All Forum Posts by: Kevin Schulte

He's going to have the same amount of work on this as he would a 5 unit, might as well go big i'd say - if it cash flows basic maintenance will be covered by that and due dilligence should give him breathing room to save up for roof repairs and the like.

definitely a buy and hold power play. Can you imagine the value add in a hundred years once its terraformed?

Id be weary about martian HOA's though.

So i'm in green valley (south of tucson) and considering multi family investing (leaning toward mobile home parks but open to options at this point)

Can anyone give me an idea of what our narket is doing? Do small MFH's exist with room for value add? Or is everyone selling stuff they purhased 3 years ago and stabilized and fixed up as turn keys?

Obviously thats rather broad for the whole state but maybe aome insight from northern az vs phoenix vs tucson? How are cap rates? Cash on cash? - are we at the peak and smart money has gone farther east?

what if you built the frames on wheels? If you meet "xyz" guidelines they would technically be rv's and then you could do rv loans.

I think thats what the tumbleweed house folks do

 Honestly this is the best answer , get a list of all local parks and send snail mail / call them or visit.

As others have pointed out once its online somethings amiss - you will occasionally find mom and pop feals on craigslist but its quite a hassle and no guarantee they'll be what youre looking for.

With the list from the states MHP association you can get good basic info going in as far as # of lots and such.

*The question I would be asking is, if most of the mobile homes in the park are owned by one individual other than the park owner and rented out to the occupant why isn't he/she buying the park?

It might make more financial sense for them not too, ask the seller if its a lonnie dealer (homes are being held as notes) or if this person is just charging them all rent (which would be peculiar)

What are local income levels and average apartment rents? , a prospective buyer needs cash down + rent money + the payment they'll make to you on the note so think about the target demographic.

If they have too much income on average and apartment rent would be cheaper whats the incentive to buy this unit? On the other end - if theyre unable to afford very much what are the odds they can handle all of these bills?

get the financials for the last 3 years and see what the average NOI is to get a handle on your cap rate.

The unit they currently live in I presume you would give for free to the park manager? Or do you live in florida?

craigslist is good for smaller (mostly 10 unit but never more than 70 or 80) parks. Mom and pop operations that are more willing to consider different terms will often just end up on CL and then you have no broker in the deal.

Ive just started to go through all the US listings and have compiled a list I send out to investors for refferal money if they close a deal (I noticed a few sites were offering and it seemed like a good idea)

are the units metered for individual water and you just cover it or they don't even have meters yet? you could shop that job around and expect to pay a couple grand and then just pass the water bill on to the tenants to increase your bottom line.

Ask the current owner what insurance they have (they should have some)