All Forum Posts by: Joseph Gonzales

Hey Bigger Pockets Family,

My partner and I are preparing to close this week on a small mobile home park in Midland, TX. This will be a first for us both and I wanted to get your feedback and experience in owning and running a MHP. It has 23 lots, and is mixed with 9 RV spots.The park is pretty run down, as the previous owner is an older gentleman and hasn't even raised lot rent for about 5 years. Lot rent is about 100% under market rate. All Mobile Homes are owned by the respective tenants, although 2 are being sublet, and not a single tenant is under any type of lease agreement. There is also a small efficiency apartment on the property that comes with the sale. We don't want to hire a property management company, as we would rather find someone willing to live rent free on the property and collect rent, and keep up the grounds. 

Currently 85% occupied.

1. We have plans to put about 50k in repairs, as well as use a portion of that 50k to put 1-2 newer mobile mobile homes on the property. Items on the agenda are:
2. - pave road going through property
3. - light landscape work
4. - build perimeter fence 
5. - clean debris around park
6. - set actual gravel pads where RV's will go
7. - acquire newer MH's at wholesale price to owner finance to new tenants
8. - add extra security lighting and cameras to property 

1. Any and all advice is welcome!

Hey there!

I have lived in the Midland area for the past 5 years. I have been wholesaling in the area for about a year now. The recent plunge in oil prices have started some major ripples to be sure. However, there are still crazy good deals to be had out here. An example would be a 2/1 1500 sq ft house I acquired for 2k, yes, $2,000. Sure, it needs about 60k of work, but ARV still comes in around 100k. There are deals galore out here, and now is a good time to buy low. Good wholesalers will pass the savings on to their investors.

Does anyone have a referral for a good home insurance company. I'm getting ready to do a rehab on a property for a flip or rental

@Ben Nelson

This is always a touchy subject. I have more than a couple of investor friends who actively seek people with criminal and S.O. backgrounds as a part of their ministry. They believe in giving second chances to men who have messed up bad but are sincere in making a better life with better choices. They lay on time, work hard and take care of the properties they live in. S. O.'s face a harder stigma, most want to move on with life from something that may have happened 20+ years ago, but can't because of the public stigma.

Personally, I've met a good number of these men, as I volunteer at a local prison ministry, and see how they change their lives when they get out. But, having this kind of involvement isn't for everyone. All I can say is, let your heart and common sense guide you. If this guy has turned his life around and just needs a place to live without persecution, what's the harm. Be the clear headed one.

Have you attended any of the local REI events? It is a good place to network. I met with one of our REI members today to take a look at one of our houses. 8k does seem a bit steep. Have you gotten multiple bids?

Hi there, 

I have lived in the Midland area for the past 5 years. When I first moved here in 2014, the oil boom was pretty much ending and the local recession put a LOT of people out of work in the oilfield. When this happens, workers head up north where there's more work.  The last downturn lasted about 2 yrs and came back strong. We have been going strong since about 2017, but oil production is slowing lately. The layoffs haven't begun in force yet, but the oil does cycle. I have several friends who own RV parks here and they do well overall. 

My partners and I would like to start looking around areas of Texas for corporate rentals. We are also looking into going the Airbnb route for vacation destination spots around the country, but I can make that a separate post if need be.

Does anyone in the community have good experience/suggestions for areas with companies looking for housing solutions?