All Forum Posts by: Rich Ferradino

Not to be mean but going off your profile and few number of posts it doesn't look like you have the experience to run a park. I wouldn't invest my money and be on the hook for $3.2MM with someone just because they brought me to what looks like a decent deal. If you have the ability to do all the due diligence and if the NOI is still true, I'd either wholesale it or bring in another partner with experience and then look for a money guy.

@Jason Reed In San Antonio and probably in other cities you have to re-zone your residence and get it approved by the city. I don't think the city would just strip you of your zoning approval after the fact, however I can see them limiting it to not approving new rentals. Could be a way to corner the market. Thoughts?

@Account Closed What a fantastic project! When you refinanced from construction to commercial where you able give your investors all their investment money back and have no money in the deal like a traditional BRRR?

@Sonia Spangenberg If the city is giving you issues, you could ask them if you gave them an environmental report showing that the land is safe and added septics is doable and won't harm the water table that might get them to calm down. 

For septic it all depends on the type of soil content and how fast the soil can absorb. Typically each home will have there own tank,  and the difference would be is if they would share a leach field. Just depends on how old the system is, what your engineer recommends, and what your county/state will allow. 

I wouldn't rely on the neighbors that the well pump is the only problem. Definitely get it inspected, and ask them to see what the remaining life span is, and any upcoming maintenance they foresee. If you're going to dump over $300k into a project you shouldn't cheap out and not get inspections and engineers. They could save you from headaches in the future, or you'll at least have a better picture of what you're getting into.

I have experience with a similar deal like this. Had 1 mobile home and 2 SFH. I was able to get a local bank to do the loan, but it would be a commercial loan with 35% down. The seller wouldn't come down on price so I walked from the deal.

I have no idea or experience with non-US income

@Angela Liu Ask the PM companies what price range of houses and area they work in. I reached out to Brad Larsen and he declined to PM my mobile homes.

@Sonia Spangenberg Have you spoke to the city/county to see if they will increase the number of lots? 11 acres for 25 lots is very rural. At that rate you could just re-plat the land and make 20ish, .5 acre lots assuming you have enough frontage or could put in a private road. In my area for 25 lots, each having their own tank it's about $4k/septic tank+drain field so that would be about $100k, and I'm assuming a well would be about $30-$50k. I was charged $25k to bring I new electrical, and brought in more gravel since we didn't have to asphalt the road. With my costs stated above, my costs were $250k for the infrastructure, clean up, bringing in and fixing mobile homes, moving incentives, etc.

Here is a before and after video of the park we transformed.

Before:

https://www.youtube.com/watch?v=_VPnALJXkOQ&t=220s

After:

https://www.youtube.com/watch?v=NKxL57jI0CM

If let me know you have any questions.

@Christina Larios 410 and sulpher springs road off of south cross ranch road. If I can raise enough enough capital I'll make it a park, if not I'll split the 4 acres into 4, 1 acre lots and sell the lots off. To limit expense SAWS charges $2-3k to tap into the water and sewer so if you buy a lot just make sure you take infrastructure costs into consideration if it's not already there.

@Christina Larios You can buy a lot that's .2 acres in the city and put a MH on it but as @Rachel H. mentioned it needs to be zoned. I have 4 acres in the city that is zoned MH (mobile home) just outside 410 that I can put mobile homes on. There are smaller .2 acre mobile home lots across the street, which I think they had a lot forsale,  and 2 MHPs adjacent to it as well.

@Payal Kakadiya If you come across any mobile home parks I would be highly interested. Also unrestricted land 10+ acres under $8k/acre not in a flood zone.