All Forum Posts by: Logan M.

 Zillow and Facebook Marketplace. We have had a lot of success with those two sources.

• Local Trends: Watch for changes in the area like major employment shifts and construction projects.
• Ghost Ads: Post fake ads before purchasing a community and gauge your activity. This gives you an idea of the rent amount and general demand.
  
• Comparable rents: Analyze rental listings in your area for similar properties (size, location, amenities). Look for recently rented units to get the most accurate picture.
• Rental listing websites: Utilize platforms like Zillow, Trulia, Craigs List, (In Utah, KSL), Facebook Marketplace, or Rentometer to search for comparable rentals and analyze rental trends.
• Local property management companies: Contact local property managers for their insights on current rental rates in your area.

 That is a great point, the barriers will create a tremendous amount of scarcity.

 Your last line is a great point. I am not saying that it doesn't have a use and won't have a future use but it is a lot easier to create a parking area than something with a higher barrier to enter. How long before it is overbuilt? I don't know the answer and maybe it will never get there. 

@Michael Smythe happy to!

@Jordan Moorhead, I 100% agree!

• 1. Increased Institutional Investment: Large investment firms and private equity groups are recognizing the potential of mobile home parks as a stable asset class, driving up purchase prices. This is a predictable cash flow play because housing affordability worsens daily.
• 2. Focus on Resident Experience: New investors are investing in amenities, infrastructure, and overall community management improvements to attract and retain residents.
• 3. Rise of Resident-Owned Communities (ROCs): Tenants are banding together to purchase their parks, seeking to control their housing costs and community future. There are even lending programs specifically for this.
• 4. Evolving Financing Landscape: Increased availability of financing options, including agency debt, CMBS loans, and local bank lending, is making it easier for investors to acquire and improve mobile home parks. The Federal Government has started backing loans for MHPs.
• 5. Technological Integration: Property management software and resident portals are becoming increasingly common, streamlining operations and enhancing communication between residents and owners.
• 6. Growing Demand for Affordable Housing: The ongoing shortage of affordable housing options drives demand for mobile home parks, particularly in desirable locations. I invest in a lot of rural markets and there is zero affordable housing, and many of the communities have vacant slips.

These trends will become more prevalent over the next few decades and you will see legislation dealing specifically with these trends.

Quote from @Robert Ellis:

Quote from @Logan M.:

Quote from @Robert Ellis:

Quote from @Logan M.:

In November 2021, I purchased a single-story commercial building in a downtown area outside Provo Utah.

Attached is the first picture of the front of the building. This building will have 8 apartment units, 5 short-term rental units, and 2 office spaces. 

Three keys allowed me to own 50% of this building with $130,000 invested. (To give you some numbers we are all in at 2.1 million and it appraised just shy of $3.2 Million)

This was a seller-financed transaction, the terms allowed us to use the ground as collateral and I brought partners in after I got all of the city approvals, and they took over the future expenses for the seller financing note and the other costs like engineering. 

We leveraged the land and got a bank loan for $1.6 Million.

THESE DEALS ARE OUT THERE!

 did you face any hurdles for land appraisal without seasoning? interview multiple banks? I think a lot of people don't focus on the financing side or what it takes to get a deal done but that is everything 

 It is also one of the more difficult parts to understand.

We didn't run into seasoning issues but it was because I had owned it for a year by the time I got the construction loan. In that time I worked on approvals and interviewed several banks. We had full approval from three different banks before we made a decision.

 so they gave you full dollar for dollar value on your land and it was a higher value than you purchase? 

 Yes

I would highly suggest buying an existing community, it is almost always easier and more profitable unless you know what you're doing.

 Trucking is going through a major contraction right now and if self-driving trucks ever become a thing you are out of business.