All Forum Posts by: Dustin Hope

This is a duplex property, located in Kingsport TN. unit A is a 2 bed, 2 bath, freshly painted new flooring, it comes with a refrigerator, dishwasher, stove, over head microwave. It also has central heat and air, along with baseboard heaters. It has been remodeled, new tile, carpet and floating floors.

Unit B is 2 bed 1 bath, freshly painted though out. New tile and floating floors, it comes with stove, refrigerator and microwave.

You can see pictures on zillow and craigslist tri city.  Im asking $120,000

No, I did not account for that, I need too, i'm no sure how I will come up with a figure. There is no other park or apartment in the area. The units are owned by the tenants and to move them cost starting at $3000. So I feel that the occupancy will remain fairly high. Any thoughts?

I don't have a plan B, that is a part of the reason I was writing you guys, any information would be appreciated.

Give me a brief description of what you have in mind for different options and I will work on it?

Thanks for the response,

Am counting insurance twice? No, just adding more, they only have liability. I would be adding income replacement insurance. Now that I think about it, i'm not sure if it would be worth it or not. My figure might be too high as well. Would you get income replacement insurance?

My NOI: $150 lots x 44 lots = $6600 x 12 months =$79,200

Did I do something wrong?

As for the market rents I have to do some more research, I will get back to you.

Thanks you

Thanks!

I am writing you guys to help me figure out if I can make this a deal or not?

It is a mobile home park, with 48 lots (leased for $150.00), no park owned homes, and pays for their own utilities, 44 lots occupied.

All Annually

These expenses are from the park,

Real estate taxes: $2593.50

Outdoor lighting: $672

Liability Insurance: $500

Lawn: $720

NOI:

The gross NOI is $79,200

I Would Add Or Change To The Following Expenses, Such As:

Management: $ 3,168

Other: $ 300

Lawn: $ 1500

Insurance: $ 1000

Travel: $ 800

Loan from bank:

Interest from bank: 6.5%

15 years amortization

Loan for down payment:

Interest for investors: 8%

Questions:

It seems every park I run into there is no money left after I pay back the bank and investors. Do any of you have any suggestions? Or is it simply not a deal….

This is what I would like to have. I am not sure if I have a realistic offer price of $381,000 for the seller once I pay back everyone and have cash flow of $15,000 to $20,000 for myself. What is a realistic number I should strive for in a deal?

I do not have the down payment and want to set up the deal and have someone else manage the park.

Is it possible to make this a deal? How would you structure it?

My main objective is maximum cash flow!!!

OK, I have a couple of different questions, i'm looking ate a single mobile home and trying to figure my MAO. I am Confused on what is the holding caring cost and what is the average percentage to deduct off the fair market value? Also is the repair/setup cost different from holding caring cost?

I need help with my operating agreements, I'm looking at the future and lets say hypothetically my investor wants to cash out early and needs his money soon, what do I do in this situation?

Another situation is when I go to sell and it does not sell at the targeted year that I want. The investor wants his money, how would I get around this? Bring on anther investor to buy him out....

Any suggestions, thanks.

Thanks Guys!

I am currently looking at a mobile home park and would like any suggestions for different ways for an exit plan. Thanks