All Forum Posts by: Logan M.

 Hahaha I will send them your way!

 It is all about systems and I am sure I will have plenty more growing pains.

 I worked for a week in Sulphur so I am pretty familiar with the area

 What city? I used to live out there

You have to take this post with a grain of salt but I have a lot of people that ask me where I buy and where I don't buy.

For the most part, I invest in Red states, meaning states that tend to vote for Republican candidates but let me add a few layers to this:

1. Demographics are more important than any other factor at a macro level.

2. Some Red states like Mississippi have terrible trends when it comes to housing and an incredible amount of poverty. I avoid states like this.

3. Some states have bad weather, being a MHP investor I avoid Florida, Texas, and Louisiana. I have lived in Texas and Louisiana. 

4. The ideal climate is dry with few weather extremes.

5. If you invest in areas utilizing government funding Blue states will outperform Red states because they typically have more funding for low-income housing available.

They say a picture is worth a thousand words, well.....you tell me...

This was found in one of my new mobile home communities.

 It takes the right kind of person to manage MHPs, a little crazy haha

 If they have a good history of making payments I will do 0% down and typically do about 10% interest over 10-20 years depending on the community. 

I try to get $300-$500 more than they currently pay.

One key piece is that their lot rent has a 3% automatic increase per year.

I bought a community in the middle of 2023 that had 11 occupied units out of 38 units total. Without going into a ton of details, some of the units are multifamily manufactured homes. 

When I was looking at the community I noticed that there were 

1. No rentals or homes for sale in the area.

2. There was a ton of demand for our ghost ads

3. Not a single space was vacant, there was a home in each space (All POHs)

4. Not a single vacant unit was rent-ready.

I have no idea where all the tenants came from but for the first 20 units or so we couldn't finish repairing the units fast enough. Even today we have two units almost ready with two interested tenants who should be pre-leasing today.

The attached image is the spreadsheet to keep track of my workflow. I moved the units based on the attention needed, once they were occupied I moved to their number order. 

I cut off the second half of it so I could show how at the bottom I can track expected rents and the potential rents. I also built out a vacancy calculator so I can see how close we are getting to being fully occupied. 

The expected 100% occupancy date is set for the end of March of this year!!!

Some of my other posts go into the details of acquisition but this was a 0% down, 6% interest-only payment, 6-year seller financing deal,

To this date, I only have $5,000 in this deal and that was very very recently to add a little gasoline to this project.

I am an open book so  if you have questions ask away!