All Forum Posts by: Daniel Ryu

 No problem - glad you found it helpful

I have to update the cap rates for MHPs though. They're now dipping to the 4s or lower on in place tax adjusted NOI

@Brenden Mitchum

Thanks for the mention!

@Gary Clisele

Hope you find the materials helpful

@Brenden Mitchum

Thanks for the mention!

@Bryan Compton

Good luck!

Hi all!

I have a house in Sandy Springs, GA, located on the Chatahoochee River. It's a little steep but you can walk to the River from the back of the house.

The owner of the house recently passed and the house is suffered from neglect. I think it'll need roof work, basement work (possible mold remediation), driveway needs concrete work, and general upgrades throughout.

Looking for a reliable General Contract (GC) who's interested in taking on a fairly big project.

After renovating, our plan is to sell. Market comps (quick glance) but the after repair value over $650,000.

Please message me if you can help. 

Thanks!

@Tasha McCray

Sure - you can inbox me via BP and I’ll take a look

@Brenden Mitchum

Thanks for the mention! Hope all is well with you 👍

I agree with @Frank Rolfe - it's an interesting investment but different from a mobile home park.

@Alecia S.

1. When you're pricing potential re-sale value, do you see the end buyer as an investor who will continue to rent them out or someone that wants to buy it to live in? 

2. If the typical comp sells for 60-70K, why do you think they're being sold at such a discount?

Good luck with your site visit!

@Rocky Pagliei

Hi Rocky - you might want to check out this forum or post in here:

https://www.biggerpockets.com/forums/30

It’s dedicated to MHP & MH investing

@Stryker Brown

If your purchasing at current income then yes, infill represents a potential huge value add.

A couple of things:

Market and Demand

1. What’s demand like in your area? What data do you see that indicate you will be able to find good tenants for your mobile home park?

2. Why is it currently at 60%? What has the current owner done in the past to increase occupancy?

3. Take a stroll down memory lane via Google Earth. Has the park always been vacant? What about nearby parks?

4. Who’s your competition? How will you beat them for tenants? What’s your edge or your target market?

Legal and Compliance

1. Check with zoning & building compliance. Are there any restrictions to bringing in homes? What are setback requirements? What type of inspection is needed if any before home can be occupied?

2. What size homes can you fit on lots? Are those marketable?

Lot Prep and Moving

1. What type of lot prep is needed prior to bringing in homes? Utility hookups all in good shape?

2. What are the installation requirements? Do you need a foundation?

3. Are there any physical barriers that would make it difficult to bring in homes? Narrow streets, closely packed homes?

Costs and Value Add

1. Cost to buy, install, homes, including repairs and appliances?

2. Where do you plan to source homes? How long will it take? Personnel time / costs to oversee move?

3. What will the value of the lot be after you find a tenant?

Marketing Plan

1. How do you plan to find tenants? What evidence do you have that will be effective?

2. Signage? Flutter flags? Banners? Referral program?

3. How will you show homes?

A general overview of how to evaluate if bringing in homes will work for your park and then how to execute.

@Jen Bastian

Sometimes the best deals are the ones you don’t do!

As with everything the more reps you go through the better you will get at underwriting and at deciding what you’re willing to pay.

Thanks for sharing your experience

@Stryker Brown

That’s great!

I’m glad it helped