All Forum Posts by: Sean Moen

Hi All,

Looking for any recommendations on banks in the northern California area. I am - specifically - in the greater Sacramento area and would love for at least one branch to be local but willing to interview others.

I've wanted to do this for over a month now and I've finally got the brain power to take this on.

HUGE Thank You to @Jimmy Moncreif for his absolutely outstanding BP Podcast (#055).

Appreciate the recommendations folks!

Nice to see another local on BP. Welcome Erik!

Same boat here Scott (In CA that is) and it's my understanding the MLO doesn't fake qualify them - there will/are guidelines to follow for an MLO to do the loan.

My mistake @Bill Gulley Edited post to give credit where the utmost credit is due. I can't tell you how many times I've read your post on the SAFE Act.

It is my understanding that the old school "Lonnie Deals" are essentially dead due to the Dodd-Frank regulations coming down the pipe. I will clarify that I've never read anything on Lonnie Deals but "reading between the lines" about Lonnie deals on BP forums and elsewhere; the reason for the death of them has to do with "qualifying" the individual for the carry back mortgage on the MH.

Bill Olsen (I think) did a great post about Dodd-Frank regs in the Mobile Home Park category if you do a quick look - should be on one of the first 2 pages as it has been a hot topic.

I have heard, but not yet meet or introduced, myself to people that are selling MHs in our local market with good results. I drive between sunrise and power inn (locally) every day for work and I can't tell you how many MHPs I have discovered because I got interested in the niche. They just blended in and I simply had no idea they were there.

They are getting filled someone and it can't completely be by the on-site management company.

Any of you guys interested in getting together to talk Mobile Homes and Mobile Home Parks in the greater Nor Cal area?

Hi All,

Ready to put an offer in on a MHP in CA but am having a heck of a time find a proper form for reference online. Any help would be greatly appreciated.

Thanks all,

Sean

Realized I should have read the whole thread before replying.

Just got done with Mobile Home Wealth Part 2 by Zalman Velvel

Along with Tipping Point by Gladwell, still trying to finish

48 Rules of Power by Robert Greene - taken over a year to finish this one and about 70% through. Very interesting book on influence and yes, power.

Washington: A Life by Ron Chernow - Heard great things about this book, got it for Christmas and looking forward to cracking into 950 pages of the founder himself.

@John Southard

How was Mastery by Robert Greene? I was contemplating adding Mastery to the never ending list.

@Paul Granneman

Just started listening to EntreLeadership by Ramsey as well. Great podcast! I've got his hour radio podcast on free subscription as well and the no-nonsense that comes out of his mouth is purely epic. Love that guy's attitude.

Currently reading "Tipping Point" by Malcom Gladwell.

Awesome read on how "things" get to a tipping and spill over. This epidemics without it being purely medical. He's blowing my mind right now.

I think I've got another 40 books in my queue on Amazon. Need more time!

Welcome @James Ehrig and keep it up man! Nice to add another local to the bunch!

Hi Travis,

As a BP member on the same path as you - looking to buy a MHP in 2014 - I can only speak on what I've read and experienced. MHPs in CA suffer the "sexy coast" effect - High price expectations from seller but low CAP calculations - so I have to look outside of my area.

I've discovered 3-5 different sites that list MHP for sale (PM and I can provide names) and constantly am looking to identify one and run numbers on. Most of the brokers I've emailed to request more information have been responsive enough and provided it along with answering any questions.

I am coming to terms with "A deal is a deal is a deal" regardless of geography as long as I account for what it will take to invest from afar. Put systems in place to double check and audit onsite managers (BP podcasts have been great for these ideas), systems to handle any evictions, systems to reconcile rent, etc...

The one strategy that I have not done in my local market is to get information on the local parks. Find out which ones are still "mom & pop" owned and get to know them.

Knowing absolutely nothing about Montana, that strategy might not work for you but I have been amazed at how many MHP I have discovered are in my county that I never knew were there until I started to go down this path.

Hope that helped a little.