All Forum Posts by: Ian Tudor

@Jack Ropp - My business partner has over $60K in student loan debt. We closed over $10M in properties this past year. We went with recourse on several loans - $800K +. It shouldn't be a deterrent. You can get it done. Find ways to make it work.

Build up a safety or emergency saving fund of several months (6 months) to fall back onto if things get rough. Start sooner than you think you should. Action is necessary after you have done your homework. There are a lot of people on this forum who are in their 40s that wished they started sooner. Compound interest is crucial for wealth creation and your 20s are the best time to start. 

@Adam F. - Yes, go LLC to protect your interests. Have a impartial third party do your operating agreement. Family is a gray area. A real estate investment can go south. Make sure you have everything covered. It's easy for family and friends to skim over important details. It's better to get all the worst case scenarios out up front.

What happens if one of you dies?

Who gets decision making power? If equal, how do you break a stalemate?

etc. 

@Melissa Kudjoe - All my mentors came organically. Two of them I worked for and it evolved into a mentorship. We found a common interest and I asked questions. I followed their advice. Eventually, I gave them valuable information or deal flow.

I would network with people or multi-family investors you admire in your area. Ask questions. When they give advice, follow through. Get back in touch and let them know you did what they suggested. This is extremely flattering. Ask how you can bring value for their business. Do that. Over and over.

Do this with one person per week for 6 months and you will find what you are looking for.

@Luke H. - Moving a mobile home usually costs around $4K plus. I would check to make sure the park is a nice place to live so you won't have any issues renting it. Also, I would understand what is lot rent and what is included? How often does the owner raise lot rent?

Place an ad in CL to test demand. 

@Kirk Bausch - Your best bet for such a small loan is to cold call every bank within 50 miles of the deal. Use google maps. I've done this for several smaller deals that I've put under contract and I always seem to dig up a few lenders familiar with the asset class. By familiar, I mean they currently have mobile home parks on their books. 

@Dexter Kubi - What is your goal with real estate? Work backwards from your end point and it will help you point to where you should go. If you want some retirement money then it might make sense to invest in a few SFHs. If you are looking to quit your job in a timeframe: it might make sense to go bigger. No one can answer this except you. 

@Account Closed - I love number 3. Makes sense. My business partner has reached out to about 50 people in the past 48 hours and that rings true. 

@John Jacobus - Thanks bud. Will do.

@Jay Hinrichs - Which crowdfunding sites are you referring to? I coordinated a conference with three large crowdfunding platforms last year and none of them were open to MHPs. They might have changed since then. Experience was big for them. I have two years and the conversation was a non-starter.

@David Thompson - Thanks will read tonight.

@Monique Rene Coates - Thanks! I will check out!

Been in real estate for over 3 years. I've been sourcing mobile home park deals with my business partner for last year. We've closed about $13M in deals this past year but using other operators. In other words, we are looking to source our own capital instead of relying on established operators to get deals done. We want to be the GP. 

We have a few good size opportunities coming up where we would need several million dollars. 

Interested to hear from those that participate in large capital raising. 

What did you find useful? If you were to do it again, how would you do it differently?

@Kenny Stanley - We use AMRent in Rent Manager. Tenants pay $35 per person for an application. Tenants will pay if they want to be apart of the community. Charge the fee!

Use similar judgement as you would SFH for screening people. They don't have much money but there are a lot of good people who live in mobile homes.

Barry Sternlicht and Sam Zell. Two studs in the real estate game.