All Forum Posts by: Logan M.

@Samuel Coronado, evicting TOHs varies by state. I am also curious what @Whitney McNair's experience was doing this.

If you buy a park @Sherry McQuage and there are a lot of POHs I suggest selling them asap.

 Who is typically operating your communities?

 How are you structuring your purchases? Partnership, individual, fund etc?

 I like to post material I wish I knew when I started.

 I will DM you

Since 2018, I have purchased eight communities and this is how I did it. One important piece to understand is that investing breaks down into Time, Money, and Skills.

First purchase: 50/50 partnership.

Second: 0% Down Seller Financing.

Third: 15k down seller financing.

Fourth: 50/50 partnership my partner brought all of the capital and I manage the community.

Fifth: 0% down seller financing utilizing cross-collateralization of another property (A SFH that I owned outright)

Sixth: 0% down seller financing utilizing cross-collateralization of another property (A SFH that he was okay with being in second position on)

Seven: Seller Financing 300k down (I bought this in my fund and raised capital through that vehicle), 0% interest loan for 3.5 years.

Eight: Seller Financing 53k down (I bought this in my fund and raised capital through that vehicle), 4% interest loan for 6.5 years.

The biggest takeaway I want a reader to get is that there are a lot of different ways to make a deal work. 

Learn how to operate multifamily effectively and people will give you money to find the deal and deliver cashflow.

Hey Stuart, thanks for reaching out.

Zone changes can be a lot of work but if the city is supported I would pursue it to see what you can get done.

Have you run a feasibility study?

I would write up a contract that is probably 3-6 months long with lots of potential exertions built into it. This is not a flip deal this is a development deal.

Until you have plans drawn up I am not sure if you will be able to get accurate bids.

What is the utility situation?

I agree with @Ryan Davies. 

A few years back I started looking into buying out of state and in my mind I started to justify it by telling myself all the good deals are gone in Utah. This is the truth, there are always good deals. 

I highly suggest you start out by looking at seller financing and off-market deals. Start calling sellers and trying to understand what they want out of the deal. Another suggestion would be to focus more on learning the process and strategies early on vs getting rich. Real estate is a long game strategy so don't try to make your first deal a home run.

When it comes to a ratio right now you would be lucky to break even without a huge downpayment. 

 I run a team of agents mainly on the residential side so getting contacts for commercial agents that work with MHPs will be the trick. I made one connection Friday and he sent me 4 parks.