All Forum Posts by: John Jacobus

@Chaitanya Phansalkar I have had success with local banks for MHA acquisition loans under $1M.  I recommend joining the the Texas MHA (www.texasmha.com) and contacting members who are bankers.  You can also try Pierce Redmond at Security Mortgage Group (http://www.securitymortgagegroup.net/).  He has national lending sources who frequently lend on MHP’s.

We’re looking to grow our portfolio in the southwest and the southeast.  I’m curious how you have been generating leads in Houston.  I’d love to chat further about your acquisition activities.

@Mark B. Forums such as this one, as well as the MH Univeristy forum, are good ways to find MHP buyers.

We are looking for MHP’s to acquire and pay referrals for leads that we successfully close.  I’d be interested in pursuing any leads that meet most of our criteria.  Our acquisition criteria can be found on our website:  www.ljcommunities.com

@Joshua McFarlin, below are links thorough posts covering the basics of MHP valuation.  Enjoy.

https://www.biggerpockets.com/forums/30/topics/35864-valuing-a-mobile-home-park

https://www.mobilehomeuniversity.com/articles/evaluating-mobile-home-park-investments.php

@Ben Naught, I’ll be in Albany July 31-Aug 3rd and would love to discuss MHP’s  If you’re around.  Send me a direct message if interested.

Has anyone explored giving away POH’s to residents for a small sum or even $0 as an alternative to rent credit or lease-to-own?  I appreciate that we would leave money on the table with this option but our goal is to have owners in our community.  We don’t want to be in the POH business.  Has anyone pursued this option?  Is the uptake strong?  Have you seen behavioral changes upon conversion to owners?  

Yes, you still own the homes despite having RTO residents and you may end up with a fair number of vacant homes due to default. At that point, you'll need to rehab and start the process again. Knowing the condition of the homes and estimated cost to make ithem marketable will be key to your capital planning.

Walking away from a property after spending significant time and money during acquisition and due diligence phases.

Any recommendations on books (technical manuals or textbooks OK) or other resources that would help expand one’s circle of competence in the area of private utilities, especially septic and water wells?

Great show @Ian Tudor.  I just blazed through the first 6 episodes and really enjoyed them.  I left a 5-star rating on iTunes and am looking forward to future episodes.

@Lane Kawaoka We are looking to grow our portfolio of MHP's in light of the exuberance in the multifamily arena and would be interested in sharing ideas and discussing partnership options.  Please feel free to reach out to me if interested.