All Forum Posts by: Dave Rav

@Caleb Brown thank you sir!  I will check out Reonomy.  

My target is either SF or MF (under 25 units).  

Reposting this:

Hello group and happy holidays! I'm an experienced REI, but haven't done much marketing direct to sellers. With property values rising or already peaking in many regions, I would like to kick off a marketing campaign to directly market to motivated sellers.

I'm seeking a lead gen source with updated and accurate lists, and a decent conversion rate of response. My goal is remain local, targeting the South Carolina market (not nationwide). I'm open to pretty much any method: direct mail, online, phone, etc.

Thanks in advance!

Hello group and happy holidays! I'm an experienced REI, but haven't done much marketing direct to sellers. With property values rising or already peaking in many regions, I would like to kick off a marketing campaign to directly market to motivated sellers.

I'm seeking a lead gen source with updated and accurate lists, and a decent conversion rate of response.  My goal is remain local, targeting the South Carolina market (not nationwide).  I'm open to pretty much any method:  direct mail, online, phone, etc. 

Thanks in advance!

How much do you pay for Propstream and do you like it?  Why (or why not)?

@Zachary Smith

Yes a p&L from 3 years ago is dated.

The nonconforming issue - you should ask the city/municipality if once a home is moved out (or other changes occur) can you bring in a new home. Colleague of mine has run into this issue on non conforming Park... once homes moved, he has 6 months to bring in a new home. Afterwards, it's not permitted.

Sewer lines issue - this is per the tenant. Can't always believe what they say. Sometimes the info is reliable; sometimes not. Could be that THEY have sewage issues that originated peripherally (above ground) and they are merely complaining about their problem specific to their lot. Get an inspection of the entire system.

I've never done, but I too have thought about it.  Dont see why you couldn't do it in a MH.  Placement of the unit within the mobile would be key, I would think.  Need to get the temps controlled in all rooms and spaces of the home.  May need to educate the tenant on ways to help make this possible (leaving doors to rooms open, usage of fans, etc).  

Another thought is, you may need two of these Mini Splits to hit all areas of the home.  Depending on size and layout of MH maybe get two smaller output units.  Maybe like 18k BTU ea

I also own a small MHP.  Mine is 5 units.

1. The type of insurance I would need and amount of liability? State farm, which currently insures my properties said they don't cover mobile homes.  Liability only.  Try NREIG. Go $1M. The big carriers can be a pain.  Always so specific.  

2. Expenses and costs that I am unaware of? Currently, only thinking about Insurance, snow plowing, mowing, taxes, and utilities. I want to try to manage the property myself. Good idea or bad for a small mobile home park?  I manage my own 5-unit. You can do it.  Easy, esp if all TOHs.  I stop by maybe 2x per month.  I outsource mowing.  Majority of my units are city water/sewer and tenant pays.  I pay for community lighting - basically 2 light poles.  Costs $28/mo.

3. What are lot rents in your area?  $325-450.  Some greedy corporate parks charge more; they are abusing the fact that at least 75% (or more!) of tenants cant afford to move their MH out of the park.  This is wrong!

4. Should I create a separate LLC for the mobile home park or keep it under my other properties?  I did mine in a separate LLC.  Some say this asset type is at greater risk of lawsuits.  Though I have not experienced this being the case, I can appreciate why this belief exists.

5. What type of loan is possible with this if I am unable to secure full price purchase?  go to the small, local banks.  Show them you know what you're talking about.  Before they even ask, OFFER to personally guarantee all loans.  I always tell them, "hey, you can have me sign whatever piece of paper you want to make you feel secure.  It doesn't matter, because I fully stand behind my abilities as an REI and plan to pay all my debts.  I also highlight that I'm a 800+ FICO individual.

Any suggestions or guidances is greatly appreciated.

**My question for you:  Where is this property located??

@Rebecca Thacker the other park priced at $2.5MM, does that include POHs? This is always good to know

I agree with Frank Wolfe to an extent.  Expenses on private sewer should not be taken lightly.  This would be offset if your income were higher.  If this deal were in a different region, where LRs were maybe 225-250/mo, it would be a deal.  (24 pads in my region, under $500k is really good)

 @Lynnette E. thank you for the input.  Those are some great cons to installing baseboard units.  Appreciate it!