All Forum Posts by: Neil Schoepp

@Troy Vincent

find a seller willing to hold 10% you come up with 10%. Get creative, beg, borrow, steal (ok not really steal but close :) The down payment (your 10%) though usually made in cash doesn't have to be. Boats/Motorcycles/RV/Vacation trailer in a park etc.

@Karen Hawkes

What every real estate investor needs to know about cash flow..... By Frank Gallinelli is a great source for understanding how to calculate the numbers. 

@Josh Oaten

I highly recommend and I will be attending this one in the fall.

Multifamily Mastery Live 2019

Come join the discussion. This month we will be talking about building your foundation, picking your strategy, finding a market and making friends. We meet the first Tuesday of every month.

@Stefani Gillenwater

I do not use NADA. I kinda go by feel if that makes sense. 

Your right on track with at least what I would do. Feel them out and see how they respond.  Everything is negotiable. The biggest problem is buyers paying for park owned homes based upon cap rates. I NEVER EVER NEVER do that. {was my position clear :) LOL}. Newer to me starts around 10 years, yours are closer to 20 and pushing 30.

@Stefani Gillenwater

Shell value for old homes, newer homes I shoot for 60-70% (think of it more like a flip then a straight up SFR) of resale value. Doesn't always work out that way but it is where I start. I never pay market. If I pay market then I cannot flip them.

TOH

@Brandon Malbrough

This is the method I use.

So you may or may not have all Tenant owned  or all park owned or a combo or the two.

Take your pad income minus your expenses and divide by your cap rate. (Just like apts.)

If you have any park owned homes you will have to value them individually. DO NOT pay a cap rate on the rent the park is charging for the home. You will way over pay for the home. 

If the park also comes with a small stick built house then that will be valued out separately also.

Now add your three values and start your negotiations.

 @Paxson B Hightower 

Have you considered syndication?

Thanks @Jonathan Anderson. 

Anyone have any other suggestions.