All Forum Posts by: Kyle M.

First, I'd like to thank BiggerPockets for the tools and resources they provide to their members. It really makes investing in real estate easier. 

Suggestion, or if someone knows how to do this please let me know, I'm running the numbers on a mobile home park that I'm planning on BRRRRing. 

The issue I'm having with the calculator is that it doesn't have an option for adding or subtracting units after the rehab. For instance I'm planning on adding about 20 spaces to the park. I can go ahead and plug in the total spaces with the revenue at the beginning but then my numbers are too high for cash flow, ect when I purchase it. It could be splitting hairs here but I'm planning on presenting it to my lenders and want everything to look straight. 

Any help with be great.  

@John Gillum Where you you planning on getting these mobile homes? From a dealer or buying them from individuals?  

@Account Closed the reason I say that is because the condition of this place and the amount of vacancy it has, no bank would touch it. so cash for me is out of the question. I need the cash to buy MHs and bring them in to fill the park.

@Ryan Groene It seems like everyone's feed back is about the same. Like that old song, you can't always get what you want. The reason I'm shooting lower on the price is because no bank would touch the thing and all cash is out of the question. Thank you for the input!

@Chris Ebert Thank you for that. I plan on doing this. Knowing I'm going to be showing this to the selling side I've really been diving in and seeing every side to this deal. Thanks!

Simply tell them that the reason that they weren't selected is because you don't like their kind. You should be fine. 

But really don't. Good Luck.

Good morning BP! I was hoping to get everyone's input this morning on an "issue" that I'm having. I thought this would make a great discussion because I'm sure everyone has ran into this as well. 

I've been looking at smaller R/V and Mobile Home Parks in the Dallas Fort Worth area. Spotted two that I like. I have most of the information that I need to feel comfortable putting in an offer on one. Here's the thing. I believe the seller is way off on the price. Seller wants 350K for the park. I believe it's worth about 295K.... if he can provide owner financing. We've talked for some time now on the phone and he has explained to me why it's worth that much. I don't see it that way. 

What are some ways that I can present my offer that won't come off as low balling the hell out of him?

Looking forward to your feedback.

Following

@Greg Tawes I'm in the same boat as you. My park has 31 vacant spots. 

Cash program wont work for me because they want to see 2 years financials and I don't have those.

I'm bring in 6 brand new Clayton homes that are financed 15% down plus moving and set up. Puts me at about 25% down total. They will be brand new and like @Ken Rishel said they will attract better buyers. 

BTW the financing on that is private no banks or institutions.

My second plan of attack and really the more profitable one is going around to all the MH dealers and setting up a great incentive  program for people that want to buy a new home and live in a great park. It seems like you and I are facing the same issue.  This will include a reduced rent for 12 months or so and to sweeten the deal I'm looking to pay some amount of money to help with the setup and moving cost. Haven't landed on a number but the way I figure is if I throw a $1000 at helping them move a nice home into the park I'd have my money back in less then 6 months and that thing isn't going anywhere for a very long time. I hope that this gives you a couple of ideas. I've been working at this for sometime and would love for this to cut down the time for you.

Look into Legacy Mobile Homes. They have a park program where they will finance the homes for 15% and put the homes in the park's name. 

Let me know if you come across any other kind of programs on your search. I'm excited to see that mobile home lending is getting easier.

Sent you an email.