All Forum Posts by: Robert Wiltshire

Looking for recommendations for getting a phase 1 in Central NC. I've found quite a few environmental engineering companies in Raleigh, but wanted to check with you guys first!

Thanks

@Bryan Richard what is floorplanning?

@Frank Rolfe that's what I needed to know. Thanks, Mr Rolfe.

This seems like a fairly straight forward process, but how are you getting checks from park managers? Having them mailed to you or giving them deposit access on the park's account?

Or is there something else out there that I'm missing? I'd like to be able to do it electronically, but I'm not sure how many residents could make that happen.

@Frank Rolfe reading above where you were talking about resetting lot rents. We just got under contract on a 43 lot park with 9 park owned homes. There's potentially three other park owned homes getting added to that as well. Will it look bad to have to park owned homes at higher rents than the TOHs?

Also, is there any benefit to holding the homes in a separate LLC? They arw being held as collateral on a seller carried note.

@Justin Tahilramani

No problem! They are all park owned homes but most are vacant. Not sure of the condition, I didn't get around to walking through any of them. The park is master metered and the park pays. All of those points were going to get addressed in the due diligence, I just wanted to get him to a starting number, lol.

Have you been looking at any other parks in the area?

@Justin Tahilramani

Hey Justin, thanks for the feedback. There are already homes in the park and only a few empty pads. The location makes it convenient for the people that work in the area, so I don't think filling the existing homes would be difficult. I'm also fine with it not being passive for a while. Like you, I'm still active duty and am fine with the hustle for a while.

@Trin Nagireddy it's in Fayetteville NC and there is strong demand. There's a park next door that is full at $500-525 per unit, all POHs.

Spoke with the owner again this week and he's still deciding what he wants to do. Time will tell if this one works out.

@Frank Rolfe

Mr Rolfe, no need to apologize, it's hard to add enough context to these things sometimes!

Thank you for the feedback and that was exactly what I needed to know. Tentatively my plan is looking like keeping the owner financing until I get over 80% occupancy and move to a long term lender.

I hadn't considered a master lease, but I'll keep that in mind if his numbers are higher than what I had in mind.

I hope Thanksgiving treated you well!