All Forum Posts by: Zachary Rubin

• 10 TOH’s
• 4 POH’s
• 1 vacant space

A few questions about this:

• What are some common issues I may run into due to this?
• Is this something you would recommend completely avoiding?
• Is there anything I can do from a legal standpoint to mitigate potential risks?

Hey all,

I'm new in the MHP space and am currently analyzing my first few deals. Any help from experienced MHP investors on the below deal would be greatly appreciated! Thanks!

• Rural area (11 miles to walmart)
• unpaved parking
• no real landscaping.

9 POH: (1 rented at $600/month, 8 rented at $500 per month) *Homes all homes were built in the 80’s*

Park has space to add for 4 more lots (Pending permit approval)

Total Current Gross is 4,600

Expenses: Current owner is 85 years old and has very minimal records. Park is on city water which is not currently paid by the tenants (potential to bill to tenants). Park is on septic that is serviced yearly. Park is gravel roads with no real landscaping. Owner is asking $280K.

My thoughts:

(Gross revenue x 12) - expense ratio = ($4,600 * 12) * 50% (estimated expense ratio) = $27,600 NOI

At a 10% cap rate this would = $27,600/.10 = $276k

Any thoughts or comments would be greatly appreciated!

Does anyone have any recommendations for getting financing without a w-2 job?

I am currently a student and have a w-2 job starting this summer.  I've heard that I can still get traditional financing just by presenting my job offer letter. I would love to hear if anyone has experience with this! (also if anyone has any lender recommendations)

Hello,

I am currently shopping around for commercial loans in the Tallahassee FL area. Does anyone have any good recommendations?

Thanks in advance! 

Zach Rubin

Are any meet ups planned for this month? I look forward to meeting everyone.