All Forum Posts by: Miles Presha

@Jack Martin you're right. I knew about the Walmart test, and the small population red flag. This is our first call to a park owner,so it was a good exercise to get our feet wet. ive been mostly buying mobile homes in the L.A. area and am planning to acquire a park in the next year. Where do you buy? AZ? 

Charles the tax info I saw said around 50K. I haven't seen any rent rolls yet, but I would think some of that money has to come from the seasonal RV tenants. There are 45 lots altogether. Pretty much an even split between homes and RVS. 11 of the homes are occupied currently. This is why I'm ppeeping the financials first. Gotta see what's what. If it looks legit do you think it's worth the risk? Tax return said gross was 100K for 2017. 

Have a lead on a MHP in North Dakota. Small town of 1100, 

60 miles from Bismarck. 

Half the park is RVs which are open 7months a year. There is a contract in place for 21 workers for a wind turbine project from 2019-2022. Each will pay $400 a month. 11 of 20 MH SPACES filled full time. 

NOI without workers is around 50K. There is opportunity to bring in more homes. Asking price is 400K.

WORTH PURSUING?

PRICE CHANGES EVERYTHING.

Kameron, As far as I understand, a mobile home community is a multifamily/commercial asset.  As long as it has value, particularly equity, you should be able to borrow against it.

I myself owned about 5 mobile homes in the past and am looking to branch out into parks soon.  One of the cool things about this asset class is that you can force the appreciation by making improvements and raising lot rents.  Once you boost the income a little, the value of the park grows dramatically.  Cool stuff...  there are some great podcasts out there, and I can recommend a great book too.  Are you buying a park?

Congrats on your success.  How did you choose those markets?  And did you get the properties from BP connection?  What do you advise for us other newbies who haven't closed on anything yet?

thanks guys....It really is a tough situation.

@Kai Van Leuven ca Joe get financing with that 90k tax lien on his credit.  I believe tax debt has to be below 50k to get approved for a loan.

This is the 2nd time I'm asking for help so I will re-word and be brief as I've yet to get a satisfactory answer.....

A hypothetical situation:

Joe currently lives in a house on a lease option to purchase.  Joe has a tax lien for 90K which is preventing him from getting a traditional loan/financing.

The house Joe lives in is paid off, but the seller has a lien on the house from his mother's nursing home.  The seller is willing to give Joe seller financing on the house, but is concerned about how to pay off his own lien.

What can Joe do? His lease-option price is 275K, and with proper upgrades the house will be worth more than 600K ARV.

How can this be worked out????

Thanks!

I hear you Rob. Thx for the reply. Let's stay in touch. I'm mostly looking into MF including mobime homes  let me know me if anything crosses your radar. 

Thanks

Miles

@James Wise Thanks for the tip.  that seems to be the general consensus.  I'd love to connect and keep in touch.  Would love to possibly see any MF pkgs you have as I'd like to practicer crunching numbers in preparation for my first deal.  Have a great weekend!