All Forum Posts by: Maksim Easley

@Tim Y. How much is the lot rent? Using that, you can figure out the cap rate. What is the market lot rent in the area? Will you be able to increase it? Are the people who are renting the homes interested in buying them? I see mobile home parks as a land rental business so I’d want to sell those homes as soon as possible. Maintenance and repairs bill will go down. Headaches of taking care of those problems will be reduced and letting the owners take care of them is more than worth it. Also, what is the market like? Is there great demand for mobile homes there? If so, I would add more. If not, I would pass up the deal. Post some ads on Craigslist or such and see how many people call per week you get asking about the homes. If it’s less than 10, then there’s not enough demand in my opinion. It looks like a potential deal but not enough information. To purchase it, find a partner to provide the down payment and let the bank finance the rest of you do decide to go through with it. By the way, I am not an expert on the topic but I’m looking into buying a MHP in the near future and have done quite a bit of research and education on the topic. I recommend you check out mobile Home university or Mobile Home Park Academy for more info on how to evaluate a potential MHP deal if you haven’t already.

Thank you all for your replies so far! Everything is very informative and helpful! I appreciate it!

@Frank Rolfe Thank you for the reply! I’ve been listening to your Mobile Home Park Mastery podcast for some time and it has helped me a tremendously so I’d like to thank you for that! It led me to finding out about your course. I was wondering if you would happen to have any promo codes for the course? I’m interested in purchasing the $997 bundle #2. If not, no worries. Thanks again!

@Khanesia Washington thank you for your reply! Do you have any recommendations of how I should go about making the contract? Should I have someone make it for me (if so, who?). Or are there some online that I could use such as on BP? Thanks again!

Has anyone bought the Mobile Home University’s Mobile Home Park Investing Home Study Course

https://www.mobilehomeuniversity.com/mobile-home-park-investing-books-and-courses/mobile-home-park-investment-home-study-course.php

I am fairly new to REI investing and after a couple months of learning, I have decided to focus my time and energy more on learning about mobile home park investing as I have decided that it will be my niche starting out. I was wondering if anyone has purchased the above course and if it was worth the purchase. It looks very promising and informative. I am also looking into their boot camp as well so if anyone has completed that before and could give me some insight on their experience of it, it'd be greatly appreciated. Other education related recommendations are also encouraged. I'm trying to invest my time and money in the best possible education I can for myself before I dive straight in and buy a park, which hopefully will be in the near future. Any and all advice is appreciated. Thanks in advance!

Hello BP. I am a 21 year old college student and I recently bought a 2 bed 1 bath condo to house hack. I have a friend that is most likely going to rent the spare bedroom on a month to month basis. I have never rented anything out before so my question is, how should I go about it? Should I get a contract and if so, would one on BP work or should I have an attorney create one for legal purposes and talk to an accountant on how to get the most out of it for tax benefits? I assume I should have him pay me by check or money order, is that correct? Any and all advice/information is appreciated. Thank you in advance.

@Hadar Orkibi thank you for that advice! I plan on starting in my market where I’m more comfortable and is a market of what I plan to do and then expand outward.

@Jeremiah Mon I appreciate the advice! Sounds like that will be the best plan! Start small for a year or couple, learn, find a mentor and then expand!

@Justin G. Thank you for your advice!! Would you happen to have some articles or links you could provide in this discussion that you personally favor?

@Bjorn Ahlblad thank you for your reply! Currently I’m still in the learning process and trying to gain as much knowledge as I can while saving up some money to invest and networking. I’m a planner and trying to decide what the best approach for me would be to go about it and the next steps I need to take.