All Forum Posts by: Jonathan Halverson

Broaderick Brown I have my license at Keller-Williams in Clear Lake. KW offers a lot of support and training for new agents. I would recommend them if you're going to be a full-time agent. There are also a number of investors/house flippers that are agents there as well. I'd be happy to talk with you more, send me a PM so we can connect!

I'm new to mobile home parks, but that asking price seems way too high. For a NOI of only $67,500, seems like you would only want to pay $675,000-$750,000 if you're buying at a 9-10 cap. If you did buy at $1.6 mil and put 30% down, you would be paying on a note of $1.12 mil. Even if the owner finance terms are 5.5% interest with a 25 year amortization, the monthly payment still looks to be about $7,700/month. That's $92,400/year, which is more than the park's NOI of $67,500. Maybe I'm missing something, but it doesn't seem like a deal to me.

I am in Friendswood, would be happy to help!

I'm in Friendswood, not too far away!

Mobile home park

Joel Ness send me a PM. I'm located in Friendswood and am looking for ways to acquire more rentals. I purchased a triplex in July, so I'm lacking down payment funds right now. I do have a good work history, ~8.5 years at current job as a mechanical engineer, and excellent credit. Let's talk and see if we can work something out!

I have come across a couple obviously vacant properties in Friendswood, TX which is near Houston. Looking up the owner in the public records shows a trust owns both properties, and a few other properties in the area. Some of the properties are also behind on taxes. The address for the owner (Dorothy O. Jackson Trust) is just a PO box. I've mailed to it, but the letters were returned. I've searched around on the internet for any information on the trust and haven't found much. I did send a letter to someone who appeared to be the daughter of the person named on the trust, but no response.

Am I missing something that could be done here? Do you guys have any specific tips on getting contact info for trusts? These properties are prime for being wholesaled/flipped and I would love to somehow get in contact with the owner and see if I can help.

Thanks!

I've been looking at the same deal, came across it posted on Houston Craigslist. I've emailed back and forth with the owner some, says he bought the place this year, rehabbed it, and is selling to get his cash out. It's a 20 unit complex that has 15 units rented out. Manager lives in one and 4 units still need rehab. What doesn't make sense to me is why the current owner left 4 units to be rehabbed? I asked him, but hasn't responded. If he had 4 more units cash flowing, it would better support his asking price. I also am somewhat unsure about having a property manager who lives on site. If this complex is owned by an out of state investor, it seems preferable to have a management company that would provide more stability rather than having to basically rely on a tenant to manage. What are people's thought on live-in property management? Deepika Tandon , let me know if we can work together somehow or if you have any desire on trying to partner on this deal.

Welcome to BP!

I would be cautious putting money into new apartment builds in Houston. I recently heard from another Houston investor that class A rents are dropping due to the amount of new buildings, and those buildings may not be filling up as planned. Great article Shanequa J. , thanks for sharing!