All Forum Posts by: Kenny Stanley

@Victoria Weiss I was in a very similar spot to you a few months ago. Listening to podcasts, reading forums, etc... Finally got active, now me and my partner have our first park under contract and are looking to make an offer on another this month. I don't know if you are doing this solo or have a partner, but partnering up definitely made me more comfortable taking that first step. I also got the opportunity to grab a cup of coffee with @Account Closed which was very valuable to meet someone actively doing the things I was learning about. If you ever get the chance to pick his brain I recommend it. I plan on attending the event Jack referenced, if you will be going let me know. 

@Ian Tudor I really like the way you put that. That's our why for pursuing this niche, to build affordable family friendly communities . I'll definitely look into AMRent as I build our our preliminary business systems. Our goal is to have a park under contract by June 2018. We just started our first direct mail campaign, and have been looking at a few parks that some local brokers have listed. Appreciate the help!

@Michael Plante Sounds really efficient. Thank you very much for the tip, I’ll definitely check it out.

@Dave Van Horn Thank you Sir! That is exactly what my partner and I intend to do with any of the mobile home parks we purchase through our direct mail marketing. Just wanted to understand the tenant screening a little bit so I can hit the ground running, and have a system in place.

Can anyone give me some advice on Tenant Screening for Mobile Home Parks? Is it any different in your experience than SFH or Apartment?

Thinking of charging an application fee to weed out some people, but I'm not sure if that would work well or not in this niche. But I also don't want to waste alot of time.

If you have any experience, please let me know your thoughts.

@Shawn Thom I'm not sure, but I'll read through my terms from my lender to be certain.

What will most likely happen here is I'll subdivide and sell off 5-8 acres to the business owner for 200-225k and he can get his own financing. The frontage is whats most valuable so I can probably get 30-40k an acre for that in a smaller chunk, and ill leave me an easement to access the remaining property behind. And that will get me out of my loan, put some money in my pocket, and leave me with 12-15 acres. I can then probably get $8,500-$10,000 an acre for that land, and that is the land I'll probably owner finance.

What do you think?

@Fred Heller Yes sir Houston just keeps growing out, and the Grand Parkway is becoming a warehouse and business park magnet. I'll definitely talk with a real estate attorney before doing anything, and try to educate myself a little bit on it as well.

I bought 20 acres on a very busy road in a growing area of Houston, I felt like it had great potential as a commercial property. It is very close to the Highway 99 that loops around Houston. The property needed some clearing and major clean up/demolition of some old buildings and junk from the previous owner. I've finished all of the clean up and just put the property on the market for $325,000.00. 

I like the idea of offering owner financing as an option because:

1) cash flow

2) It allows me to be more creative and flexible with a potential buyer.

I had a business owner contact me today about buying all or part of the land, and I mentioned owner financing was a possibility. (Did some research and his business is legit)

I'm thinking my terms for owner financing will depend on the offer:

For instance if its close to asking I'm thinking 10% down and 7-8% 15-20 years

Or if its lower but still accceptable I'm thinking 20-25% down and 7-8% over 15-20 years

I have $50k invested in the property and owe 175k.

Anybody got any advice? Good? Bad? Do you have another Idea?

Hello Everyone,

My name is Kenny Stanley and I'm 30 years old. I am a project manager for a pipeline construction company by day, and a real estate nerd by night. I am debt free except for a property I am currently flipping. I split my time between the Houston area and New Braunfels, Texas.

I came to BiggerPockets to find a local community of Houston/San Antonio/Austin area investors to network and learn with. I enjoy working as a team with others.

I have a construction background, with real experience estimating and managing large projects. I also have experience clearing land/lots of brush and trees (I've done up to 20 acres), demoing houses, building roads etc. 

Currently I'm mostly interested in commercial real estate (development, buy and hold land, multi family), and flipping.

If you think we would make a good team let me know!