All Forum Posts by: Paul Moore

Hi @John Moss,

Congratulations for saving $50k! You're doing 5x better than the average American. This is a difficult question to answer without knowing your current situation and goals, both short and long term. What is your current job? Do you want to be an active investor, passive investor, or a little of both? I would recommend learning as much as you can about the real estate space and see where you can best fit in based on your strengths and current situation. Whatever you do, don't hastily get into an investment you don't fully understand. 

Hi @Jason Duncan,

I'm sure you've heard this before, but a business partnership is like a marriage. You need to be aligned in so many ways with your partner to make it work over the decades. You don't have to be similar in personality or gifting. In fact, it's typically better the more different you are. I don't know your situation at all, but I would say don't haphazardly get into a partnership unless you really, really know the other person. Maybe you do, and if so that's great! 

Get as much as possible in writing. Get an attorney to draft the operating agreement of your new company and make sure things are crystal clear. Clearly define roles and responsibilities before you get busy. An experienced attorney should also be able to give you specific advice for situations like yours. Hope this helps! 

@Felipe Maturino You can check out Mobile Home University and Mobile Home Park Academy. I have no relationship with these courses except I attended Mobile Home University and thought the content was good. I created a 30-page eBook that aggregated demographic and historical information for MHPs. Feel free to PM me for it. Other resources are mentioned here: https://www.biggerpockets.com/forums/30/topics/653099-mobile-home-university-vs-mobile-home-park-academy

Hi @Ryland Clay Parker and Happy New Year. My advice would be to do the same thing I did, and that many others have benefited from: Go get some training and education before you leap in. Deals will always be available, and if you are going to do this, learn all you can first. The education is available, and you can learn a lot in a few weeks to give you direction.  

Hi @Christopher Smith. I agree with Don. This is extremely unlikely. I would throw in the calculation of the DSCR (debt service coverage ratio) calculation which both lenders will want to verify anyway. You will want to be over 1.3, which gives you a 30% margin of safety on current cash flow over debt expenses.

Happy New Year @Account Closed  Like others here, I would make it a goal to sell all of the homes to the residents ASAP. If that doesn't seem possible, I would likely pass on this opportunity. According to my experience, and everyone I know in the business, owning the homes rarely goes well. Many professional syndicators would pass on an opportunity that has more than a small % of park-owned homes. 

There are some great training courses that will provide lots of data. I have gone through several and I would recommend that for anyone wanting to get into the MHP or any business. That is a great starting point. 

Hi @Jake Anderson and Happy New Year!  I would recommend the same strategy that I use: Find 2-3 trustworthy commercial real estate syndicators with long track records of deals that went full cycle and hundreds of happy investors. Invest passively with them. 

Your client will get the benefit of debt, asset management, professional property management, and the ongoing tax benefits, recession-resistance, and risk mitigation that come from commercial real estate. But she won't have to do the heavy lifting. 

@Benny Morfas Some questions to consider as you begin this process. What are your goals? Are you an accredited investor? ($200k+/year income or million net worth) How much do you have to invest? What is your risk tolerance? I would recommend doing a lot of due diligence on the deal and the syndicator before jumping into the passive investing world. You will be thankful you did! I created a report on mobile home park investing that you may enjoy, feel free to message me if you would like a copy.

@Scott Shrider.  You’ve got some great replies here. You may also want to check out The Real Estate Syndication Podcast with @Whitney Sewell.  

Senior living is a growing area that my firm is exploring now. 

Hi @Scott Shrider. There is a great syndication event put on by The Real Estate Guys (guests on BP Podcast this past summer).  Their next event is in late March 2020. There is also a book by attorney, Gene Trowbridge, on this topic. Make sure you get the latest edition.  Then there are mentoring programs like the one I went through with 37th Parallel. They can be pricey but worth it. 

What are you looking to syndicate?