All Forum Posts by: Account Closed

Echo what everyone else said, things didn't work out but how you threw everything at this, you have that which is so important.  Maybe if you had a bit more experience on typical contractor shenanigans , you could have gotten through it or if the guy wasn't questionable and got you through it, it would be singing a different song.  

Also looks like you have honor for trying to get the bank whole, think it says a lot they didn't file the FC on you based on your willingness to work with them.  

Not saying maybe you want to give it another go , but you have what so many lack, the drive.  You CANT find that.  People to make the project come together, analysts to crunch the numbers, second set of eyes to get a project , you CAN find that. 

If you can , get out of the hell cat  depending on the loss, get a cheap beater, scale down expenses, see if you can get cheaper housing ( that might be where your at as I read bay area is expensive) .  Work to rebound, gain some success and revisit the hellcat ( probably demon at that point). 

Good luck and thanks for sharing your story. 

We have TLOXP to locate people .  There are requirements, you have to have legitimate uses for it.  Marketing is not one of them.  I think the charges are about a dollar a record .  I know you can go down in price with volume but i think 20-25cents.. maybe not but could be wrong.  Nexus i think is a similar tool . But you have to meet requirements for it, not anyone can have it.  It really is amazing though all the stuff that is out there.  Very powerful tool.. 

@Jay Helms  From experience, i used to think this was shady, and pressed on for info.  After doing this for a while, this is such a super common thing.....  

I get it, they are skeptical, they have lied to underreport to IRS , whatever, don't care. 

I would not drop a deal due to weak info.  If i could model off the little I could get, verify all what I could on my own, not overpaying . 

How long have they owned it for? In this situation you are describing  i really want to see longer term ownership (i.e. 20 plus years) .

Will also be relevant if they are doing seller carry or you are trying to get a loan on the place. 

Remember too, if they are really going to sell, if someone else cant figure out how to solve the riddle they will still be holding the park .  See if you can figure out a way to overcome the objections and just because you didn't get the deal today, doesnt mean you might not get it tomorrow. 

Right now for me, i would buy mobile homes to fill the park we are working on .  We are using our money if we have it or borrowing at 8% from family to buy homes cash for better deals and get our lots filled.  Our motive with them is not profit but the income on lot rent and equity gains on occupancy gains ( though not gained a sale or refi  - at this point to early to see if we would want to refi ) 

Photoshop 

No thats a joke. 

 Find  a partner who has a wheelbarrow full of capital that you can plow into a deal  and show their funds as your ability to close ( assuming they are good with it.... ) 

Good luck .

Im more a spreads guy than deal guy.  So if you can find a 500k deal that you can get for 20% down then pump in 100k to get it to 800k , thats great.  

Or if you get a 1M deal that needs 250k , ( say thats 500k out of pocket) and then get the value to 1.6M. 

You'll probably have to be involved and active for those opportunities.   You can sit there and try to pinpoint a deal that matches up with your cash.... but i like to focus on the spreads but if thats a smaller deal , it may come with more involvement. Good luck. 

10-15% on a syndication for me is not attractive because i believe i can far exceed those returns on the right deals ( and i believe any smaller investor , especially in the sub 1M space can ) if they work hard enough and become knowledgable enough -you might have to tweak your asset class strategy and what markets you are in though ) 

For what I do , mobile home parks, I would do the Houston Metro ( currently me ) or Myrtle Beach South Carolina ( mobile home parks) .  Good luck on wherever you go . 

@Jennifer H.  Yes!  Im really wanting to look at buying in the Houston area but am def open to DFW , east TX.  I have a couple parks in Longview I've been working on trying to buyover the years, failed deals in Kilgore, several failed deals in the metroplex, successfully closed a couple assignment deals in the metroplex. 

I had a contract on a deal in Lufkin area years back.  It would have been an amazing opportunity for someone who was local.  It will probably be a deal again at some point and great for the right operator.  I personally really loved that marked of Lufkin after learning about it, researching etc.  

I don't know Nacogdoches very well.  I know some deals recently popped up there.  Its just not something I was able to get interested in and excited about after my research ( and other than driving through on the way back and forth to IL, not something i spent much time in) .

There are lots of good opportunities. in all the areas you mentioned . I just hoping now i can snag these opportunities before you !  :) :)  Please Keep me in mind on anything within these markets.  Its no longer my primary farm area but there are still a couple deals id like to buy or I can try to connect you with who might be a good fit if you get a deal etc as I know a couple park owners who'd probably want some more deals up there. 

@Adam Manns  A deal like this, id like to really know what they want for it , then see if i can hit their number.  Reason being..... Lot of vacant lots, park owned homes with relatively what id consider a low lot rent, low lot rents.... Utilities will matter also. 

Then it becomes a question of, is the market like a 400 lot rent and he is 250 below market or the market is 160 and he is charging 260.  In case 1, i might be willing to give a value of 10k towards the vacant lots seeing it could be a great market and not a ton to fill a lot with the proper mediums in place.  Case 2,  ill have to spend a bunch of money only to have a lot worth 10-15k instead of 30-40 k  when its all said and done. 

Other issues become what are the utilities, age of homes, infrastructure etc.  What your are describing sounds like a project.  at the right price, could be good but if its a weak market, 200k might be a fair deal.  If its a strong market , might be 800k or more...... 

They are elusive.... the ones who can do MH specific things and reasonable.... 

Find the dealership who sells used homes/ repos etc.  Ask them for referral.  Not all things need someone MH specific but sometimes you have to order things you cant  get at home depot /lowes or say like leveling a house, tying it down etc.