All Forum Posts by: John Collins

 Keep in mind this wasn't going to be an overnight recession. First there is a sell off in a stock market, then a surge back up, then a slow grind down as people realize things really aren't going to back to normal perfectly easy. Right now the stock market hasn't reflected reality at all, you are just slowly seeing companies ease into layoffs. 

I always thought April, May, June... even July would be fine. The average worker will have some reserves and bail out money. It's Aug-Dec when we will see the height of housing issues for tenants and owners. 

What is the actual occupancy of those multifamilies? Or vacancy rates? From my understanding it's getting harder to fill the multifamilies without dropping rent to levels that aren't a great net. 

For what size parks? $10/month may work for 200 lot properties, but I can't see someone doing a decent job for $600/month on a 60 lot property. Do they have a day job or are they on site through out the day? 

Thank you @Frank Rolfe, @Patrick McKenna and @Hai Loc. I have a 20 lot site on radar (come with homes + lot) that is already set up and working wonderfully thanks to previous owner as well as a 60 lot site (lot only). The general lot rate in the area is between $400-500, and if the mobile home is park owned then it's around $1-1.2k a month. 

I only want to deal with honest people who REALLY know what they're doing and are capable of communicating strict rules, but it's not easy to find experienced people who aren't attached to another site or way up there in years looking to retire. 

Was thinking 20 lot site with owned homes - (Estimate $205k collected annual factoring vacancy) 1 lot w/ home + $1,200/month . 5% of rent roll would be $950/month, but they would also have to oversee any repairs needed to the homes themselves which would inevitably come up. 

60 lot site - (Estimate $264k collected annual factoring vacancy) 1 lot + $2,000/month . 5% of rent roll would be $1,200 .month 

Because these are smaller sites that are normally moms and pops managed, I feel overpaying would be the only way to get a solid manager. 

What are the general terms offered? I imagine they'll likely live on site as well. 

 What are your thoughts on manufactured homes / PODS in mobile home parks?

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 Keep a cool head. Always be the bigger person because in the end, that benefits YOU and your tenants the most. If the neighbors cross the line and do something physical / vandalize / confront , take swift legal action, but as an owner, just let them vent to you and calmly explain why you're not in the wrong. I wouldn't ignore outright, they'll get more pissed off and could do something erratic. 

The second you show emotion, that gives them victory and emboldens them. They might also start agitating the neighbors in person which is an absolute no no.

As long as the complaints are coming to you, about things that are reasonable, you are fine and shouldn't stress. Calm explanations and forget about it. 

Is North Texas Dallas or is it the panhandle? The oversupply issue , which is already prevalent across Texas, will occur around October of this year when people realize you can't just jumpstart everything post COVID and winter could bring on another bout. I don't see any builders budging the next 3 months because they're trying to get any juice they can before the real rough patch begins for new builds, new neighorhoods, new areas. 

I don't see things in terms of net worth, it's a word to make your junk feel bigger at dinner parties. When assets aren't liquid, I don't give them the same value as liquid cash. We can see in this economy how important cash and flexibility are, what is the point of a $400k home you can't get off the market? 

The goal has always been to make good deals when you see them, don't force anything, and by 50, have $100k/month incoming on paid off properties. Anything more would be flip deals or hold deals for cash, not rent, focused on farmland and helping young farmers. Interest free loans, free equipment and access to land with option to buy, etc.