All Forum Posts by: Logan M.

 I am in Utah but this was a nationwide change

 I am having them continue paying their underlying loans in some cases. We are going to own 50 communities over the next few years and now with 9 it is starting to look really real!

 It's even better, in this case, I will be walking away with a check for about have the month's rent and deposits.

 I have a rule that I need to be able to drive there and back in one day.

Recently, the insurance carrier I have been using has decided to drop coverage of parks with Park Owned Homes, the policy I had was strictly liability. 

What options are other community owners finding right now?

@Frank Rolfe

Don't overcomplicate seller financing.

In a conversation with my Mobiel Home Mover, I told him I got another Manufactured Home Community under contract with seller financing and 0% down. He replied, "I don't know how you keep finding sellers willing to do that".

Here is the secret sauce, know and understand the seller's motivation, ask questions, and don't be afraid to ask for the terms you want.

It is more common in medium-sized multifamily where it is a business but not large enough to be professionally managed. The owners are feeling pain from their property it could be the children who inherited the property, poor management leading to deferred maintenance, vacancies, and many other inefficiencies.

Most owners in this spot are looking for a way to end the pain they are feeling and many will take a path that solves their problems and gives them something in return to justify the sale. I have never bought a property for nothing but I was able to get many many communities with nothing down and great seller financing terms.

Listen to the seller, find out what their motivation is, their pain point then present them with a solution and see where it goes, when the terms make sense have the guts to move forward.

Quote from @Chris Mason:

Just sent this over to a client, in place NOI yields a ~9% cap rate on this park, which of course feeds into making 75% LTV doable. All are at less than 1.5 points. Blacking out just enough so that the exact property can't be looked up. Note one of them is at 65% LTV.

Good hunting!

 Can you explain this to me like I am four years old?

I look Monday through Friday at Facebook Marketplace, my MLS, KSL.com, and the Mobile Home Park Store.

Technically, I am not looking at Craigslist but KSL is very similar.

 THe website I am using is called KSL so my calling it Craigslist is inaccurate but it does tell me that classified websites have potential.

 I have done both, it depends on liquid capital available and where my contractors are with other projects. If it is in bad bad bad condition and you are not a contractor I would probably sell it.

A few months ago I sold a home and after about three months they gave it back to me and then I put it on facebook marketplace and sold it again. Basically, I sold it twice and made almost 6k with no time spent at all and the best part is someone is paying the space rent.