All Forum Posts by: Garrett White

Lots of variables here. What is the average interest rate of the loans the one partner is wanting to pay off? Also, is there any way you can do a combination of both? For example, use part of the liquid cash to get a couple of the houses paid for and then, borrow against the equity on those to fund your rehabs, etc. Instead of thinking either/or, I would try to devise a plan that would suit both your needs if possible. With so many different things to consider, I don't know that there is necessary a more right way. It all depends on each of your goals. However, if you can't come up with a compromise, then yes, maybe going separate ways would be the way to go

steer*

As an investor, what is your limit regarding investing in Low income areas? For instance, I just saw a MF in a low income area come on the market that is around a 12 cap. The property is located in an area where the value of homes have remained stagnant for nearly 20 years. However, like I said, it cash flows strongly due to it being Section 8. If the numbers make sense even when you factor in additional maintenance for repairs, would you invest in it strictly for the cash flow as long as crime isn't ridiculously bad, or would you steal clear and why? Thanks!

Thank y'all for your advice! Very insightful! 

@Paul Stout Great! Its definitely assuring to have someone who's been through the program who has positive things to say. Where can I go to find podcasts with Jefferson and Kevin? Are they on BP or do they have their own podcast? 

I've been considering investing in the MHP University program (either Self Study or Bootcamp). What kind of feedback can y'all provide on either? Also, for anyone who has attended one of Frank's boot camps, what are you getting in addition to the Self Study information to justify the additional costs and which route would you suggest I take?

Yes, so I'm referring to a tenant who owns and occupies the MH free and clear but decides to not pay lot rent. I'll speak with an eviction attorney if and when I cross that bridge but just wasn't sure if there was a similar procedure for eviction or if it would be different since they do own the MH

Thank y'all for the great feedback so far! 

@Jeffrey H., when you say depending on number of lots, what is typical? Say you have a 20 lot park? 

@Kevin Schulte, I like your suggestion of a bonus incentive for high collections. 

When rent is going into the hands of the manager beforehand, what type of systems can an investor put into place to mitigate the risk of having a dishonest manager compensate themselves?

When a tenant owns the mobile home and just paying for the rent lot, what is the process for evicting the tenant if they quit paying? Is it similar to SF or is there more to it since they actually own the mobile home?

Alright guys and gals, I'm new to the MHP business so bear with me. Providing your business plan involves hiring a tenant to be your manager, how do you typically compensate them? For instance, in Multifamily investing, it's typically 5-10% Gross Income, depending on the size, and it's somewhat a turnkey deal. However, in addition to giving the manager free/reduced rent, do you pay them a percentage of what they collect or what? Also, what is the manager's roles besides being your eyes and ears and collecting rent? For example, do they call someone for necessary repairs? Thanks