Gardendale, AL · Member since 2017 · 47 posts · 18 votes
For the past 20 days I have reached out via every avenue that I've heard referenced in Kevin Bupp and Charles Dehart's mobile home investing podcast, with no reply.
texted "Kevin" to 41... for the book left a 5-start rating/review on itunes and emailed the info to gift@... for the CCS emails to various contact addresses (I'm deliberately being cryptic because these are meant for podcast listeners)
I wanted to purchase their MHPA course on their website but the button has been disabled.
@Adam Bradley I've attempted some of those things in recent months and have had similar results. I believe from a previous podcast that they've postponed the formal academy, and are instead focusing on their Deal Finder's Formula which is an abridged version. Though I've tried to purchase this recently and the website senda you in circles as well.
They've had a couple of recent podcasts, so maybe they're focusing more on deals for their Sunrise syndication fund than the academy currently. Valuable use of their time I'm sure. Hopefully they can find bandwidth to get back to training soon though, I would also be interested in attending.
So they only open it a few times a year. They doubled in size over the last year and like most of us only have so much time in the day. They are hiring more people so maybe they’ll have the bandwidth to move forward with it more. I’m one of the founding members of the academy and it was well worth the wait for it.
MHU is great as well. But if your persistent getting a hold of someone or getting what you want can be done.
@Brian Spear, thank you for the update. Is there some place/feed/stream/site that I can check daily for the update? I'm currently listening through all the MHP podcasts (on 73 presently) and I don't know if I'll be up-to-date in time to catch the announcement on that future *latest* episode.
If the site (https://mobilehomeparkacademy.com/) will get updated immediately (as I want to purchase immediately) upon the re-availability of MHPA then I can just keep checking there.
@Brian Spear I wanted to learn how to invest as a passive in MHP and was looking for a basic understanding. Is there a course or seminar you recommend for new folks?
@Lane Kawaoka MHU (Frank Rolfe’s course) and the MH Academy mentioned above provide enough detail to become an educated passive investor. In addition, or as a bare bones replacement, the following podcasts are highly educational on the niche. Feel free to contact me any time regarding MHP’s. We own and operate MHP’s and while we don’t accept passive capital at this time, we intend to change that in 2019.
Mobile Home Park Investors Poscast with Jefferson Lily
The Mobile Home Park Mastery Podcast with Frank Rolfe
The Mobile Home Park Investing Podcast with Kevin Bupp and Charles Dehart
You can also read through the resources on MHU’s website. They have various webcasts and articles highlighting the nuances of the industry and the appeal of the asset class.
@Lane Kawaoka Certainly check out all of the resources @John Jacobus mentioned. MHU is a great for anyone looking to get a better understanding of the niche. We send our internal team members to attend the weekend bootcamp. It's a great way to get someone up to speed on the macroeconomics of the industry.
Best place to meet & great executives in the industry.
@Mark Robertson Kudos on your great work over at CrowdDD. You're helping individuals achieve their goal of financial freedom by sharing the experiences you've learned over time.
MH University and then MH academy. I wonder who was first and who borrowed (stole) the idea?
So prior to both was Mobile Home Millions. Dave and Frank were both presenters at mobile home millions. They felt they could put on a better gig. So The Mobile Home Park Store started the 'Bootcamp'. Mobile Home University was a separate forum operating by separate people. Dave and Frank bought MH University and folded the "bootcamp" under that entity. MH Academy came into the game along side MH University and The MHPS Bootcamp.
There seems to be some bleeding of information that flows back into mobile home millions for all of the education stuff that exists today. Dave and Franks stuff is pretty original, and the data package they give you is purely from them. When you come right down too it, you have a few different people teaching much the same stuff. Its like going to any school or reading most any textbook, much the same data, authors write and present it with their own flair.
I have also been going through the podcasts to learn what I can about this niche. Thank you for this thread and thank you to everyone for the responses and info. I am definitely interested in attending the deal Finder’s formula.
@Brian Spear so...the Deal Finder's Formula is the only training program currently available through MHA? Is it currently available or is it being revised? If not...is there an ETA? I've just finished the MHU Homestudy Course...which was excellent, especially in the areas of due diligence and operations. It seems that the MHA course may be a good addition to the MHU info especially in regards to acquisitions. I'm interested in signing up with the MHA course ASAP.
I just tried to buy the course myself right now and it also took me in circles even. It said it processed the payment, but no actual material or receipt was ever received or able to be accessed. See enclosed screen shot I received. When I go to "click through to access" it just takes me to a page to buy the course I just bought! Such a bummer.
On the Lonnie Scruggs books. My advise is to be selective on what you implement from his books. While there is some really good negotiating info, and info on what to look for you must really take out the financing part. 'Lonnie Deals' as a legal way to finance mobile homes as a business died with the Safe Act. So your exit strategy must be something different- Lease Option is the closest. I would advise, a lease and option are two different things. Once someone leases a home for a certain amount of time they have the option to purchase it. This is exactly what the car dealerships do. The keys here are no part of the lease payment can be used to reduce the purchase price of the home. The purchase price can not be nominal or- your really a lender and thus subject to the safe act.
So- how would that look-
You purchase a home for $5,000 and then spend $3,000 fixing it up. You then lease it to someone for 48 months on payments of $350 per month. ( $16,800 in lease payments ). Then, they have the option of buying the home from you for $4,000 Cash NOT financed. (Total $20,800 - $8,000= $12,800) The assumption is- they stay in the house for the 4 years and at the end they have the $4,000 in cash to pay off the home.
If everything worked just like that- you have about a 40% yearly return.
Here is the problem- in my experience a bit less than 50% of the buyers finish the lease and pay the options. Depending on the state, and local market it can be as low as 25% or for me- as high as 75%. The nicer the product the higher the probability the buyer will stick.
@Jim Johnson can you expand on “The purchase price can not be nominal or- your really a lender and thus subject to the safe act.”... also, in this scenario, would the seller not be able to collect a non refundable option fee upfront?
@Diego Lopez The price must be what a reasonable person might pay for the home at the end of the lease option.
Say your talking about a 1980 3 bed 2 bath single-wide if good condition.
So- you can collect an option fee- say $1000, or more maybe $1,500. Then you lease the home, say for $300 per month for 4 years (14,400). Then at the end of the 4 years the final purchase price is $3,500 or $5,000. Some thing that is not nominal- like it can not be $100. So in total you have collected 1000 + 14,400 + 3,500... $15,700 between the options payment, the lease payments and the final purchase price. If you sold the same home in cash today, maybe you would charge $12,000. This is the way car lease agreements are done, you give some money up front, you pay the lease, and at the end you have the option to purchase the car for a predetermined price. If you only charge like $100... well then the IRS, and any regular person would see that as financing not a lease option. Then you need to figure our the interest your going to claim on your taxes, and because it is a loan, you must comply with the safe act.