All Forum Posts by: Jamin Olds

@Dave Rav

Parks are located in Michigan. 

(Little back ground - currently own 4 mobile home parks totaling 157 lots)

Short Details of the current purchase that I need to raise funds for:

-I have the opportunity to purchase 4 off market MHP parks totaling 242 and an average of $420 lot rent.

-Park 1: 40 lots, 22 filled all new trailers. $385 lot rents

-Park 2: 72 lots, 68 filled. $420 lot rents

-Park 3: 73 lots, 30 filled. $420 lot rents (seller will fill all lots of I want, or can purchase at 30 lots filled, all new trailers)

-Park 4 58 lots, 55 filled. $420 lot rents.

I have always used small private investors to raise money for my previous deals. This opportunity will require much more capital. How do you go about raising private money in the 1 Million++++ (i know it must make sense for investors returns). Working on finalizing price for the parks and then raising the money as the seller will allow 9-12 for capital to be raised.

Any advice, input, connections are welcome. T

Thanks Everyone!

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(Little back ground - currently own 4 mobile home parks totaling 157 lots)

Short Details of the current purchase that I need to raise funds for:

-I have the opportunity to purchase 4 off market MHP parks totaling 242 and an average of $420 lot rent.

-Park 1: 40 lots, 22 filled all new trailers. $385 lot rents 

-Park 2: 72 lots, 68 filled. $420 lot rents

-Park 3: 73 lots, 30 filled. $420 lot rents (seller will fill all lots of I want, or can purchase at 30 lots filled, all new trailers)

-Park 4 58 lots, 55 filled. $420 lot rents. 

I have always used small private investors to raise money for my previous deals.  This opportunity will require much more capital.  How do you go about raising private money in the 1 Million++++ (i know it must make sense for investors returns). Working on finalizing price for the parks and then raising the money as the seller will allow 9-12 for capital to be raised. 

Any advice, input, connections are welcome. T

Thanks Everyone!

Thanks.  I'm hoping to purchase around 10 cap rate. 

Hey Everyone - I have an opportunity to purchase this off market park (bought 1 park from this seller last year).  Currently it's only at 44% occupancy but seems to have great upside after filling additional lots.  There are 17 vacant trailers but I currently have a crew that will demo and remodel.  What are your thoughts?  Any advice?  Thoughts on what it's worth?  Thanks in advance!

Breakdown of the park:

47 lots (6 rentals 15 owner occupied)

21 filled

17 vacant trailers (I have a crew that remodels trailers)

9 vacant lots

Lot rents: $298

City water & septic - billed back to tenants. 

Tenants pay trash

2020 Financials 

Income: $106,692

@Rudy Curtler Thanks for the numbers!

@Frank Rolfe  Working on getting it under contract asap.  Thanks for your help!

@Frank Rolfe Thanks!  

About a year ago we bought the park (30 lots for $375K) that connects to this park.  At one time it was one park.  

I believe I have purchase this park between $500-525k.  If that is the case, would your advice be to get it under contract?  

Rents will be hard to increase immediately but we do plan to install water meters to bill water back to tenants.  

Thank you,

Jamin

Hey Everyone,

Currently negotiating on a 22 lot park that is off the market. I have ran my numbers and but would like some advice. Here are the 2019 numbers:

Income: $84,480

Expenses: $32,084

Net income: $52,395

I am trying to purchase this at a 9-10 cap rate and my number are not matching up with the sellers.  

What would you pay? What purchase price equals 9 and 10 cap rate?

Appreciate your help!

Jamin

@Caleb Heimsoth  Thanks- it is in a very small/low income town where I grew up.