Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Perri Weber

Perri Weber has started 2 posts and replied 22 times.

Post: Mobile Home Park Airbnb

Perri WeberPosted
  • Real Estate Broker
  • Vancouver, WA
  • Posts 23
  • Votes 12

Hi Shawn! I sell, own and manage MHPs. I recently went to book a Airbnb in Napa, CA for the Napa Marathon I'm running and came across a MHP that is operated as a AirBnB... this was the first time I have seen this. 

CA has strict rent control and Napa also has short-term rental restrictions.

The mobiles rent for $344 per night, next month it is only booked for a couple of nights but in the summer months, it looks pretty booked up. I would run two sets of numbers 100% occupied at market rent with standard MHP operations versus AirBnb rental income and expenses. Obviously, AirBnbs are more expensive to operate and would be a headache from a management perspective, however, it is an interesting concept! 

https://www.airbnb.com/rooms/13222077?adults=4&location=Napa&check_in=2023-03-03&check_out=2023-03-07&federated_search_id=45168d64-00f8-40ba-81c6-bc32c62ca7d8&source_impression_id=p3_1674182053_ay%2BGqkxAz92caBFF&modal=PHOTO_TOUR_SCROLLABLE

Post: Tiny House Communities, What is the catch??

Perri WeberPosted
  • Real Estate Broker
  • Vancouver, WA
  • Posts 23
  • Votes 12

Yes, I am still interested. I always enjoy hearing about what other projects people are taking on too. Send me a message and we can connect. Thanks for reaching out! 

Post: Possible MHP Backflow Issue?

Perri WeberPosted
  • Real Estate Broker
  • Vancouver, WA
  • Posts 23
  • Votes 12

Thank you Phillip! This is super helpful and right in line with what I have read too. 

Post: Possible MHP Backflow Issue?

Perri WeberPosted
  • Real Estate Broker
  • Vancouver, WA
  • Posts 23
  • Votes 12

I am selling a 46 space MHP that was built in the early 60's. The park is on city water/city sewer and the water pressure is low, but in the range of normal. The buyer had the water tested twice. They are saying that when the water is in back flow it is below the requirements, which could be a potential health risk. The estimated cost associated with this is $100-$150k (from the buyer and seems high). The owners have never had a complaint about low pressure and have never experienced a problem with back flow. 

Has anyone had any experience with backflow issue in MHP? What was done to prevent it or fix the issue? How much did it cost?

Post: Mobile home park investor community

Perri WeberPosted
  • Real Estate Broker
  • Vancouver, WA
  • Posts 23
  • Votes 12

@Kitt Pyle There is so much to learn in the MHP world that it can be overwhelming... If you're looking to be in the MHP world long term it would be wise to invest into some foundational training/learning. I personally like Frank Wolfe's course at MHP University. Aside from that it would be best to partner with a broker who specializes in the field (as you mentioned). 

As far as analyzing MHPs- the similarity with apartments is that you are ultimately looking at your income and expenses and what your return will be. The difference really comes down to knowing the why and market rate for each number. Here are a couple of pointers and things to look out for (Note: this is very incomplete):

Income: Ensure actual income is used and not future rent rates (unless notices have been sent). If the owner has plans on raising rents next year, its not actually earned income today. Specific income from any park owned homes is not capitalized, this should be factored in as more of a bonus. 

Expenses: Vacancy factor is included- even if there is a 100% occupied park and a waitlist. Know what the market rate is for for each expense, each line item should evoke a thought. 

For example, I just analyzed a park that had an actual expense of $8,400 for septic repairs/maintenance. At first glance I can look at this and automatically know this is high. A comparable park I analyzed last week has a similar well/septic combo had an actual septic expense of $1,200 (this is low). 

Knowing that it costs around $1,200 to pump a small tank, my thought was that this individual park possibly had a tank down.. and when one goes out it can be a domino effect. On the other hand they could have just serviced their tanks in prep for the sale.  

Overall I would say 1.) Invest in learning 2.) Become familiar with the costs and income in your area. Income: what are the going rents, price per space, cap rate etc. Costs: taxes, insurance, water, garbage, electric, maintenance, manager salary, workers comp, office, legal, reserve for pumping etc. 3.) Run the numbers with different scenarios/what you would feel comfortable with (what would the return be if you raised the rent? Had to replace a septic tank? higher vacancy than listed etc.) If the numbers work out then go for it! 

Hope this helps! 

Post: Mobile home park investor community

Perri WeberPosted
  • Real Estate Broker
  • Vancouver, WA
  • Posts 23
  • Votes 12

Hi there! I am a commercial broker in the MHP world, closed 5 parks last year and scheduled to close a 98 space park on Tuesday. Happy to connect with anyone in the MHP field. 

@Dominique Rogers finding deals is the trickiest part.. that is what I do full-time. I would recommend 1) positioning yourself in ready to buy position 2) contacting other commercial brokers in your area to get on a buyer list (make it known that you are financially ready to purchase) 3) research MHP owners and contact them directly 4) go to local MHP association meetings to network

Post: property management software

Perri WeberPosted
  • Real Estate Broker
  • Vancouver, WA
  • Posts 23
  • Votes 12

I am in the MHP world, but on the broker side.. I do not manage any parks. I would say the top four software companies I have heard of are Buildium, Yardi, Appfolio and Rentec. However, I have not used them and cannot speak from experience.

The most common tool I see used is still excel and quickbooks (accounting, payroll and payments in one). With either of the mentioned programs they will work, but you might have to figure out a work around. 

Post: How to find phone numbers of rental owners

Perri WeberPosted
  • Real Estate Broker
  • Vancouver, WA
  • Posts 23
  • Votes 12

 @Brian Van Pelt list is good. I would also add that If the person has a FB some people have their phone number listed and if you look on Linkdin under contacts they may have additional ways to reach out.

Aside from that I have found that a lot of owners of rental properties (or in my case MHPs) own businesses. If you search their LLC name in the state Corp. lookup, you may have more luck finding other LLCs they are linked too and find a website with their contact information. I have found that most property owners do not want to be discovered (Or are hard to be discovered)... but business owners want their info to be found.

Post: Recomended mobile home books?

Perri WeberPosted
  • Real Estate Broker
  • Vancouver, WA
  • Posts 23
  • Votes 12

Hi there! I am a commercial broker, we specialize in the Mobile Home Park world. I am making an assumption here that you are interested in getting into purchasing a whole park versus getting into buying/flipping units (that is what trailer cash is about). 

If you are looking into getting into purchasing parks, the best material I have found is on "Mobile Home Park University," they have a comprehensive training program that I believe is around $600... well worth the money!! 

Aside from that, their podcast is great and BP has a couple of good podcasts on the subject too. 
 

Post: How to find good deals?

Perri WeberPosted
  • Real Estate Broker
  • Vancouver, WA
  • Posts 23
  • Votes 12

I am in the Mobile Home Park world, looking for "good deals" for clients. How I find off market deals is search for the property owners name and addresses then reach out to them directly. I have only made two personal offers on home deals that I have found on facebook and of personal knowledge in our neighborhood (lady passed away). 

If I were to search for deals I would narrow in on a specific area and get really familiar with that market. From there search zillow, MLS, FB and craigslist every day. When a house pops up that seems undervalue run your numbers on it (BP has some great free tools), then jump on it!

Another option is to drive around your neighborhood and look for houses that are in your parameters. For example, I am always keeping my eye out for houses that are a diamond in the rough that I could potentially house hack. If one stands out to me I would drop a letter in their mail box, see if they are open to talking about a price. 

Hope this helps!