All Forum Posts by: Dustin Darnall

@William Henning We have been using Venmo for the past several months and it has worked out very well for us. I looked into Cozy.co a while back and this also looks like a pretty good option. Good luck!

I lived off Whitney Ave for 7 years (left in 2013) and I agree with Greg Smith that it depends on the area. During my time there..mostly undergrad and throughout grad school...my house was broken into, vehicle vandalized, and frequent issues with neighbors. I wouldn't exclude purchasing in the entire Zip, but I personally would avoid the Wyandotte area. 

And from what I've researched the replacement will be a HEFTY bill, which would seriously cut into the returns. Thanks for your reply!

Thanks for your input! I’m certainly apprehensive with it being my first park purchase, but also excited to jump in. Just don’t want to jump in to a train wreck. 

Hello, everyone!

I'm looking at a 26 lot mobile home park and would love some input on analyzing the deal/specifics. Asking price $279k. Currently has 22 tenant owned units paying $210/month for lot rental and 4 vacant lots. Owner pays water bill up to a certain amount. The P&L I received from the owner could have been written on a napkin and glosses over repairs made to the water/sewage line--the current owner says "costs varied" because he was able to do a lot of the repair work himself. 

The park was previously on septic however it appears a previous owner connected to city sewer in 1998. Currently on city water with 3 inch galvanized lines running through the park hooked into 8 in galvanized lines from the city. Current owner has apparently added more clean-outs for the sewer (~3 years ago) and states that when he bought the property in 2014 he put about $5k into water lines to take care of several leaks. Since then, according to the owner, he has only had one minor issue (unspecified) which was last November.

I am a rookie investor with only 1 single family rental in my portfolio however am partnering with a buddy who owns and manages other MHPs. Is the presence of galvanized water lines a ticking time bomb? Any thoughts on the deal?

Thanks and any help would be greatly welcomed!

@Drew Eldridge I am a full time clinical pharmacist in an outpatient clinic and a rookie real estate investor. Will be closing on my first investment property a week from today! This one is a small SFR in my hometown in Kentucky, but I plan to keep growing and eventually scale into larger multi family and also looking at mobile home parks. Good luck!

@Gregg Heminger Congrats! That’s is awesome. Still working on my first deal here in Kentucky and hearing success stories like this are inspiring. Good luck!