All Forum Posts by: Tony Ngo

Thank you Jay.  We're looking for parks that are well managed since we're only looking for passive income at this point.  Let me know when the one in Eugene is done, I would consider buying it if the numbers make sense

Thanks Curt and Jay!  We have money and ready to pull the trigger, but don't want to be that 'fool'.   We'll educate ourselves a bit more before pulling the trigger.  We will be attending the boot camp in October to learn more and hopefully connect with some brokers for pocket listings.  

Thank you @Nate Wightman, I did see that one.  There are currently two offers in for that park.  I'll run the numbers for one too.  What do you think is a good price for it?  

Also, the listing agent said the seller is older and want to restructure his assets, that's why he's not putting on 15k to bring the 7 lots up to standard to rent.  He also said all the engineering work is already done and the $15k is only for getting the roads ready for those 7 lots.  What's a reasonable amount to offer for this MHP?  

We're also looking into attending a MHP boot camp to learn more.  We have experience with apartment and sfh rentals, but no experience with mobile home parks.  We appreciate all of your advice!  

Nate and Jeff,

It is on gravel road,  and we want a Mobile home court.

We're only looking for passive income and don't want to manage it since we live 6 hours away. From all the respond so far it seem like it is a bad deal unless we can get the property for around 550k-650k.  Major repairs that  will eventually come up is the septic and well system. On going maintenance will be trimming the trees since the MHP is on 14 acres and only 6 acres is used right now.  

We're looking to buy our first mobile home park and need help.  All homes are owned by tenants.  Homes are older but we don't know the age of the homes It is on septic and wells.  The seller is asking $850k.  What is a reasonable number to offer?  We're looking for double digit cash on  cash return.  What's a normal cap rate for MHP? 

Here are the actual 2015 numbers from the listing agent:

23 lots: 100% rented $7535 total per month. $90,420/year

7 lots additional can be developed: need to put $15k into it to make them rent-able.  There's a wait list of 8 people waiting to rent.  

Operating expenses for 2015: $23,592  

Management: 705/month

Recycle and disposal: 490/month

Electric: 188/month

Property tax: 200/month

Insurance 55/month

Monthly water testing: 35/month

5% maintenance and repair: 293/month

What other expenses should I account for?  Let me know if you need addition info to help me analyze this deal.  

I'm interested in these referrals as well.  Following.. 

can you share more info?  Price?  Address? 

I don't run applications with out the application fee.  I make it clear to them when they apply.   I also do first come first serve.  

I use emails and text to communicate with my tenants.  This way, I can track anything said.