All Forum Posts by: Samuel Coronado

 I am getting into this now as a way to expand my mobile home park. I'd love to talk.

The customer is always right. So many businesses are forgetting this. 

I'm working on Welcome Packages for new tenants that include a small basket of gifts like soaps, shower curtain rings, flowers, etc. The house rules and maintenance procedures will also be in there (kind of similar to what you may have seen in the past with Airbnbs) and a list of emergency numbers, closest medical, fire, and police, etc. What do you think would be something great to go in there? Budget is about $100 per basket. I've thought about a small tool kit with a small hammer and some little nails to get things hung up on the wall. Also looked at small toys for any children coming in. 

I am looking for partners to do a small expansion on a mobile home park that I am currently managing. We charge $200/week for older 2 bedroom 2 baths. Looking to add 3-4 more with an all-in cost of about 10-12k per unit (includes new utility hook ups, septics, moving and setting, acquisition, repairs as needed, marketing, screening, showing, and leasing). Last unit we marketed had to close in 3 days because we had 215 applicants and we couldn't keep up with the overwhelming responses. We are in north Alabama. Also looking to create one from scratch. A 20-pad with lot rent only model of about 250 a lot with all utilities sub-metered to the tenants. 

If this is for the Fayetteville area, check out Lumbee Guaranty Bank. 

Great sourcing methods! I've not had the best of luck with wholesalers and FB yet. One park in Jasper, TN that's being wholesaled by an out of state guy in Kansas is going for way too much. I've talked to the people several times and explained that investments are bought at the current snapshot. Over half of their spots are not filled and the ones they have are very undermarket. They're trying to sell on the pro forma of all spots filled at market rents at first. They just lowered the price by $75k and it's still grossly overpriced. My plan is to approach the owners once the wholesalers have released from failure to perform. 

https://www.texasmha.com/news/market-analysis

Your state manufactured housing association would be a great resource for your specific question. It's worth the investment to join and go to the meetings to network and find people who can fit every niche you need or want. You'll see that the person or couple of people who do a feasibility study in one area probably do it for a lot of other localities as well. In my experience, it's better to pluck someone out of there because they understand the zoning, political, and economic nuances of Texas and Houston. 

I've found some success here. Here are a couple of my findings:

Vetting is different. Throw credit scores out the window and look at "credit stories" to determine the right candidate. Medical reasons are the number one reason for bankruptcy in the US. Paying attention not just to the what, but the why. 

Do shorter terms. I don't go above bi-weekly. Not semi-monthly or monthly. I go only weekly or at most bi-weekly. This helps people budget better and gives me more touchpoints because I collect in person in cash. This lets me identify problems early on in regards to broke down cars, etc. I've also dealt with programs with people who are coming out of great rehabs. Two of the guys wound up staying for years after and they're doing amazing. I am proud of them, but not all of it is a success story for everyone. I keep things week to week with no obligation to them beyond what they are paying ahead for that week.

I offer incentives. Many of these people don't have the best credit for whatever reason. If they want, I put them in a program called Boost that increases their credit score every time they pay rent. This helps the people who struggle to even get prepaid credit cards. 

Be aware of other programs, how they work, criteria, etc. Food banks, rental assistance, etc. 

If you do not feel comfortable putting a personal guarantee on it, then send it my way. I will take that deal! 

I think you are dealing more with pre-closing jitters than a serious concern. 

Weird thing here right now. There is a tenant applying to one of my properties in north Alabama. He lives and works in Chattanooga. He doesn't plan to leave the job. that is a 2.5 hour drive. I can't fathom it on a daily basis, but he says it's alright. How much of a red flag is this? I have a day job people where people make that same commute, but for much more money. Is this an automatic no?