All Forum Posts by: Mike Percy

Re-reading this thread, it’s about a single MH not a park. I️ should start a new topic thread to discuss parks in CA; my questions were accidentally out of context and I️ didn’t mean to hijack the thread.

@Jo-Ann Lapin do you have any borrowers in Hemet? It appears that Hemet has lot rent control per https://mhphoa.com/ca/rso/ and I imagine that could have a big impact on the ability of MHP owners there to turn a profit.

I would be really interested to hear from MHP owners in California whether they are able to make money in this state. I have read that Frank Rolfe from MHP-U won't buy in California or New York due to tenant-friendly laws. I live in California and am looking at MHPs but would prefer to buy within a few hours' driving distance from me, at least for the first one. Without a doubt, I would think twice or maybe thrice before buying a MHP with lot rent control, especially if it's set at 80% of CPI or something crazy like that.

@Michael R. wow, that is really interesting. Thanks for the info!

I took a look at their web site - www.callporter.com - and it says they use their own scripts and don't want to use yours. Is that consistent with your experience with them? Do they give you access to the call recordings? Also, will they input the lead info into whatever CRM you happen to be using?

I am a little confused that they appear to charge by direct mail volume sent as opposed to number of incoming calls. Different campaigns and media (postcards vs. yellow letters) would get a different callback rate so it seems to be a strange way to charge. Are you paying by mail volume?

@Michael R. can you give more details about your answering service? Who is Call Porter?

Using an answering service is something I've been considering. I have heard of people trying, and then dumping, PatLive due to the quality of the operators.

I don't have any firsthand experience in commercial real estate (CRE) yet but I've been looking into it. Something I can offer you is relevant podcasts:

1. The Old Capital guys are lenders based in DFW and offer a bunch of information that you might find useful, including their whitepaper and checklist, not to mention the podcast itself which features many CRE syndicators: www.oldcapitalpodcast.com

2. Tom Wilson's Real Estate Power Investing podcast is great. He is a very active large-deal syndicator based in the California Bay Area. He focuses on CRE and gives a lot of good advice, plus he has great people on his show: www.tomwilsonproperties.com/radio-show

3. Bull Realty is based in Atlanta and they have a good CRE show as well: www.commercialrealestateshow.com

If you want to really know how to make a syndication deal work, you might consider participating with an experienced syndicator as a passive investor and asking lots of questions, or perhaps offering to help, to learn what a pro would do so you can emulate it later.

My perception is that most people who get into sponsoring syndication deals start pretty small and do progressively bigger deals. Having a good track record gives lenders and syndication partners confidence and unlocks a lot of doors.

I'd be interested if you could find detailed how-to information on becoming a syndicate sponsor, how to properly write an NOI, etc. If you are really serious and in a position to do it, I think if you talk to a good lender or broker with experience working with sponsors they will likely be able to give you lots of good advice.

Thanks @Jason Bott for the advice!! I'll try that instead.

Hi BPers,

I am looking for an insurance broker that can give me a bundled quote including both California (where I live) and Georgia (where I am considering investing). Bonus points for a broker also licensed in Nevada. I'm assuming the bundle would include auto insurance, landlord, umbrella, etc. I have shopped around locally (based on Yelp reviews) and all of the popular local insurance brokers are apparently only licensed to sell California insurance.

Alternatively, maybe I should go straight to a company like State Farm or AllState and ask them to direct me to a bonded agent who can quote me for multi-state. Any recommendations on a good (and competitively priced) direct insurer?

Thanks in advance for any advice, or referrals to good insurance brokers or good bonded multi-state agents.

@Chris K. lots of interesting points. Thanks so much for taking the time to write that up. Now I have a bunch of questions to ask next time I speak with a GA lawyer. :)

Thanks again

@David Dachtera Interesting point. As someone just starting out, I currently think of problems related to that good problems to have... but I'll chew on it.

@Account Closed Yes, it is also my understanding that if the property is bought with debt as a component then the possibility of anonymity is out the window.

Thanks all for your replies.