All Forum Posts by: Paul Bowers

Would anyone be willing to share their spreadsheet with me? I’m not looking for your data (not that I wouldn’t take it!)’ I’m willing to do my own work but I’m just no good creating a new spreadsheet. If someone has a template they’d be willing to share that would be greatly appreciated.

They should be able to at least furnish bank statements.  That will show the deposits of rent, see if it matches up.  It will also show outgoing monies for expenses.  If they have been pocketing the cash and cheating the system they will have saved in taxes and now it will cost them in sales value.  

@Swati V Patel you need to use the @ sign before the name

What about acquiring a few of them and then do a single portfolio loan on all of them together?

www.bestplaces.net has some good information

I have been starting my education into purchasing mobile home parks.  I've read quite a few books, listened to tons of podcasts, etc and am now thinking of spending some money and getting some more knowledge.  It looks like the next logical step is either Mobile Home Park Academy's online program or Mobile Home Park University's boot camp.  They are both fairly pricey so I wouldn't be in a position to justify doing both programs.  Has anyone been through both and care to share your thoughts?  If not but you've done one or the other let me know your thoughts.

Great transformation!  I'm in the middle of my first flip and find myself in a very similar situation.  I'll make a profit but my hourly wage may not exceed minimum wage.  The amount I've learned and the connections I've made throughout the process have been priceless though.

Thanks for sharing

@Frank Hock you mention that you don't have a written lease with them.  Are you sure they don't have a written lease from the previous landlord that is still in effect?  If so, that will completely change how this would get handled.

It should really have no bearing on your offer.  The house is worth what it's worth.  If they accept your offer then find out they owe more will you pay more?  If they owe less do you expect them to take less?

From my experience the loan is based on the strength of the deal not the strength of the borrower.  You'll need to have some skin in the game (down payment) but they won't typically be as concerned with your income.