All Forum Posts by: John S.

I am interested in the Mobile Home Park Investing arena and would like some input from those with success stories, as well as those with not so successful stories. I've been researching different parks and have seen where some owners are seriously over-valuing their property and cannot seem to understand where they're getting their estimation from. One that I looked at was an RV/Mobile Home park with what would look like a Class C- rating, if they had it rated, and they want $3.5mil for it. There aren't that many lots, let alone the number of slabs available. The one I'm referring to is this one <http://www.loopnet.com/Listing/7475-GA-60-Suches-G...>

Also, does anyone have any advice on financing something like this? I've been following #FrankRolfe and hit Mobile Home Park Mastery podcast for a while now and am looking into Fannie Mae and such, but I'm looking for more alternatives. 

Thanks in advance and best of luck to have great deals!

-Steve

Hello all, is this BP group open to North Atlanta only? I'm south of the perimeter and would love to meet some veteran investors and learn all that I can.

You're an inspiration in many ways. Keep up your ambition, dreams, and goals!

I spoke with the seller's agent today and he wants a NDA and/or Non-Compete agreement before he tells me the address so I can look at it. Also, he wants to know I have all the financing in place before he'll check on the current upkeep of the property (i.e. roof, hot water heater, etc.). Honestly, I don't; however, that doesn't mean I can't. I'm just unsure of this off-market property that seems priced pretty high and not a lot of information. 

I'be recently found a deal for a turnkey ready quadplex in Georgia. It's located in Douglasville, where the median family income is $143,000, and the seller is asking $385k for it. He said it's 100% occupied with $875/mo rent. Without having a chance to figure the numbers, this seems a bit pricey. The ad even said that there's a 10% CAP rate, 3 bedrooms and 2 baths in each unit. Does anyone have any insight as to this property? I'm new and learning, so anything is greatly appreciated.