All Forum Posts by: Mario Dattilo

Hey Victoria! Congrats on finding a potential deal. 

Here is the quick calc to determine value:

Total occ paying lots x avg lot rent x 12 - expense ratio (35-45%) = NOI

NOI / cap rate = value

Or

NOI / value = cap rate

Keep in mind this is just a back of the napkin calc to gauge whether to pursue it. You will need to model out the actual financials over your hold period to determine annual C-O-C, IRR, annualized return, and other return metrics.

Far too much to explain in a BP post but I do a full, almost 2 hour training, on how to underwrite mobile home parks. Check out my profile for lots of resources for MHP investors. 

Good luck with the deal!

Hey Chilon! Private message me the details. I might be interested in buying it. A few things you will need to know are…

Total homes sitting on lots 

total lots

Lot rent in the park 

Are the water and sewer public or private

You’ll want to get the sellers trailing 12 month profit & loss (and last couple years year end P&L if you can)along with their current rent roll. 

Triad, 21st mortgage, local banks are the places I would look. 

Mario

Not the exact scenario but I have had to work deals with multiple interest holders to put a deal together. Do what you have to and just be sure to protect yourself from any downside risk in the process. Good luck with it. 

Hey Brian check out my profile for a bunch of MHP investor resources. Dm and we can connect. 

Depending on size of the area. You can use google earth and build a list manually and then skip trace them. If you are going wider you can buy a list from several list brokers. I’d recommend not buying a list that has been skipped but just buy the list of properties and manually skip trace them. This will get you the most up to date contact data.

Welcome to the group @John Boutros! Hope you get a lot from this forum.

Checkout my profile for additional resources and networking spots for MHP investors. 

Continued success! 

You need to go through the abandon title process to get the title issued in your name so you can rent or sell it. Get with an attorney to determine if you need to take the home through eviction first. Each states process is a little different. Hope this help. 

You’ve got multiple routes…

-seller financed with little down but you will still need money post closing so it’s not no money out of pocket kind of thing. You will have costs associated with the  due diligence process that you will not want to skip. 
-general partner will have an active role with you in the deal and will potential contribute funds as well. The key to this is they are active, not passive. 
-limited partner (passive investor) is playing in the world of securities and you need to get a securities attorney involved if your taking money for equity in a deal if they are not active in the deal. 
-private lender is lending you money in exchange for a lien and is structured as debt and not equity. You can structure debt to function a lot like equity but if you go down that road you should talk to the securities attorney to ensure you’re not playing in the grey. 

I recommend you find someone who has opposite skills as you, with integrity, that has a lot of experience if you’re new to the game. Study up to so you are well equipt to make good deals happen. Check my profile for a bunch of good resources for mobile home park investors. Hope this helps. 

Rent manager is the most commonly used property management software in the Mobile home park industry. It’s got the accounting and operating an all in one and is pretty robust. I’d recommend it. 

I would think about having the seller be your manager after closing. That can cause all sorts of problems. We typically want the previous owner away from the property the day after closing so we can take over the property and implement our systems.

I’ve got a lot of MHP investor resources in my profile that can help you through that first deal. 
hope this helps.