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All Forum Posts by: Justin Bush

Justin Bush has started 10 posts and replied 35 times.

Post: 2 property portfolio Southwest MI…$370,000 in place NOI!

Justin BushPosted
  • Contractor
  • Texas Corners, MI
  • Posts 37
  • Votes 10

We have 2 properties for sale…a 42 space MHP and a 25 unit Multifamily. They are about 15 minutes from each other and have in place management. Serious inquiries only please and I’ll send additional info. 

Post: Thoughts on an offer for a property…

Justin BushPosted
  • Contractor
  • Texas Corners, MI
  • Posts 37
  • Votes 10

@Steve Vaughan the buyer does have experience but self manages. He has a 22 unit property already that he self manages and would do the same here. We have someone onsite who is very helpful and does our mowing, etc. Just to be clear he was planning on getting a conventional loan for most of the agreed price. Enough for us to pay off our loans and closing costs and plus a little extra. So 25% of that loan. And then on the side a second note with us. I agree on the higher rate

@Henry Clark we would get 150% of initial investment back within 7 months and then the seller carry note would be gravy. I agree on many of your points and will pass along to broker and discuss… thank you both for your input!

Post: Thoughts on an offer for a property…

Justin BushPosted
  • Contractor
  • Texas Corners, MI
  • Posts 37
  • Votes 10

Hey all…I have a 25 unit property for sale and have received an LOI with some seller carry terms. The buyer intends to get enough conventional debt that we could pay our mortgage off as well as closing costs and have a little to put in our pocket. And in addition we would carry a second note at 6% over 30 years with a 5 year ballon, the gravy portion. With what the property has cash flowed since owning plus the extra left over after closing we would get our initial investment out plus maybe $50k. From what my broker is telling me these arrangements are becoming very common with what's going on with interest rates. When I look at the deal from his side, and what his debt service will be, the property will still cash flow very well so I feel our second is secure. Thoughts?

Post: Well water in a mobile home park

Justin BushPosted
  • Contractor
  • Texas Corners, MI
  • Posts 37
  • Votes 10

@Gulliver R. that would be safe bet. Maybe add some for buffer. Also get all info you can on well/water. If pumps or well tanks are old plan on changing them and also it probably goes without saying but having 2 alternating/backup pump(s) is better setup.

Post: Well water in a mobile home park

Justin BushPosted
  • Contractor
  • Texas Corners, MI
  • Posts 37
  • Votes 10

The previous owners had system installed so I didn’t have to shell out that money and also had all filters rebed six months before buying park so I have 9 years before having to do that again. When we set up our numbers we had $15000 line item for water(treatment/capx) and still worked out quite well. It should be said that this is for well that has problems, most are normal and all you pay for is electric for pumps and maybe quarterly testing. This park gets tested twice a week! Another park we are looking at has total water costs of about $1250 for year for 58 space park for testing and electric. That is much more likely what you’ll see. 

Post: Well water in a mobile home park

Justin BushPosted
  • Contractor
  • Texas Corners, MI
  • Posts 37
  • Votes 10

Hi all...regarding Gullivers question on cost, park we have in MI has treatment system for arsenic. They had shallow well and town made them redrill deep well about 15 years ago and hit arsenic pocket, very common in parts of MI. They had to install system that cost about $80000, it is 26 space park, which consisted of 4 big media filters that alternate use and bring levels to zero and even have their own little drain field for the backwash water. Those units need to be rebed every ten years for about $40000, and have annual testing of about 6-9000. Were thinking of submeter with Metron meters in spring to offset testing costs. Hope that’s helpful!!

Congratulations Jack! 

Post: Has anyone done a complete clear out and restart of a MHP?

Justin BushPosted
  • Contractor
  • Texas Corners, MI
  • Posts 37
  • Votes 10

hey Tyler! Portage huh? I'm right in Texas Corners! I'm currently looking into another park in area. Good luck with your project! Sounds like a big one...is that the park in Mattawan by any chance?

Post: Anyone thinking of going to MHU Boot Camp in Denver this June?

Justin BushPosted
  • Contractor
  • Texas Corners, MI
  • Posts 37
  • Votes 10

I totally agree with Andriy. I just came home from the camp in Nashville and it may sound like a lot for education but what you will save in avoiding huge mistakes pays for it. Not only does it tell you what and how to purchase, it tells you what not to purchase. I was about to pull trigger on park i was looking at and wow did I dodge a bullet. I would totally recommend boot camp if looking to get into business

Post: Heading to Mobile Home University boot camp in Nashville!!!

Justin BushPosted
  • Contractor
  • Texas Corners, MI
  • Posts 37
  • Votes 10

I head down for it Friday, Saturday, and Sunday...I'll be sure to let you know. Everyone that I spoke with said it was more than worth the money if MHPs are the way you want to go. That's for the tip on the hot chicken Luka..have a couple places on my food list