All Forum Posts by: Matthew Morneault

Hey Mark,

I'm curious were any of the mobile homes park owned?  I was just looking at a 9 lot park in Aroostook County, Maine for 200K, but 4 units were park owned and 2 of them currently unrentable due to their condition.  What do you think about the risk of park owned units?

Yep! We just did this for 2024 taxes with Sean Maven Cost Segregation.  I was able to get all my W2 taxes back!

Investment Info:

Other commercial investment investment.

Purchase price: $470,000
Cash invested: $70,000

300' of lake frontage on 5 acres with 5 rentable units as STRs. A 6th unit is unfinished. The property also had room to add 3 RV pads.

What made you interested in investing in this type of deal?

The location, its my hometown and it's secluded solitude. I love being able to help people immerse themselves in the quiet of nature.

How did you find this deal and how did you negotiate it?

I was watching this specific market to find an STR close to my sister. The seller dropped the price from 640K to 500K. We negotiated through a realtor to settle at 470,000 with 10K cash back at closing for some needed repairs.

How did you finance this deal?

A commercial loan through a local credit union. 15 year note amortized over 25, so there's a baloon payment at 15.

Lessons learned? Challenges?

Be more confident and be more aggressive! AirDNA STR data is not always accurate.