All Forum Posts by: Logan M.
Logan M. has started 136 posts and replied 728 times.
Post: Looking for experienced investors in Utah
- Investor
- Provo, UT
- Posts 737
- Votes 620
Seller Financing deals
Post: Filling my parks spaces triple dipping, three steams of income
- Investor
- Provo, UT
- Posts 737
- Votes 620
Post: Filling my parks spaces triple dipping, three steams of income
- Investor
- Provo, UT
- Posts 737
- Votes 620
Quote from @Jordan Moorhead:
@Logan M. those homes look nice! Who are you purchasing through?
These were from Clayton Homes out of their Buckeye Arizona Factory.
Check out the kitchen.
Post: Filling my parks spaces triple dipping, three steams of income
- Investor
- Provo, UT
- Posts 737
- Votes 620
One of the most difficult parts of mobile home park investing is filling vacant spaces. Recently, I started locking down a triple dip strategy having investors buy the mobile homes for the spaces.
1. Dealer License: I use my dealer's license to buy the homes and in some cases, I can charge a small markup.
2. Property Management Fee: Many of the investors want to keep the homes for cashflow and I charge a management fee and run it through my brokerage.
3. Lot Rent: And to top it off I filled the space that now pays me a lot fee which for a bonus quadruple dip increased the value of my community.
As Investors and Entrepreneurs, we get paid to solve problems.
Post: Is 'Evolve' a good service to use
- Investor
- Provo, UT
- Posts 737
- Votes 620
Quote from @Curtis Harrison:
I have a 4 bedroom fully furnished home in Midvale Utah. I'm only allowed to use 30 plus day rentals. I've looked at furnishedfinder.com but I'm hearing that they do better with a smaller number of rooms. Another option is evolve. Has anyone used the evolve service? It sounds like a wonderful thing, but I'm wondering if it's a hassle or if it actually works. It looks like a third party service that links you with several other services like Airbnb and VERBO and all those. But it's like a one-stop shop and they set you up with all the ads. They just charge 10%. Is it worth it or are they a hassle? Has anyone done business with them and had success or trouble?
Is it different then something like Guesty or hospitable?
Post: Pitfalls of CAP Rate and Mobile Home Parks
- Investor
- Provo, UT
- Posts 737
- Votes 620
Quote from @Dave Rav:
I'd say cap rates simply get your interest in the property.
Too low and I pass. Way too high, and I feel someone doesnt know how to calculate! Its the ones that are "reasonably good" that I look further into.
Great perspective
Post: Valuing mobile homes
- Investor
- Provo, UT
- Posts 737
- Votes 620
Quote from @Karen Hamblet:
Mobile homes do have a book value like NADA, I have used it to value my mobile homes for insurance purposes. It costs a small amount for them to give you a value. Older mobile homes do have value, even the 1980's models. If set up in a park or on land and in good condition they sell well. To be moved they go for less but you can still sell them. We just sold one that tenants had completely trashed that was a 1981 model, to be moved and had multiple offers. Priced it low because we just wanted to move on. Just research online and usually there are a few used mobile home dealers in your state you can find on Facebook.
As for newer mobile homes, our appraiser friend told us they depreciate now at the same rate as a new stick built home, about 1 1/2% per year.
Selling used mobile homes on property or in parks is difficult unless you have cash. We did find one local bank and they would loan on used mobile homes in very good condition in parks or on land, even if they have been moved in the past. Most will only loan on mobiles that have never been moved and were placed new on the property.
This is correct, I do believe it is a paid service to access, correct?
Post: Methods I use to turn Park Owned Homes into Tenant owned Homes
- Investor
- Provo, UT
- Posts 737
- Votes 620
Quote from @Jordan Moorhead:
@Logan M. anything you do to stay compliant with seller financing? I'm under contract on a park with 6 POH now
That may be more of a state question. I imagine though in my opinion not as a legal professional that the seller being the bank would be much more likely to get in trouble.
Post: Methods I use to turn Park Owned Homes into Tenant owned Homes
- Investor
- Provo, UT
- Posts 737
- Votes 620
Quote from @Brandon P.:
Best,
Brandon
My first park I bought on the MLS with a bank loan
Post: Pitfalls of CAP Rate and Mobile Home Parks
- Investor
- Provo, UT
- Posts 737
- Votes 620
Quote from @Arthur Schwartz:
What methods are there to convert poh to toh?
https://www.biggerpockets.com/forums/30/topics/1176228-metho...