All Forum Posts by: Alex Fleck

@Parker L. thank you! I will be sure to join. Looking forward to meeting you all. 

No problem! The coastal areas have decent markets mostly driven by tourism and retirement communities. Think Brunswick, Pender, Carteret, and Beaufort counties. I don't have much knowledge of the other coastal areas like the Outer Banks counties. 

Hi Paul,

I'm a proud eastern NC native, but must admit that eastern NC is a very different animal from the major NC markets like Charlotte, Triad, and the Triangle. Appreciation is almost nonexistent and the rental market is subpar at best. My parents bought in Wilson NC in 1997 and today their house is still worth what they paid 19 years ago. They own 2 rental properties and rent at market values, and have periods of vacancy between nearly every tenant switch. 

Job growth in rural areas will likely remain pretty stagnant over the foreseeable future. Greenville NC and Wilmington NC, both small cities with decent job markets, would be your best bets. Dirt cheap properties in rural areas could cash flow pretty well if you can keep them rented but don't expect any appreciation. 

Sorry to be a negative nancy, let me know if you have any other questions! 

@Joe Fairless thanks. I will have to check out some of your podcasts and books as well. Good luck on all of your ambitious endeavors. 

@Joe Fairless I am considering. Looks like I already have one interested member @Zane McLaughlin. Did you use Meetup.com?

I enjoyed hearing your story on Kevin Bupp's podcast. Kevin's podcast is the primary reason for me wanting to dive straight into mobile home parks or apartments. 

The best deals are mobile home parks where park owner does not own the trailers, the tenants own the home and rent the lot and parks can range in size from 10 to 200 lots. Lots rent between $200 and $300/month in this part of the country and the park owner typically responsible for maintaining water/sewer infrastructure and roadways. Mobile homes cost about $3500 to move and are therefore not very "mobile" therefore turnover can be pretty low if tenants own the homes. Even where tenants do not own the homes I have heard that turnover is not any higher than other forms of low income housing when properly managed ex. credit checks for tenants, no tenants allowed with extensive eviction history, etc. 

All of my knowledge here is from research and networking with mobile home park investors and I am working on doing my first MHP deal. When the time comes I'd choose not to self manage. 

I am an NC native and Charlotte local looking to do my first mobile home park or small multifamily deal. I have found tons of REI groups on Meetup.com but most seem to be focused on single family wholesale, fix and flip, or rental, not much in the way of mobile home park or multifamily. Can anyone offer suggestions for local networking groups focusing on these asset classes I mentioned? Thanks!

Look up Kevin Bupp's "Mobile Home Park Investing Podcast" or his "21 biggest mistakes" ebook for first time mobile home park investors. His content is for mobile home PARK investing, not investing in the homes themselves 

@Bony Mathew I reside in Charlotte as well. My interest is in multi family or mobile home park buy and hold but I am brand new and have little capital to finance my own deal. However if you need investors or partners for your upcoming Charlotte deal I am interested.