New(ish) member from Brockville, Ontario Canada

New(ish) member from Brockville, Ontario Canada

Investor · Brockville, Ontario · Member since 2014 · 23 posts · 2 votes
I have been a member on this site for over a year but I just recently started spending a lot of time on the site. I also recently realized I forgot to post in the New Member area. A bit about me and my experience: I went to school in Kingston at Queen's University. I am a Mechanical Engineering Graduate 2013. I started investing in real estate about 2 years ago. I bought a duplex in Oshawa Ontario. That proved to be a good investment. I sold the property 5 months ago and I am currently travelling Southeast Asia but will be returning home in 1 month. My goals: I have recently read about investing in mobile home parks and I am shifting my focus to this. I have done a ton of research and I am very excited about this niche. I would like to acquire a mobile home park somewhere between the Toronto and Ottawa area in the next 2 to 6 months. I hope to make solid connections on bigger pockets with folks in the mobile home park industry to learn as much as I can and hopefully find a deal in the near future. I am very anxious to get started building my portfolio. What I can offer: While my experience isn't nearly as vast as many of the veterans on this forum I would be happy to offer what knowledge I do have to the community. I was very happy with my first investment and have some knowledge with: analyzing deals, Canadian lease writing, handyman work, tenant screening as well as tenant relationships. So if anyone has any questions regarding any of these topics or anything else for that matter please feel free to send me a message or reply to this thread. Thanks so much for taking the time to read my post and I look forward to networking with you!
1Reply
26 views

Most Popular Reply

Investor · Warner Robins, GA · Member since 2015 · 1k+ posts · 490 votes
9y

WELCOME TO THE GRIND!

I am looking forward to following your mobile home investing! 

See this reply in the discussion

9 Replies

Jump to latestLatest
  • Investor · Ottawa, Ontario · Member since 2016 · 225 posts · 46 votes
    9y
    Welcome to the website. I am based in Ottawa and we should connect
  • Lender · Ottawa, Ontario · Member since 2016 · 14 posts · 2 votes
    9y

    Hi Mitchell,

    I know nothing about Trailer Parks nor do I have any interest in investing in one but this one just outside of Perth caught my eye in the spring and it's still for sale https://www.realtor.ca/Commercial/Other/17057350/0...

    It's only 240k so seems like a low risk park to look into. It's priced at roughly a 14% cap rate which seems awesome but no one is touching it so maybe that's not a good cap rate for trailer parks. 

    I am interested to hear how your search goes and best of luck to you,

    Chris

  • Victoria, British Columbia · Member since 2016 · 14 posts · 1 vote
    9y

    Hi Mitchell,

    I've been curious about trailer parks here on Vancouver Island and plan on doing some research, so perhaps we can compare stories?

    I would be interested to hear more on the numbers of your former Oshawa duplex re purchase / sold price / rental income etc.

    Happy travels!

    Sarah Simpson

  • Investor · Brockville, Ontario · Member since 2014 · 23 posts · 2 votes
    9y
    Haseeb Awan thanks for the welcome and the offer to connect! Maybe when I'm back from traveling we can grab a coffee? Chris Somerville thanks for the link! I'm going to contact the realtor and find out more info about the park. The limited financials included in the add seem very good. I'm interested to see what the condition of the park is, the status of the water and sewage system as well as how many tenants are late on their park fees. Great find! Thanks again! Sarah Simpson absolutely that sounds great! I think I have a spreadsheet somewhere outlining all the numbers for the duplex. I'll see if I can locate it when I'm back home. Rough numbers off the top of my head: purchased for $290,000, sold for $440,000 20 months later. The rent for the 3 bedroom unit was $1,450 and the rent for the basement unit was $1,250. These rents were all inclusive of utilities and internet. Tenants looked after their own lawn care and snow removal.
  • Victoria, British Columbia · Member since 2016 · 14 posts · 1 vote
    9y

    Thank you @Mitchell P. I appreciate you sharing your information. Perhaps once you are back in Canada, we can have a conversation and by that time I will have done my research. Best wishes.

  • Lender · Ottawa, Ontario · Member since 2016 · 14 posts · 2 votes
    9y

    Mitchell,

    Did you do anything to the Oshawa property to force the appreciation? Or did you do anything special to find the property and get it well below market value? Over 50% appreciation in 20 months seems nuts.

    Chris

  • Investor · Toronto, Ontario · Member since 2014 · 320 posts · 125 votes
    9y

    @Mitchell P. - Welcome to BP (kinda, since you've already been here a year!) and great to see another Canadian. I'm a Toronto based investor focused on BRRR in the downtown core. I've never looked into mobile home parks - why the interest in this niche?

  • Investor · Brockville, Ontario · Member since 2014 · 23 posts · 2 votes
    9y
    Chris Somerville I didn't really do anything major in terms of upgrades. I added a dishwasher upstairs that I bought off Kijiji for $100, removed some ugly hedges, general yard clean-up, painted the upstairs rooms and built a new vanity for the upstairs bathroom. I probably spent about $500 total on upgrades. The house was listed for $300,000 but my agent and I put an offer in the day before it got listed and got it. The house probably would have been involved in a bidding war if it had made it on the market. Mostly though the big increase was due to the ridiculous (and in my mind unstable) market growth in the Toronto core and the surrounding GTA. Ming Lim thanks for the welcome! I've been focused on multi-family for a while and every so often I would see comments about mobile home parks. I totally discounted them until recently. I decided it was worth looking into. The biggest pro for me was the fact that you are just leasing land so you are totally removed from any sort of home repairs. The mobile homes are owned by the residents. All issues with the house are their responsibility. The other great attribute is that the COC ratio is usually much higher than a multi-family.
  • Investor · Warner Robins, GA · Member since 2015 · 1k+ posts · 490 votes
    9y

    WELCOME TO THE GRIND!

    I am looking forward to following your mobile home investing! 

Join the conversationCreate a free account to reply, vote on answers and follow this thread.