All Forum Posts by: Laura H.

Hey @Clint Looper - would love to hear more about this deal and see if there's anything I can do to help. Would you PM me some details?

Hey @Thomas S. and @Andriy Boychuk - How are you coming up with your evaluation numbers?

I've been doing this:

(#occupied, paying lots * monthly lot rent) * 60 (or 70)

(22 * $300) * 60 = $396k

Would love to hear your feedback!

Wow, that's amazing, @Ian Tudor! I'd love to hear more about how you accomplished this your prior experience, etc.

I'm looking for mobile home parks within three hours of the KC metro area. Through the BP forums, I learned that in Illinois it might be a big pain in the rear to evict a tenant who owns their own home. (It was said I'd have to move their mobile home, at my cost.)

Does anyone have opinions on owning MHPs in the midwest? (Specifically looking at Missouri, Kansas, Arkansas, Oklahoma, Nebraska, Iowa...) Are there any states with less-than-desirable traits/state laws/tenant rules?

@Jessica Bunge The guys from MHU (separate from MHA) own MobileHomeParksStore.com, and even they admit a lot of the stuff there is overpriced. And I've heard LoopNet is the place where "bad deals go to die." There are some properties on MLS, but these are usually small - not that small is a bad thing - and listed by residential agents who have no idea how to market them.

I haven't bought a park yet, but my strategy is to collect a list of ones that interest me and start contacting them (direct mail, email, call, etc.) I also plan to make contact with MH Brokers so they can keep a look out for me. However, I am keeping an eye out on the websites just in case a good deal gets posted.

@John Haines - In the bootcamp I went to, they said something about Dodd-Frank and the Safe Act making it virtually impossible to do seller financing these days*shrugs* They recommended a special lender that might work with folks trying to buy their own mobile home: 21stmortgage.com

@George Skidis - That's good to know... I've been looking in IL. Thanks!

Hey @Rich Ferradino - Any input here?

@Bonnie Rakes - Not planing to relocate; having a hard time finding something close to home.

@Raymond E. Hopkins - It all depends on making the numbers work :o) 

We're looking for something under $400k to start, since this will be our first mobile home park. Probably 10-50 lots, depending on current lot rent. We would prefer more toward turn-key, but are open to some value-add - the closer to home it is, the more renovations we'd consider. Occupancy 70% and up is ideal. City water and sewer. Few to no park-owned homes.

We're looking for something within about 3ish hours of the Kansas City area. This includes MHPs in Missouri, Kansas, Oklahoma, Arkansas, Illinois, Iowa, and Nebraska.

If you (or anyone) has a lead, feel free to connect and send me a PM!

Hey @Bonnie Rakes - if you hear of any good MHP deals in Oklahoma, I'd be willing to pay a referral fee :o)

@Phillip Huber - It taught me everything from soup to nuts: finding and valuing parks, performing due diligence, different sources of financing, running and managing, turning a park around, etc. It's a whirlwind of information, but worth it, in my opinion.

@Andriy Boychuk - Wow, sounds like you dodged a bullet!