All Forum Posts by: Hans Thurau

Thank you Michael and Ryan for the information!

Does anyone have a decent referral for an experienced handyman in Cleveland, OH?

Looking for good quality, price and availability.

Hello Jonathan... I'll have to look into the tornado threat. Can you message me some details? Thank you.

I am looking for a 40+ space mobile home park to purchase. I have a sizeable budget; however, I am looking for seller financed deals. I am entertaining all opportunities, looking for the diamond in the rough. If you are a mom and pop owner, I want to talk to you. Please note - I will not entertain offerings in tornado or hurricane prone areas.

I am a private investor, not a REIT or large corporate entity. I've finally exited the rat race and have made investing my full time job. This is my passion and mobile home parks are the challenge I crave.

Contact me on Bigger Pockets or email thurauh (at) gmail.com

Budget $1M - Seller Financing Only

For park loan brokers, try Security Mortgage Group out of New York at (five eight five) 423-0230. They are highly recommended by Mobile Home University. Also on a side note, most lenders will only count the lot rent portion of income from park owned homes; however, there are strategies to work around this. Regarding mobile home insurance, I use Mobile Agency Insurance out of Texas (google them). If you are serious about purchasing mobile home parks I recommend attending a boot camp such as MHU Mobile Home University, it's worth every dollar. I also recommend reading up on commercial loans (how they are calculated and qualified), they are much different than your conventional residential/personal loans.

I actually attended Dave and Frank's Mobile Home Boot Camp back in 2016 out in Las Vegas. I was shocked to see 100 people in the room. I didn't think there would be so many investors interested in getting in the MH game. The class is great; it's open forum so people can ask questions along the way. They brought in special industry guests to discuss insurance, financing and syndication, they also loaded everyone up in a buss and took us out to a couple of their parks in the Vegas metro area. We left boot camp with tons of course material including a DVD set of the course. Well worth the nearly $2000 spent for the boot camp. If you are thinking of getting into the MH game, I highly recommend their boot camp.

Welcome... I have 7+ rental units in California, but the cap rates are terrible. I am now up in Northern Idaho in search for better cap rates. I would suggest finding a REI group to meet up with and share ideas and experiences. Good luck!

Sounds like I have to study up a little more on the BRRRR strategy. I appreciate the sharing of knowledge. Thanks!

Thank you for responding Darren. So in a nutshell, someone would have to make sure they are pre-approved with a conventional lender in advance of the actual purchase. The risk being that your financial situation could change by the time you do the refi (credit history becomes negative or loss of income, etc).

I have not personally used the BURRR strategy since I am a buy and hold investor, but I've seen the strategy explained as a viable way for someone with little or no money of their own (cash-strapped) to start investing. If this newbie were to purchase a property with private money, then rehab and rent it.... what are the chances that someone who is cash-strapped would qualify for a bank refinance? Would this be a good strategy for someone who "could" qualify for hard money but then eventually not qualify for a bank refi later in the process? Should there be disclaimers to using this strategy or am I missing something?