All Forum Posts by: Charlotte Dunford

@Web Annacius it depends on the state laws. Most likely you'd need to honor the leases. You can certainly approach the tenants, but as we all know that they won't want to take a higher price. Here's what I would do - use this as a bargaining chip with the seller. Say that you are locked in won't make profits until a year later. You'd like a lower price to match the rent level currently.

@Asa Ifill Yes mobile home parks is my niche. Some of my parks are out of state and some are in state. I have systems and processes in place to make it work well.

@Jim Roach I've done a fee seller financing deals. The closing attorney prepares the paperwork based on the terms you negotiated.

@Asa Ifill I've done several seller financing deals in mobile home park. In my experience, any closing attorney would know how to write up the promissory note and security deed. They do that as part of the closing service.

@Marvin Meng Cozy is great.

@Andre Jernigan Here's why I quit :) Check out my blog below. I wrote in NOv 2019 my unit count has grown since then. As for mobile home parks, it's not as saturated as other asset classes. 

https://www.biggerpockets.com/member-blogs/12548/87659-escaping-corporate-america

@Thomas Loggins Different investors want different investment products. If you are an accredited investor with 1mm cash in hand, the syndication firms that specialize in larger acquisitions would be your fit because you have the capital to take it down and you most likely want a less risky class A asset. I am a syndicator focusing on smaller mobile home parks with higher risks and much higher returns. For someone with less capital to invest, I might be your best fit because you still want to grow your capital and might be more risk tolerant. Some with less capital in hand are probably looking for a higher return than the investors with millions of dollars already. Usually, investors with large amount of money want more stability and security than growth. It's just different investors are seeking different products to invest in. If they are reaching out to you, that means they think you profile might mean you would be interest in their investment product.

@Jared Lomker I am a syndicator. My first 2 deals weren't syndications. I syndicated starting from the 3rd deal. It's not as complicated as some tell you. Go for it! Consult an attorney and fully understand the process and structure. It's not rocket science.

@Christopher Nemlich you can do a joint venture who is more straight forward. Someone puts in the work and someone puts in money and profits are split. Another way is through syndication. I've only done syndications before and here's how I structure it. 8% annual preferred rate of returns for LP's (passive investors who provide capital). Once satisfied it will be 70(LP)/30 (GP) cash flow split. There is a small acquisition fee upon closing as well for jobs done prior to acquisition.

@Carl West It depends on who this friend is. Lending is tough. So many moving parts here. What type of project is this? Are you good at underwriting it and assessing the situation? Is your friend trustworthy? How high is your risk tolerance? Those are the questions to ask yourself.