All Forum Posts by: Ian Tudor

@Michael Batts - Don’t let it faze you brother. It’s apart of the game. I’ve been hung up on, screamed at, cursed at, told they would never sell to me, etc.. However the majority of my deals come from banging the phone. 

Keep picking up the phone. Don’t get flustered. It’s one of the most direct ways to get in touch with people. Refine your strategy over time but don’t quit. Most people don’t cold call because it isn’t easy. There is a lot of rejection. All it takes is a few deals to get going. 

@Matt Dabek - it’s more of where we are in the market cycle than anything. Deals can be found on loonet but they are few and far between. I put my first loopnet deal under contract this month. I’ve check the site consistently for several years. The best way to find deals in frothy market is the hard work route - off market and by leveraging relationships. They are out there you just have to be willing to go after them. 

@Kelly Skeval - Feel free to reach out if you are having doubts. My business partner or I can help give you information to vote in favor or against it. We are in 7 mobile home park partnerships - 5 we actively manage. 

The misconception of the industry is that parks are wheelbarrow profits that will overwhelm you as you travel the world and check in once a year. Just like everything it takes hard work and consistent action to receive results. 

@Brandon Wynn - It is unlikely that you will fill up your park by marketing to people to move to the park unless a park nearby is getting shut down. Over the 3 years I've been doing it and over 100 vacant pads in multiple parks, I think we have lured 3-4 people. 

Your market might be different but I would go more proactive and acquire homes and bring them in yourself. It is very capital intensive but the payoff can be nice. 

@Jason Lawrence - We use Rent Manager for our mobile home parks. Great service and their support is usually top notch. Don't have any intention of switching

@Kelly Skeval - I have purchased the information and it was enough for me to get started. Information is a bit dated when I read it back in 2015-2016. However, it does build a great foundation to understand the basics for the industry. 

@Devin 

@Devin A Hanley - Where is the park located? If it is in a small town and small purchase price, cold call any bank within 50 miles. 

If location is desirable and over $1mm, you will have many more options. 

@Joel Ortiz - standard is 30 day of due diligence/30 days to close, 1% of purchase price for deposit. 

Closing costs can vary - What type of loan is your primary? Usually have been 15-25K for a deal for me. 

@Joel Ortiz - The goal of a LOI is to start a conversation! So those questions will be deal dependent, but think from the seller's perspective. What will get them to engage with you?

They don't have to agree. Even a counter is worth the effort because you are in a conversation. Get as much info and then shoot out an offer that will be attractive enough for them to talk to you. 

@Adam Bileckyj - Depends on how much money you are looking to allocate. Large money managers usually try the diversification strategy to get certain exposure to trends. As an investor and operator, I've always found that you will find better deals staying in one place longer. In other words, going an inch wide and a mile deep is a way better use of time than the opposite. Deals are hard to come by these days so highly focused bets are easier to monetize.