All Forum Posts by: Tim Woodbridge

@Jack Martin. Thank you so much for your thorough explanation!  Everything about this listing seems fishy and I thank all of you for your input in reminding me to never trust what someone else says without verifying it. 

It wasn’t. That’s what I was thinking too at first. I haven’t looked into this deal further than the mls posting but here is the whole write up from the mls:

"ATTENTION INVESTORS!!!! HIGH CAP RATE PROPERTY(S) OPPORTUNITY!!! THIS PROPERTY HAS FIVE(5) FULLY RENTED UNITS (5 MOBILE HOMES) AND UP TO FIVE(5) ADDITIONAL VACANT PADS! ON A QUAINT DEAD-END STREET (SMALL MOBILE HOME PARK!). ---*****LOT BACKS UP TO TIDAL CREEK! (Filbin Creek)---- ***NOI IS CURRENTLY $41,040!! - ***CAP RATE IS CURRENTLY OVER 9%! (CURRENT NORTH CHARLESTON CAP RATE IS 7.1%) ----------- RENTS ARE AS FOLLOWS: **UNIT 1 - $1200, **UNIT 2 - $975, **UNIT 3 - $850, **UNIT 4 - $750, *UNIT 5 - $575 --- Seller can produce all rent rolls and expenses, rents are easy to collect per seller. ***SEE MLS# 19022699 FOR PKG DEAL!!*** OVER $124,000 IN GROSS ANNUAL INCOME!!****"

Thanks! That's kind of what I was thinking but then I had an agent send me a listed property for $250k that states "....NOI IS CURRENTLY $41,040!! - ***CAP RATE IS CURRENTLY OVER 9%! (CURRENT NORTH CHARLESTON CAP RATE IS 7.1%)"

With a NOI of $41,040 and a price of $250k, doesn't that put this at a 16.4% cap rate? Is my math wrong?

  

Hi all-

I'm looking into purchasing mobile home parks here in South Carolina.  How does one analyze these?  Do you treat it as a commercial property and base things off gross and net operating income?  

Thanks in advance for your help.  

@Daniel Vella. Thanks for the insight!

Hey all-

I’m helping a friend who is been in the business a while but is looking to up his online advertising and funnel game. He asked me to check into some pay per click services and he already has a few investor carrot sites. Any recommendations for a ppc service? (general recommendations for getting more online conversions would be great too). 

Thanks!

Hey all-

I’ve found what could possibly be a killer deal but I’m looking to run all numbers before making an offer. There are 30 pads in the mobile home park that don’t have homes on them. Of these 30, 6 are not connected yet to city water and sewer. The whole park is 65 pads and everything but the aforementioned 6 pads have city water and sewer connected. My question is this:  how much should I budget to get city water and sewer connected in these 6 pads?

The place is in South Carolina

Thanks in advance for your time!

Tim

anyone who wants to join, message me your number and email and I’ll add you to the group chat. thanks!

@Jerryll Noorden: accept my apologies. I am actually following your blog right now and working things step by step. I have my website and my llc setup. I’ll keep you updated on whether or not things work. Thanks for everything!

@Jerryll Noorden

Are you spamming on the BP forums? Hahaha