All Forum Posts by: Michael Baradell

@Frank Rolfe thanks! We are in the Midwest. Do you have a preferred dealer in that area that you’d suggest?

Hey BP! I’m looking for a similar program as 21st Mortgage CASH program. Anyone aware of a company that offers something similar? 

@Shane Jeanfreau it’s actually a Treatment plant. We’ve done zero due diligence as of yet on it, but my understanding is that treatment plant is large enough for the entire park. Costs around $150/month to maintain and was completely redone about 6 months ago. 

@Frank Rolfe $1,250,000 was exactly what I was thinking. The location is fantastic and lot rent in the market is pushing $400 for the parks that are well maintained. 

The POH are actually all pretty decent. All I would say 1995 or newer. 

The house would easily rent for $1000. Its located in the rear of the park and is very well maintained. 

Seller is asking for $1.7M. This is an off market deal from a 3rd generation mom and pop. Any suggestions on how to structure an owner financing option on this one if she will not budge much on price?

Hey guys! Curious where you would value this park.. 

Details:

42 Total pads (28 TOH's, 11 POH's, 3 long term RV) Plus a 1600 square foot house that is very nicely renovated

City water 

Septic sewer

Lot Rent is $325 (includes water, trash and sewer) 

11 Park owned home bring in $5225/month on top of the $325 for lot rent

All expenses including water, common electric, septic upkeep, trash, maint, lawn, insurances and taxes, and property management is around $73,900/year

Park is in great condition. Roads are private but were redone with asphalt 5 years ago. Septic just redone 6 months ago. 

Sitting on 5 acres. 

@Chris Ebert 3rd party and a mixture 

Hey BP!

I am purchasing a park that has management already in place. This management team has been in place for 9 months under the previous owner and has done a good job cleaning up the park. Currently, the PM fee is a flat rate of $700/month. There are 13 active lots and 42 more to fill. 

My question is, how much should I anticipate paying them as we grow? The $700 flat fee tight now is excessive I feel. Should we pay per pad? Percentage of rent collected? 

@Frank Rolfe also, what percentage would you say of the homes you acquire via the CASH program do you sell off vs rent?

@Frank Rolfe is there a threshold that you use in order to determine if/when you will use the cash program vs bringing in an older home? 

@Frank Rolfe you mention gifting the older homes. What would you do if you brought in new homes via the CASH program? Obviously, best case is 21st financing the end buyer, but what if that doesn’t happen? What would your owner financing terms/structure look like?