All Forum Posts by: Josh Klauber

Hi BP

Would be greatly appreciated for some feedback/recommendations on using a third party management company for MHP.  Ive heard some mixed reviews but the concept is appealing to me given my time constraints and lack of prior park management experience.  If anyone has had a positive experience working in this way I would be very thankful for an introduction

Hi all

I found a really nice property (MHP) through a pocket listing. It’s a little too steep for me and more importantly I have never ran a park by myself. I would not be comfortable bringing in other people’s money without prior experience. I figured it would make sense to try to partner with an operator on the deal. A mutual acquaintance has syndicated several deals previously and would be interested to make this happen but from the sounds of it wants me to invest as if it was a normal passive investment through a fund (something I am already doing), making a certain percentage every quarter etc. How should I be negotiating this? Wouldn’t I at least be expected to get a finders fee? As the likely lead investor and the finder of the deal I would want a better return than what is being offered. (8 percent preferred return) After all if I wanted to invest more in a normal fund I would have already done so. I may still invest regardless but would certainly be way less inclined to put a lot of money into this deal. Really hope I can get some replies here as this is a time sensitive situation. Btw if there are any good prior conversations in the forum that would be relevant I would greatly appreciate a heads up. I’m sure this type of thing has been covered previously.

Thanks so much BP. Truly appreciate it.

BP,

Very interested in investing in MHP space, listened to all the podcasts, etc but don’t have the confidence to make the jump to making an offer unless I can partner with an experienced operator. Very much open to it only being on a consultant basis. I’m currently considering a turnaround deal that i feel has a ton of upside and I would be willing to make the leap knowing I had someone to at least help with the due diligence aspect (preferably more). Anyone in this community offer this type of service? If so is there a standard fee?

Greatly appreciate any and all feedback here.

Hi Jerome, if not too late please forward the NDA. Either way, would like to connect for potentially working together in the future

@Devin Newton make sure to use the rental property calculator on BP and try to watch a webinar on how it is used. Very helpful and should answer most of your questions on how to plug in the numbers

REI freak flag! I like that. Im only 37 so definitely do not have the mindset of sitting back and being passive but as you correctly state its a very dangerous recipe and Im trying to be as smart as possible here. If its ok I would love to pick your brain a bit without bothering anyone else on the chain. I am curious though what other people in my situation would do. It seems that the endgame for most inventors seems to be large apartment complexes. It also ironically seems like the easiest to manage as I would much rather have one 100 unit building than 100 single family homes. Its very tempting to dive into the deep end but without the right partners I know that is asking for trouble. In answer to your question Dave, the warehouse is unnecessary as we do the majority of our work in Asia these days and the selling of the business may or may not happen but either way it would not be to the same entity. Creative thinking but unfortunately not an option in my case.

Hi all, thanks very much for the replies. While tax savings is absolutely the main reason to do a 1031, it would obviously be nice to be greedy and have a cash flowing property with the potential to appreciate. Obviously it is a good problem to have but I know if I am not smart about this I can lose my shirt. Its my nature to take on some risks but being a newbie it seems like playing it safe to start "makes sense". Scott I appreciate the heads up about the Opportunity Fund, I had not heard of that. Are there any good books about this topic that anyone would recommend? I will reach out to Dave for sure, thanks for that tip as well

First time posting, appreciate everyone’s time

I will soon be selling my warehouse (and likely my company) for a substantial amount of money. I am fully convinced that real estate is where I want to put my money but am seeking recommendations on where to start. For the warehouse I want to 1031 and it has been appraised for 5 million. As a newbie does it make sense to start with a NNN while I learn? Should I try to partner and purchase a larger building? MHP is also very interesting to me. Unfortunately being in Brooklyn it seems that the best bang for my buck is out of town and it's a scary thought investing that type of money long distance. I find most of what I come across on BP is about single family, duplex, etc but it seems to be consensus that it is best to scale to larger buildings once you have the capital. Very appreciative of any advice you all might have and very happy to have stumbled onto BP.