I tried to succeed on @Mindy Jensen 's 90 challenge here:
But regrettably could not close due to an extension but were able to get it done ( today the 10th! - mental note to start 10 days earlier next year!)
I just closed another mobile home park but this time did it with the help of BP's very own @Jerry Puckett !
This one is a turnaround park with 33 lots and 4 single family homes. I need to bring in around 12 homes and will have about 12 park owned homes to convert to tenant owned homes so fun times ahead (little action, adventure, some comedy and maybe a sprinkle of love and a dusting of drama). I think I'm paying a very fair price but there is upside on the turn around and i like the long term prospects of it and am really looking forward to this opportunity. All in all , its a perfect deal right now for me especially since its only about 20 minutes from me and I LOVE much of the Houston metro. I also like this deal because we have some unique provisions that we were able to get our lender on board with. We wrapped all the mobile homes into the loan and as I sell them off, we can release them off of our loan. Everything is on one parcel and we have also built in the ability to subdivide the single family homes onto their own lots, then sell those off with (provisions to release). We have to do a little work here with the surveyor, city, utility modifications, adding driveways , flipping garage doors but if I can do this, it will really optimize the value of the investment but I will have have to have the stars align so will see how it goes!
Im also excited because affordable housing is in such short supply in this area and even further squeezed post Hurricane Harvey so we should be adding about a dozen of housing units by filling up the park. Hopefully we can make a small mark on the road to recovery with the project post Harvey. This area is such a beast in terms of a market, i really like it .
The reason this one is exciting is that its my first closed deal that i completely outsourced the direct mail o!. Using Jerry and the New Refined Images team , i have had a great experience with the whole process from start to finish.
A few things i really liked ( and like ) about working with Jerry. Im not a big customer, but Jerry and his team treat me like I am and that means the world to me. I know if they take care of me when I'm small, they would surely take care of me if I was more important. I love businesses that operate this way, it says a lot to me.
I wont get into the specifics of the pieces Jerry is doing but using a professional marketer, i have learned some things and see where I was wrong and he is right. He offers customized service. My first call with Jerry was about a year ago but i didn't pull the trigger until later this year with him ( Even to this day i still occasionally trip over dollars to pick up pennies....). Jerry knows what he is doing
BEING REGULAR! Being small , i tend to work in batches, i.e. send out a ton of mail , then follow up with calls appointments, maybe get a deal then wait a couple months to blast out bunches of more mail. By using Jerry, i have taken all of the hassle out getting this going each and every month on my own. Now I'm running a smaller list ( that i hope to grow) but I am being consistent, something I have failed to do on my own even when I'm going to be busy with this turnaround ( and a couple others I'm trying to buy), i will still be getting mail out!
Jerry, if you read this just make sure to keep giving me the "super secret" mobile home park mailers and anyone else the "not super secret" mobile home park mailer ;)
Thanks Jerry , appreciate you helping me land this opportunity and hopefully can keep building my business over time and i hope i never have to print another one of my letters or put together my own stupid copy again!
Ok, enough gabbing on Bigger Pockets as the work is just getting started. Hope everyone has a great 2018 with their families and their investment careers!
Congratulations, @Account Closed !. While I would love to take credit for everything, that was actually Brandon Turner's 90 day challenge.
Congratulations, Jack Baczek. Let's meet for lunch next week to discuss all things real estate. I am a Houston area investor since 2005.
What’s a way to start 2018!!
Congratulations Jack Baczek
Congratulations Jack!! Couldn't happen for a nicer guy. Thank you for trusting the growth of your business with us. We certainly do appreciate it. (Your super secret mobile park mailers are safe!)
Thanks @Jerry Puckett !
Congratulations! Great start for 2018!
Thanks @Pablo Mendez
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