All Forum Posts by: Marshall M.

I researched both Ghent and Park Place in Norfolk for many months before deciding not to invest due to crime, flooding, etc. Most people  consider Park Place to be in the midst of gentrification and Ghent to be more upscale. I would watch out for slow turnover. There's also a lot of Section 8. That said, I do know two folks with experience in Norfolk I can connect you with if you are still interested.

thanks guys! Going to keep sending mail and start driving for dollars more often. Let's see what happens!

Used to handwrite letters and send to high equity owners  and get a 2% call rate. Lots of people looking for full price. The one lead that did pan out was a prefoeclosure so I started targeting those with  typed mail and postcards and now I'm not getting anything. Any thoughts on next steps? 

Sounds like major upside but don't be deceived. First make sure there's a market for mh. If 10% occupancy, either market very bad or park run into ground, or maybe mix of the two. Hard to do lease up in MH from 0. You may yourself with a lot of rental homes to make it work. Look at 21st cash program. One or two homes at a time. Try to rehab the ones you've got if they are salvageable. Good luck and tell us how it goes!

Congrats! Also diligence the park: ask about historic lot rent increases and if they are planning to increase soon. Do rents include utilities? What approval do you need from the park manager etc. and definitely get a home inspection. Good luck!

excellent post!!

Unfortunately I can't. You're missing a lot of crucial information like your target returns, park occupancy, location/market info, insurance, tax reassessment likelihood, payroll, R&M, management fee, water and sewer source, etc. I'm assuming this is a two to three star park given age of homes and size. 

For now, I'd underwrite conservatively: assume a 50% expense ratio and a pretty high cap rate given the high number of rental homes and size. Also think about potential cap ex like roads, putting in new water and sewer lines, etc.

You should check for sales comps too.

Does anyone know any good GCs in northern Virginia? Looking for someone to help inspect a home in Arlington next week.