All Forum Posts by: Tyler Hardy

@Alan Majors I would love that! I'll PM you with my contact info. Thanks for the help

I've been rolling around this idea in my head for a while and I'm wondering if anyone else has had success with this model. I see the need in certain areas for an overnight semi truck parking lot where are truck drivers can quickly get off the interstate to spend the night in a safe place, or trucking companies can store their excess trailers or loads. This is not a new strategy, but simply one that I would like to look into further. I have a specific market in mind that's close to me where the land is fairly cheap and I've seen rest stops overflowing with truckers spending the night. I know there are some OTR investors out there so I was wondering if you could lend me your opinion. Has anyone started one of these Lots or known someone who has that I could discuss this with?

@Joseph Bagley I'd also like to add to this. My grandmother is the most fiscally minded person I know and instead of giving out her full inheritance she used the gift allowance to divide out her liquid assets over the last few years. She has not only been giving out gifts to her two children but her five grandchildren, as well as all of our spouses. Basically, I get a check and so does my wife. I'm not a financial planner or a Tax Advisor so I would get a professional opinion but, this may allow her to divvy out all of the capital between Christmas and New Year's in 1 swing.

@Trent Chance I've heard of the boot camp and I plan on looking into it. I've not heard of the cash program but that sounds perfect for a park like this. Thanks for the help!

@Trent Chance that was one of my fears. I know that the cost to infill a few lots can be totally worth it but the amount in this park has me cautious. I'm looking for opinions on both sides of the fence so thanks for being pessimistic in this case. I know that this could be an impressive improvement project but I'm looking to team up with someone that has more experience with something of this scale before I go to much further after this one.

@Rachel H. The area has a demand for housing in this area because of the growth in the industrial market here. I actually work for Fastenal in Macon so I can tell you that there are as many as 5 plants looking to hire between 100 and 500 people each. The school systems are not great in this area but it has still shown a draw to lower/middle income earners over the last few years. This has made the Macon, GA market attractive for investors. I've actually helped out a few out of town BP members that needed on "on the ground" intel on the area. 

@Shawn Nachurski Glad to hear you've found the niche as well. I wasn't planning on MHP's but I kind of stumbled into it and it's got me interested. I'd love to pick your brain on a few points about the "turn around" park, and the turn key. I've debated which way I needed to go when starting into this and you may be able to answer a few questions I have. If you don't mind talking on the phone for a little while at some point, send me over a PM and give you my contact info. 

Thank you both for your reply!

@Jim Tassoni great advice. I'm actually on the hunt for a partner with enough experience to take on a project like this. I never plan on paying for what a park, or property, could be worth. I always focus on paying what it is worth in its current condition. Thanks for the insight and encouragement!

I'm a beginner to REI and I've been bitten by the mobile home bug. I've evaluated a ton of properties and even started getting an investor involved in one park so see if we can make a deal. I called on a park here in my area (that I don't think is a good enough deal to move forward on) I stumbled on another park right next door from an areal view. The first thing I noticed about the park was the large number of vacant pads and an extreme lack of cars parked next to the existing homes. I rode out and took a look for myself and I was right. This is about a 100 pad park that seams to only have around 10-15 tenants.

My first thought on this realization was, "this is a huge value add" then the numbers stated to add up in my head on costs of tear outs, remodels, marketing, utilities, and all of the other costs of in-fill. I've tracked down the phone number to the owner and I'm calling today to see if they are interested in selling. 

My question to everyone is this. Should I be concerned with such a high vacancy rate (we're talking 90%+)? I see a huge opportunity once it's filled (if bought for the right price) but I also see my expenses shooting through the roof. In my quick drive by I counted as many as 20 homes that would most likely be need to be removed and at least 20-30 vacant lots. Does anyone else see the potential I see? What questions should I be asking the owner here? Does this even sound like a park that a new investor should be going after?

@Chris Williamson I work in Macon and I'm in sales so I'm always driving around. If you'd like to get in touch with me I can drive by the property you're looking at and give you an "on the ground" opinion. Lee Taylor is a local investor and he can give you some great insight into the local market. PM me if I can help.

@Ahsan Harriel Couldn't have said it better myself. From the sound of your posts, whatever you decide to do you'll learn from it. That's the most important thing and worth well over $10k.