All Forum Posts by: Sabrina Laplante

Adam Dorn

I have full access to all of the financials.

I believe that there are about 100 lots available with 90 of them rented. 5 were owned by the park.

James, please keep us posted as to if you use the seller finance process, and how soon you sell it. Best of luck, and have a Merry Christmas!!!

Hi Adam, real quick I thought I would reply to your question. A quick way I come up with a general price while cold calling parks is, take the occupied lots X lot rent X 60 or 70. I use 60 if the park is not individually metered, and 70 if it is. Therefore, if the park has 2 occupied lots, I will multiply that by $200 (what Joe used), and then multiply that by 70 to bring that to $28,000 for a quick offer.

I was taught this by a couple who is in the MHP business and is very successful. Now, as soon as I find out if someone is interested in selling the park, while I have them on the phone, I can run numbers very quickly just to see if what they are wanting is somewhat close to what could be a good deal. Of course there is the further research needed, but this is just to get an idea.

So let's look at another example. This park has 100 lots, 85 of them are full, and they are getting $150 for lot rent. The park is not individually metered. I will run my numbers like this.

85X150X60=$765,000

Let me know if you have any questions, and best of luck!

Indeed, and thank you for all your help!!!

Also, fellow investors will contact you. I was just contacted by another investor with a very nice message who had seen a few of my post. He encouraged me to jump in and make a move, and to not let this wonderful market pass me up. He told me he was there if I had any questions to hit him up. Made my morning! Thank you everyone, and thank you Bigger Pockets for having this wonderful site!!!

Welcome to BP fellow Central California investor. I live in the Squaw Valley/Fresno area and we had a really good REI meetup group that used to meet once a month, but has not met for a few months. I know this is a bit of a drive as well, but the groups are around. Best of luck to you my friend!

Anthony, best of luck, I just sent you a message!!! Looking at heading down this same path myself, love seeing other young investors out there!!!

Hi Adam, I am 24 and just jumping into this all myself. I as well am interested into buying some single mh's and selling them with owner financing. I think it will be awesome to be able to get families that have always rented, to be able to purchase their first home. It will be a win/win situation for everyone! I have made a million cold calls to many mobile home parks, and have been looking at investing in the Indiana area. I live in Cali, so it will be a bit harder, but at the same time, why would I pay $12,500 for a fixer upper out her when I could pick the same thing up back there for $1500? As far as the SAFE Act goes, I have talked to a few real estate lawyers, as well as a couple of my mentors that do he same thing, and they have all said that no one, including the high up guys to put the law into effect, really understands it. Therefore, I plan on proceeding, knowing that one day it might get tough, but for now, lets jump in and go for it. However, I am not a lawyer, so you might talk to a few and see what they say. I have a contract that I have put a lot of time into for doing single mobiles homes, and would love to share it with you. Send me an email, and lets keep each other informed on our success, because I know we can do this buddy!!! Take care, and bets of luck!!!

Hi Jim, I seem to use bestplaces.net, rentometer.com, and then local realtor's to find out the most information. Good luck!!!

I have a quick question. Given this scenario, if one is trying to buy a HUD home as a future investment, pays all cash for it, but has another house that they live in, how many days of the week do they have to live there to qualify it as "owner/occupier" status.

Also, my next question would be what if it takes 12 months to remodel the place before they can live there? Does that count as the 12 months before they are free to rent it out?