All Forum Posts by: Will Stewart

Sent you a message! TIC is an interesting thought too

Get an estimate or two (conventional and trenchless lining) and go from there. 

@John Smith make sure to try local credit unions too. Metro and Webster First both have some unique programs. 

It looks pretty well maintained. I’d only buy it if it cash flowed at purchase — adding additional spots can be more costly and time consuming than you think if you’ve never done it before. It’s not “easy” upside like raising rents or cutting expenses. 

Expenses look low. Break it down by income source as suggested above. What’s the local market like? Are those POHs selling for $100k or $10k?

 Sounds like the markets we’re in too, if they’re selling for $100k+. If that’s the case, sounds like a great deal. Several pieces of advice from our experience. 1) Sell the homes using a Realtor — it brings in MUCH higher quality tenants than you would marketing yourself and they screen the garbage out for you. 2) find 2-3 local lenders who will lend on mobiles in parks so your Realtor can refer folks. If you’re selling homes for $120k there is no need for you to finance them. 3) reach out to dealers, they may place a spec home or two. Sure you miss some profit, but it will speed up infill. Good luck!

It’s all about the market! If I were doing that level of infill I’d want to be sure the homes are selling for cash (or bank financing) at least at the $30,000 price point. Otherwise you’re either going to a) be losing money on every home sale or b) holding on to a whole bunch of POHs. Bringing in homes involves a lot of costs beyond just the cost of moving and installing the home (site work, new pad, utility connections, home make-ready costs, cost of capital….)

I would think you could probably get close to $2800 renting to just about anyone, why would you limit yourself to such a small segment of the market? If you’re against a long term tenant, post it on Airbnb/VRBO too, at least that way you’ll get some bookings while you find out if FF is even viable. 

We use Buildium (for PM and full accounting). It works well. It's one subscription fee paid for by our management LLC, which is covered by the management fee we charge each of the park LLCs.

Our first few "house hacks" were single family homes where we did 2-year live-flips (no taxes to pay on sale). Could look for a SFR with space for an ADU or Airbnb. Off market is tough unless you're doing direct marketing yourself— most wholesale deals I see are garbage. Keep working, saving and learning— real estate isn't get rich quick, have to play the long game.