All Forum Posts by: Bryan Lee

@Brenden Mitchum This is very helpful. Thank you so much for the response! I really appreciate it and would love to talk further sometime soon! 

Hey, 

I hope all is well! I am very interested in buying a mobile home park. I am in the process of learning everything I can about them. I really wanted opinions on the best way to develop relationships with owners of MHP. I would love to learn from them but also bring a great deal of value to them. Are there any creative ways you are bringing value to owners in order to develop a relationship? 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $70,000
Cash invested: $30,000

This is our first property, currently under a light makeover of a little demo, fresh paint, new floorings, and other unexpected costs. We did add a few thousand to the budget for unexpected items but might go over that slightly. It was a grind. The culmination of over a year's worth of studying, learning, working, analyzing but it was a surreal experience to sign the closing documents.

What made you interested in investing in this type of deal?

we wanted buy and hold to gain financial freedom and spend more time together as a family.

How did you find this deal and how did you negotiate it?

Our rock star real estate agent went to the property and took a video and said if we didn't buy this property he was going to.

How did you finance this deal?

Conventional financing.

Lessons learned? Challenges?

Always add more for rehab than you think. Make a list of all the risks and assess if it's worth it for you. Flex that risk-taking muscle.

@Davartay Miller

Thank you for sharing this valuable information. I greatly appreciate it. I am working on learning the systems of property management as well as finding a company that would be a good fit. 

@Chloe Pacheco 

Thank you for your advice. I appreciate it! 

@Dena Puliatti 

Thank you. I agree that calling around helps a lot as some do not answer or get back you in a timely manner. I have called at least five companies and tracked this in an excel spreadsheet to help me stay organized. I was hoping to connect with other investors who have current experience working with the company to gain their insight. 

 @Jayson C. 

I am would love to connect. I sent you a message! 

 @Drew Sygit 

This is very helpful. Thank you for the info :) 

Hey, 

I hope all is well. My wife and I started our real estate journey recently in the Indy market. We have our first property under contract and are looking at property management companies. I was wondering if anyone has experience in this area and recommends or has heard good things about any companies down there. 

Thank you for your time!

They can't evict because of Covid moratorium on evictions and won't be able to evict them. I don't know if the seller is willing to pay the tenant their own money for the keys. They put it on the MLS saying there is a tenant that is not paying. The reason I was thinking of doing it this way was so that the tenant signs a legal document stating they no longer live there. (I've read stories of people giving cash for keys and then the tenant went right back to the property and wouldn't leave.) I would be able to have my realtor verify that the tenant has left the property and the escrow officer verifies and notarize the agreement and disburse the money to the tenant after they have signed.