but that strategy may work on some other properties I've seen with houses where the house is closer to the front of the property.

Thanks for the replies.

Recently came across a mobile home park that has a 3/2 block house on it. Now, I will not be living there, and would most likely rent it out. But that brings me to my main question.

The MHP currently has 8 park owned homes plus the house. I would be selling the park owned mobiles to tenants to get out from under the maintenance and repairs...but I can't sell the house...but I don't really want to deal with a renter in the house and owners in the mobiles.

Should I just steer clear of this one? What other options are there?

@Ryan Hatton

Did you ever sell? If not, I may be interested...

Floridians don't really care where you are from...but the people that might not be 'welcomed' are the ones that constantly want to talk about how things were done 'back home'...or how great things were back there. If things were so perfect where they were, they should have stayed.

Move down here, buy your flowered shirts, and enjoy your drinks on the beach...can't beat it.

Welcome,

I'm in the Tampa area as well. Although, I have yet to finish my first deal. I've been trying to learn as much as possible, and get things in line before getting in too deep.

As far as the REIAs go, there are a couple in the Tampa area, and one that have been to in Pinellas. The Pinellas one is free and meets on Mondays, good crowd and lots of experience there.

Have you narrowed down what areas of RE you're interested in getting into?

Ryan