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All Forum Posts by: Mario Dattilo

Mario Dattilo has started 3 posts and replied 156 times.

Post: Small RV Park insurance

Mario DattiloPosted
  • Investor
  • Naples, FL
  • Posts 167
  • Votes 162

Get a MHP/RVP specialized agent for this. Contact Mobile Insurance (Kurt Kelly) or Stanford (Brendan Ford). Tell them I sent you. Ask them about business interruption coverage. It usually comes with property coverage which is tough because you don’t have any structures by the sound of it. They can advise you though. Tell them I sent you. Hope this helps. 

Post: How do you insure a MHP (with park-owned units)

Mario DattiloPosted
  • Investor
  • Naples, FL
  • Posts 167
  • Votes 162

Definitely get with a mobile home park insurance agent for their advice but one coverage that is often overlooked is business interruption coverage which covers you for loss of income from a catastrophic event (hurricane/tornado/etc). So make sure you’re getting that. 

Mobile insurance and Sanford are both well known agencies with a focus on MHPs. Tell them I sent you. 

Post: Specific Question on Valuing a Mobile Home Park!

Mario DattiloPosted
  • Investor
  • Naples, FL
  • Posts 167
  • Votes 162

Yes, value the lot rent across all the TOHs and POHs. You can use current park lot rent but you should also research the market lot rent because when you sell those homes you can sell them to buyers that will pay market lot rent instead of slowly raising them from parks current lot rent to market. This is one advantage of buying a park with all POHs. 

Do not put a value on the cash flow of the home rent portion. If you absolutely have to you can determine how much you could sell the home for as-is (be conservative and subtract expenses involved in selling). This is only if the seller is pushing for it. Usually your value of the home will be a lot less than the sellers. Ideally you put no value on homes and you're able to pick up a few bucks each and reduce your basis with those funds.

Hope this helps. Check out my profile for a bunch of sources for MHP investing. 

Post: Mobile home investing

Mario DattiloPosted
  • Investor
  • Naples, FL
  • Posts 167
  • Votes 162

Welcome to MHP World! 

1) Start with knowing what you are good at (ie deal sourcing, property mgt, due diligence, have capital/raising capital, etc) and what you want to do. It could be some or all of these roles. You can play this game as a individual or team sport.

2) Research the heck out of the industry and make sure it's where you want to invest. If you do then get educated thoroughly. Don't wing it. There are tons of resources such as biggerpockets, MHP Tribe, MHU, Youtube, podcasts, books, etc. The key is to find the data.

3) Start looking at real deals early on in your education so real life scenarios cause you to learn what is needed and not just text book.

4) If you decide you are going to play it as a team sport be very selective on who you partner with as you are marrying them. Find someone who compliments your skills well and is good at what you are not. Someone you can be comfortably married to for years. Otherwise do not partner.

Hope this helps you get started!

Post: CASH Program through 21st Mortgage

Mario DattiloPosted
  • Investor
  • Naples, FL
  • Posts 167
  • Votes 162

Nick we have the 21st CASH program for all our communities. It’s great program if you have a good number of lots to fill. It takes a good amount of time and documentation to go through the underwriting process for it. It’s a great option. Other lenders have similar programs for both floorplan and retail financing. 

Post: Maryland Mobile Home Park Acquisition

Mario DattiloPosted
  • Investor
  • Naples, FL
  • Posts 167
  • Votes 162

Wesley, for insurance you need to use an MHP specialized agent. Contact Kurt Kelley at mobile ins for this. 

I’ll wait to get clarification on the expenses that someone else asked about. Small parks in general are harder to make the numbers work because you have less revenue to work with. A plumbing break costs the same in a small as a large one but has more impact on the expense load on the small one. 

Post: Help me analyze this mobile park deal!

Mario DattiloPosted
  • Investor
  • Naples, FL
  • Posts 167
  • Votes 162

You calculated it correctly. That size park may be a little lower expense ratio depending on utility responsibility and other factors. May be down in the 35% expense range but 40% is pretty safe. I am assuming the $575 is lot rent. 

Post: Flipping a MHP and getting my retail MH license

Mario DattiloPosted
  • Investor
  • Naples, FL
  • Posts 167
  • Votes 162

@Sean Hayes we own parks around atlanta, are licensed dealers etc. Reach out and let me know how I can help.

Post: Mobile home park wholesale

Mario DattiloPosted
  • Investor
  • Naples, FL
  • Posts 167
  • Votes 162

Anna the basic steps are this…

1) Evaluate the property and determine what it’s worth and what is needed to get it stabilized.

2) determine a fair and marketable assignment fee for you putting together the deal.

3) offer a price that takes into consideration the improvement costs, your fee, and an additional discount that makes the price you market it at attractive to an end buyer.

4) make the offer and negotiate until you have the terms you need. Be sure to build I. Plenty due diligence period and closing period. Remember you need enough time to line up the buyer and enough time for them to get their due diligence work and possibly financing completed. Pro tip: have the dd period clock start only upon receipt of all DD items from the seller.

5) get the contract executed and immediately begin marketing it to your buyer list. You will want to have a thorough breakdown of the transactions and as much supporting documentation available as possible.

The sooner you get your assignee lined up the better since the clock is ticking. Vet them thoroughly since you usually only have one shot to assign it and you want someone who can perform. 6) execute an assignment agreement with the assignee and keep an eye on the transaction through to close

7) close and get your assignment fee *use an attorney for the purchase contract and assignment to make sure you’re doing things correctly. Make sure your contract is assignable. *get the earnest money from the assignee and make sure it’s non-refundable with maybe a few exceptions (title/environmental/seller performance etc). *manage the transition from you to the assignee carefully as to fully disclose to the seller but to not make them irritated. This is tricky with some sellers as they don’t understand.

****biggest advice is to make sure it is a great deal and marketable. Be knowledgeable about it so your potential assignees can quickly understand it and go forward with it.


make it happen! 📈

Post: Mobile home park wholesale

Mario DattiloPosted
  • Investor
  • Naples, FL
  • Posts 167
  • Votes 162

Is it a mobile home park or a mobile home?