All Forum Posts by: Diandre Pierce

Yes I am going to hold it for generations 

I have a Mobile home park owned by my uncle that has been profiting 84 percent for 15 years consistently. He owns the lot land and trailers . He is selling one to me for 500K. it brings in 5900 a month

I have a primary house I closed January for 600k and it appraised for 900 k


I want to take 150 k out of my house in a home equity loan and then use that 150k as a down payment for a DSCR loan for the other 350K to buy the park

Does my strategy sound logical?

Quote from @Samuel Coronado:

Is this park in Huntsville, AL? I can access some capital to buy in and also know lenders that I've worked with that can do these kinds of deals if the money is right. What do you mean by it profits 84%? Is that Cash on Cash return, IRR, etc? Does that take into account a 400k mortgage at near double digits on a 15, 20, or 30 year term?

Would love to talk. If it's in Huntsville, I can get boots on the ground TONIGHT.

 2052394373 I can send you the numbers to an email and you can see everything for yourself . 

Quote from @Samuel Coronado:

Is this park in Huntsville, AL? I can access some capital to buy in and also know lenders that I've worked with that can do these kinds of deals if the money is right. What do you mean by it profits 84%? Is that Cash on Cash return, IRR, etc? Does that take into account a 400k mortgage at near double digits on a 15, 20, or 30 year term?

Would love to talk. If it's in Huntsville, I can get boots on the ground TONIGHT.

This park is located in atmore alabama 

Quote from @Caleb Brown:

My first question is how leveraged are you currently? Do you have a decent size nest egg set aside? If you don't have the cash to take on the mobile home park and are trying to use creative I would not. With you being very leveraged I would be cautious unless you have a lot of cash or your income is extreme. Why is your Uncle selling? Have you reviewed actual numbers that he can provide?

I reviewed all numbers he is only selling because he believes in generational wealth and I’m the only one in our family that put the work in. We had this plan 5 years ago. The park isn’t for sale . He will just sell it to me because he knows it’s good and he can walk me through it and yes I’ve checked and all the numbers are solid. Even audited by IRS and framed the picture of him owing 0 to them. The park is bringing 84 percent profit. Plus I am my wife are engineers. We are able to save 7k every month . I just need to find a way to get 500k. 

I have 6 rentals all cash flowing and a primary house appraised at 1 million that I paid 600k for. I bought all these houses using a method in which I utilized life changing events to buy new primary houses where I put 5 percent down so don’t have much equity. My uncle is trying to sell me a mobile home park for 500 k that profits 84 percent . I need help getting the financing and I’m not sure where to go from here 

Quote from @Jaycee Greene:

Quote from @Diandre Pierce:

Quote from @Trevor Finn:

Hi @Diandre Pierce,

That's awesome you're looking to scale into a mobile home park! A DSCR loan could definitely work, especially if the park's cash flow can cover the debt. Have you considered tapping into your existing rental equity for the down payment? You could also explore seller financing or a bridge loan to give you more flexibility. What's your game plan for managing the park — hands-on or hiring a property manager?

 not sure if you are familiar with basketball but it is alot like the spurs offense. meaning the system works if you trust the process. my uncle has everything set up. contractors, know how, experience, tenant screening. management. so i will integrate into his system and learn it to replicate it like Steve Kerr did for the Warriors

 @Diandre Pierce So, does this make you David Robinson, Tim Duncan, Tony Parker, or Manu Ginobili? ;-) Does your uncle have a CFO?

Hopefully assistant coach to Popovich lol and yes he does. he is already set up extremely well, I am trying to catch up

Quote from @David Dachtera:

Quote from @Timothy Hero:

I've brokered over 325 DSCR loans. I can help with the refinance to pull equity out, but no the purchase, as 99% of the industry won't finance mobile homes.

 Sorry ... gotta ask a "dumb" question here (I've never looked much into MHPs) ...

Don't the home owners own the mobile homes while the park owner owns the lots and everything else?

What am I missing here?

 that is more a RV park. the MBH parks down here. we typically own the land, lot, and trailers. there is a reason but long story short, if i just own the lot and they dont pay the fee. i do not have the biggest teeth to push the need for my money. but if i own it all, my experience says it is a better path

Quote from @Trevor Finn:

Hi @Diandre Pierce,

That's awesome you're looking to scale into a mobile home park! A DSCR loan could definitely work, especially if the park's cash flow can cover the debt. Have you considered tapping into your existing rental equity for the down payment? You could also explore seller financing or a bridge loan to give you more flexibility. What's your game plan for managing the park — hands-on or hiring a property manager?

 not sure if you are familiar with basketball but it is alot like the spurs offense. meaning the system works if you trust the process. my uncle has everything set up. contractors, know how, experience, tenant screening. management. so i will integrate into his system and learn it to replicate it like Steve Kerr did for the Warriors

I have 7 rentals with a total available equity of roughly 800K. I am trying to purchase a mobile home park that is already in a system of Mobile home parks that profit 87 percent for the last 15 years. I am thinking I should use a DSCR loan. can anyone help me with this process