All Forum Posts by: Joshua Diaz

@Filipe Vaz

Definitely listen to the latest podcast.  The guest is Frank Rolfe, the 5th largest owner of mobile home parks in the country. Some really good nuggets of wisdom in there.

This is a really good question to ask and I love the conversation that came of it.  Some of these responses covered my thoughts on the matter but to put it simply, low income folks need a place to live.

The moral part I believe doesn’t come from the park itself. Its how the owner goes about treating the residents.

 Sure you can legally raise the rents to maximum the market supports and pocket all the difference (while putting none of it back into the park).  That would be the extreme on the non moral side.

You can raise rents to market and put most our all of that money into the park to improve the quality of life for the residents. (Would this be considered a gray area?)

You can raise rents just a little . (Just in order to support the debt service and the necessary expenses).  But then you have a park that just breaks even and people wouldn’t want to buy parks in that case.  The park may not be able to sustain itself in the long run.

Also, while the mobile home is a depreciating assets, the sheer savings on the costs of the home compared to stick built housing is the balance that makes up for it.  What someone doesn’t get in appreciation, they get in pure savings which equals money in their pocket.

Just my .02.

Thanks for the topic.

@Julie Kern

Awesome! Thank you so much for that update.  I’m really glad for you for having this deal under contract and I hope it all goes well for you!

Yes mobile home parks do get seen in a negative light and sometimes fighting the city just isn’t worth the hassle.

I’m glad you never pulled that plug and your future set will be glad, too.

Looking forward to the updates!

I don’t know if any templates but if I were you, I would type one up with your plan as you have stated.  But definitely include numbers in that letter.  What you can bring rents up to by including what market rents are,  what you can lower expenses to by including quotes or prices from service companies, the costs of management, etc.

Not much to go on but I do hope it helps a little.

@Byron Scott

First of all, congratulations!! You have made a very important first step towards your financial future. 

And with a triplex, no less!

Keep pushing forward and get ready to do some serious learning.  As you already may know, there are plenty of folks here that have just gotten started or at the point where they want to. 

Always be willing to bounce questions or concerns off bp.

I only have a duplex myself and it has been a slow but deep learning process.  I’m glad that I did it.

All the best to you!

@Veronica Farber

Such a horrible situation.  Not much advice here but I’d say save all those messages this guy is sending and turn them over as evidence of harassment if you can.  

I’m not really sure how that would go. But maybe it would help the case by showing what a disgusting person he is?

Sorry you are going through this

Wow that’s definitely an interesting way to finance!  Thanks for sharing.

@Julie Kern

Awesome! Thanks a lot for the suggestions!  If you ever want to know more about the space I’ve been trying to take in as much info as I could so I’ll try to answer any questions you might have

@Julie Kern

I’m definitely looking forward to any posted progress you want to share.

You are further cementing the idea to focus on one niche before moving to the next when it comes to RE education.

I need to get that drive you have for locating Mobile home parks.  

If I may ask, where did you find the commercial brokers to contact?   I would be looking for parks with pads between 60-100 spaces and am looking for ideas .

@Julie Kern

Wow that’s awesome!  You are definitely on the right track .  Please keep going!