All Forum Posts by: Jamin Olds

@Frank Rolfe

The location is Hartford Mi. I’ll get the addition information you need.

@Taylor Chiu

Thanks Taylor. Can you inform me on exactly what the test ads are?

@Frank Rolfe

Population 6,916

Unemployment 5.1%

Median Income $39,297

Average home price $77,300

Would love to hear your feedback.

@Adam Johnson

We will manage it ourselves but I like your idea to include an allowance even though we are self managing. I’ll dig into the utility cost more. Next week the owner is going to meet me at the park to provide financials and give me a detailed tour of the park.

Thanks for you advice. Very helpful.

@Frank Rolfe

Will do - after I get my kids down for bed tonight.

Thanks Frank.

@Patrick McKenna

It is in Michigan. We plan on self managing as we currently self manage our 20+ residential units. Our current mower/plow guy lives in the same town as the park.

Good questions on the submetered for water and if we can bill back to tenants. I honestly have no idea and will find out.

Current owner say most pay on time but normally 1-2 are late. Not sure how accurate this is. I asked about seller financing. The current owner bought it from their mom on land contract. Basically the mother couldn’t handle it anymore due to getting older and the daughter bought it from her to help her out. I don’t think the daughter really wants to own the property. I’m trying to think of a creative way for seller financing that I could present to them as I would prefer seller financing over a bank.

Thanks for the input. You provided me with some great info and answers I need to get from the seller.

@Frank Rolfe

The water is actually two separate wells ($360 per month in water testing etc) and the septic is city- about $1200 a month.

Good question on he power or dad meter. I am not sure and will find out.

The area is rural and very low income. I grew up in the town and actually teach at the high school. We own one 3 bedroom house in town and rent it for $700. To say it nicely, it is a very poor town.

I believe I can negotiate the purchase price down to $375,000. I know the sellers and they tipped their hand on what debts they have etc.

Thanks you for your input. My next step is to figure out financing as they stated they can’t do a land contract. We are thinking about selling a few of our duplexes because we have great equity in them and then 1031 into this deal.

Hey Everyone- 

I am currently in discussion with the owner of a 30 unit mobile home park and need some advice input.  I have studied MHP investing and this would be my first deal. I currently have 26 residential rental units. 

Here is the breakdown of the offer presented to me by the seller: 

Purchase Price: $400,000

30 unit park - 28 lots currently rented. 

Lot rent: $300

All trailers owned by residents. 

Monthly Income: $8,400. 

Total monthly expenses: $3,966.  This includes sewer, water, taxes, electric, and 30 year note. 

MONTHLY CASH FLOW: $4,434

This seems like a fairly good deal! I also know I can get it lower price than $400,000.  Am I missing something? Would you purchase this park? There are 4 parks in this town and this park is by far the best maintained etc.  Any advice, input, etc would be greatly appreciated. 

Thanks!

Hey BP Member, 

Looking for some advice on accounting systems that you use for your rental properties.  We currently use Quickbooks and TrueRent.  I don't feel these are that user friendly and am looking at changing.  Please let me know what you would recommend. 

Thanks!