All Forum Posts by: Bryan H.

hi Jon
I've read his blogs here and other places. I haven't seen anyone else that really is an expert in MHPs.

Ben Reese I've heard about other bootcamps, not Frank & Dave. Most of what I have heard is they are basically sales pitches for more expensive products and programs. Was this anything like that? Or do you get more than a $2000 pitch?

Nobody?

Thanks Ben
Wondering if anyone else has feedback on the boot camp or any of their other CDs & products.

I haven't been able to find any information about the boot camp put on by Frank Rolfe and Dave Reynolds around mobile home park investing. I've been talking to an owner of a small park and it looks like a good investment. I know owning a MHP is much different than my SFH rentals, so I'm looking to get educated. Frank & Dave are clearly the experts in this field, but wondering if their training is worthwhile.

Does anyone have feedback about this boot camp? I'd greatly appreciate it.

Dan R. You mentioned the Mr Landlord bootcamps, do you know anything about the MHU bootcamps put on by Frank Rolfe and Dave Reynolds? There is one coming up and I was considering it.

Hi Ned, I thought that's where I did post this. Can you move it if I would get a better response?

I'm beginning to work on a business plan for investing in MHPs. I have a template that I found online that looked pretty good, so I will be using that as a guide. What I am looking for now are resources that I can reference when documenting industry trends, economic outlook and local area statistics.

Much of what I am using now comes from census.gov, hud.gov so I need more on industry trends.

If you have created a plan for MHP in the past, I'd love to see yours if you don't mind sharing.

I consider this an important part of moving into this investment avenue. I know I have a lot to consider and going through this process will help me understand if the park I have in mind will truly be a good purchase.

Thanks in advance

I'm looking at purchasing a MHP, asking price is $220,000 with CAP rate = 12%. With 25% down and after expenses my ROI is about 21%.

I'm pretty sure the seller determined the price by starting with the CAP rate to get to $220,000.

Another way Frank Rolfe suggests is:
Rents x 12 x 70 = Purchase price. So $2850 x 12 x 70 = $192,500

Sitting in my local REIA meeting yesterday, the speaker said properties in the area are selling on average 5% less than tax values.
Tax value on this property is $187,000 - 5% = $177,650

How would you go about determining an offer price?

So I met a guy that was speaking at my local REIA about landlording. I went specifically to speak with him because I knew he had a MHP and Ive been looking into possibly investing in this. So, come to find out he wants to sell his park and use the money to upgrade to a larger park.

It's a 12 lot park, with 11 lots rented. He said he keeps one strategically vacant in case something happens to a tenant's septic, he then has a place to move the trailer. So, 10 lots rent for $250/mo and 1 at $350. Total yearly income is $34,200. Operating expenses of taxes, insurance, electric, legal, repairs/maintenance & vacancy were listed at $7892. (23%)

He is asking $220,000. I know there is much I need to investigate about the park, but from a numbers perspective, would you proceed or pass?

What are your thoughts on leaving one lot vacant as 'insurance' against an issue with the septic?

I'd have to get a mortgage to purchase. Ive seen anywhere from 20-35% down, but haven't seen advertised interest rates, what can I expect? I just need a ballpark to plug into my figures. I am using 7% now, but wanted to get a better number.

Your feedback & advise is appreciated.

Craig M. The name of the game in flipping is speed. Turn those around quickly and move onto the next deal. Plus if your time is spent rehabbing, you dont have the time to look for that next deal.

I learned this the hard way. I bought a house and my wife and I rehabbed for a rental. Took us 9 months to rehab because we did it on weekends and after work. If a contractor did the work, it would have taken 3 weeks. So 8 months off the market at $925/ month = $7400. We estimated $2000 for labor if we hired it out. We lost $5400 in rent opportunities.