All Forum Posts by: Logan M.
Logan M. has started 136 posts and replied 728 times.
Post: Buying 12 new MHP Communities in 2024
- Investor
- Provo, UT
- Posts 737
- Votes 620
Quote from @Michael Smythe:
@Logan M. wow, wouldn't have thought sellers would to that.
What are the average terms you've been able to negotiate - if you are okay sharing?
https://www.biggerpockets.com/forums/30/topics/1171957-three...
Post: Three Reasons WHY a seller would seller finance with 0% down
- Investor
- Provo, UT
- Posts 737
- Votes 620
Initially, when I started in real estate I could never understand why a seller would sell a property for nothing down or other advantageous terms to an investor. I realized that I was thinking the way I think and not how they think, here are three reasons why a seller would seller finance with 0% down.
1. They are in a bad spot because of poor management, this is very common in medium-sized multi-family, roughly 5-50 units.
2. They would rather have cash flow paying them more money over time than a lump sum, this could include a higher purchase price.
3. They are having trouble selling the property and want to offload it ASAP.
There are billions of dollars of real estate sitting there waiting for you to find them.
Post: Buying 12 new MHP Communities in 2024
- Investor
- Provo, UT
- Posts 737
- Votes 620
Quote from @Michael Smythe:
@Logan M. wow, wouldn't have thought sellers would to that.
What are the average terms you've been able to negotiate - if you are okay sharing?
It really varies but I break it down to monthly payment, percent of payment towards principle vs interest (Interest Rate), and Term of loan. Then I give the seller a few different options to choose from.
Post: Buying 12 new MHP Communities in 2024
- Investor
- Provo, UT
- Posts 737
- Votes 620
Quote from @Michael Smythe:
@Logan M. curious how you are funding your acquisitions?
Almost every park I own has been seller-financed, 5/8 parks and the other 3, I don't I have any money in them but have ownership.
I have only put money into two parks out of 8 for acquisition.
Post: Cash Flow IS King, Right???
- Investor
- Provo, UT
- Posts 737
- Votes 620
2023 was the first year I started pulling rental income from my properties and it was eye-opening to me.
Some properties are great and others are just okay. I have started looking into repositioning assets and trying to hit a higher NOI.
A few considerations that I have been looking at are NOI, Future potential, and appreciation.
Does anyone have a model they use to decide what properties to hold vs reposition?
Post: Buying 12 new MHP Communities in 2024
- Investor
- Provo, UT
- Posts 737
- Votes 620
Quote from @Michael Kaminski:
As someone new to this and only having two rentals, how does one find MHPs for sale?
Calling the owners
Post: Vetting Felons, Drug Addicts, Sex Offenders and Poor Credit/No Credit
- Investor
- Provo, UT
- Posts 737
- Votes 620
Quote from @Roger D Jones:
With regard to any drug testing I think a good, thorough understanding of both federal and state tenant law is in order.
I am curious about doing this logistcally
Post: Mobile Home Conference - April
- Investor
- Provo, UT
- Posts 737
- Votes 620
Quote from @Rene D.:
I'm going to put it on my calendar and was going to see if anyone wanted to meet up.
That would be a lot of fun
Post: When do you become a big deal?
- Investor
- Provo, UT
- Posts 737
- Votes 620
Quote from @Chris Seveney:
@Logan M.
This may be an unpopular opinion, but being a big deal is only in your own head.
Here is a great post someone just shared on LinkedIn:
I agree with what is being said here, and if you look at the people who contribute the most on BP, it’s not them always spewing stuff about themselves. The wealthiest people I know are the most humble. If you asked all of them, i bet none of them would say they are a big deal.
Back to that post:
As many know me, I come from an old-school background. While I employ a lot of modern intelligence these days, there are some things I do not compromise.
I do not make many announcements that promote a “look at me” or “look what I have done” theme.
Just because you bought a building, invested in a business, or laid some fiber cable does not mean you hit the finish line.
You keep shoveling dirt and work like you are always arriving.
I agree
I love this "You keep shoveling dirt and work like you are always arriving."
We have Kris Krohn in our area and the internet is full of constant reminders of "Big Deals" even if its mostly for show.
Post: Mobile home park/ single family house
- Investor
- Provo, UT
- Posts 737
- Votes 620
I agree with @Mario Dattilo and Roger D Jones.
I think the only thing that I would draw emphasis on is what Mario said because unless it has a separate tax ID number it is not an apples-to-apples comparable.