All Forum Posts by: Joshua Diaz

Oh good deal!

Wow.  What a deal for those residents.  And yea of course there will be complaining it when they look around and see that’s how things are everywhere else, how can they blame you.

Just wondering, how did you find this deal?

Well I’d do what you did and show that wholesaler how you came to your price. 

And since you did come to a price, you also have a cap rate in mind.  You can justify that by saying the cap rate has to be higher than the interest rate on whatever financing you get by 3 points to make it worth it.

If seller financing is an option with the actual seller, that interest rate can be negotiated to make sense with the cap rate but I’m not sure if that would work with such a price difference.

Also, you said you are super into the park.  Try to keep emotion out of it and be prepared to walk away if they are stubborn.  Who knows, they might need time to realize that they are overpriced or maybe the seller will part ways with the wholesaler and come back you in a bit

Hope this helps

@Ekaterina Stepanova I’d love to! I have greatly enjoyed your previous meetup with guest Charles DeHart.  Unfortunately my current schedule doesn’t allow for me to be able to attend but I greatly appreciate that you record and post the presentations so that I can still see them.  Thank you so much for what you do!

That’s so exciting to hear!  While I don’t qualify for this unfortunately I do wish you all the best!

While it is not impossible to create a new park, podcasts and books I’ve read in general all point to the problem of how expensive it really is to create a new mobile home park from scratch.  You have to count for the costs of building the pads, the cost of hooking up utilities, costs of either building a well or connecting to city lines, costs of building a septic tank or connecting to city lines,  the phase 1 survey to make sure the land is not contaminated, not to mention all the fees I probably don’t even know about to maleness it ok with the city.

Not meant to scare you or anything but just a precaution to be aware of what you are really going to pay before you get started in this endeavor.

 Wow that’s  awesome!  Thanks for sharing!

I would think so.  If not you, then who.  All sources I’ve read on pretty much say that empty lots are maintained by the park owner.   Hope that helps .

Well you are definitely smart to get stuff in writing.  Now I’m not sure if that official letter will be enough but if they push back on even that, then I would cancel this deal.

Unfortunately I don’t know enough to fully answer this question but hopefully someone more knowledgeable chimes in.

How many spaces total?  Or is it just the 9 spots?

If just the 9 spaces, how long have they been empty?  As I understand it, if a park has been empty completely for too long, it may lose its grandfathered status.

And what’s the area like?  Are there other parks around that are doing decent or are they all empty?