Hi All - New to BP.
My partners and I are willing to play a role in Multi-Family deals in AZ, NC, SC and FL. We currently hold a single family rental, Mobile Home Park (MHP), Self Storage portfolio. We are partial to MHP's in decent size MSA's (100K+). Could do multiple deals of $1M to $5M in next 6 months.
Two partners located in Naples, FL the other two in Phoenix, AZ. In Florida we like Naples, Fort Myers, Sarasota, Orlando, Jacksonville, Tampa, Tallahasee, Pensacola, etc. In Arizona we like Phoenix, Mesa, Tucson. Too many to list in the Carolinas.
Welcome to BP. It sounds line you're off to a great start. Your post says you already have partners. Are you looking for deals or professionals to help facilitate these deals?
Morning @John Verduzco . Sent you a PM/colleague request. Hope to hear from you soon.
Hi Jennifer - we do have partners and are currently in acquisition mode so new partners and properties (via brokers or otherwise). We are focused on deploying capital in MHP's or SS currently. We would also entertain disposal of our single family portfolio to free up more capital.
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@John Verduzco I'm with Sperry Van Ness in Texas and my team focuses on helping investors with the disposition of SFR Portfolios. If considering selling to deploy capital, I'd enjoy the opportunity to discuss further. We just listed 69 doors in Tampa.
As you already have experience with SF, Mobile Home Park & Self Storage.... What is your opinion about best real estate niche out of all these..?
Why you like to go with MF instead of expanding even more in MHP/SS?
Just curious as i am planning to scale out of SF investments.
@John Verduzco - Would you look at self storage in the Mid Atlantic region? If so, I could help you find deals. I work as an analyst and broker for an established brokerage specializing in self storage from Massachusetts to Virginia.
Hi Bradley Greenberg - we would consider a portfolio loan, but our existing terms are 30 year amo fixed in the 4-5 range. If you think your products can cost effectively replace with cash out, send me a PM and we can talk more.
Hi Shital Thakkar - we feel that there are appropriate assets for all types of geography, ROI goals, risk goals and times in the market cycle. For example Multifamily (or MHP's) may be in Recovery in Reno and Hypersupply in Charlotte while Self Storage may be in Recession in Philly but expansion in Nashville. Point is, it just depends. For B&H (5+ years), we lean toward affordable housing versus SS as it gives a better risk profile in the underlying demand advantage. MHP's also have a very high barrier to entry (not building more of them) vs SS. Unlike CRE, SF values don't track closely with interest rates, but with population growth and housing supply so we think there is a more clear and distinct time to buy, time to sell and the hold in between. Check out Integra Realty Resources Viewpoint reports for market cycles. Good luck.
There is so much competition for MHP's right now across the country. There are two funds, Park Street Partners and MHC America, that are accumulating Mom and Pop parks all over if they have 30 units or more. I know Kevin Bupp in his podcasts mentions they mail to park owners throughout the SE. They claim it is taking years to build the relationships that result from repeated mailings.
We did some local mailings here and heard from 3 owners. Which we were encouraged by. But the two parks that resulted were overpriced. So we will stay in touch with those owners until they sell their parks to suckers or they see the light.
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