All Forum Posts by: Ian Tudor

@Kizzy Parks

@Kizzy Parks - check out MH Academy or MHU Bootcamp. Both do things in Florida. Also in FL, there are several large companies that own parks. I'm sure if reached out to enough people, you could find a mentor among those owners. 

@Cody Strickland - you should strive to get low teens unlevered returns on your first investment. Essentially, you don't have enough margin of error on this deal especially on a first buy.

The WWTP alone is a huge risk that you should consider more heavily. $300-400K is a monster expense for a $800K park. If this a mutli-million dollar deal, it can be stomached easier. Still not an easy decision for a first park. 

@Michael Guzik - Talk to the police department especially if you are concerned with crime. They will tell you of the crime incidents in the past few years. 

Mobile home parks in general are not attractive compared to other forms of real estate. It doesn't mean they can't be lucrative. The trashy ones can be the real money makers if you buy it right and do your due diligence correctly. 

As a rule of thumb, the absentee and negligent owners leave a lot of money on the table. 

@Ciro Affronti - I own several mobile home parks. Valuation seems very high for a park. However, I know parks are trading at higher valuations out West. I usually buy parks between 8-10% with immediate upside. 

Unless it is a covered land play or there is some sort of large value unlock available, it feels super rich. 

@Kenneth Lee - Before anyone can answer those questions, I think you have to determine a few things for yourself. 

- Do you want to be an active or passive investor?

- How much liquidity do you need? Illiquid investments aren't scaring when are at all time highs, but people felt differently in 2009-2010. 

- What are your return thresholds?

- Do you want control or comfortable with less decision making ability?

Those are just a few, but they will help you funnel down the options of real estate investing. It's a bottom up approach that will yield more benefits. 

@John Krasner welcome. As a park owner, I would suggest going bigger. Mobile homes are ok but the money is in the parks. 

@Matt Crawley - the better question is what is your alternative? Sit on the sidelines and wish you were apart of the game... I’ve never died but regret has to be the worst of feelings to die with. 

accept your reality and get to work if you want it. 

Best bet would be to have an american co-signer. If anything happens with immigration policy then you have covered your downside and can evict if need be. Most illegal immigrants know someone with a license and social security card. 

Does anyone know if there is data published on the largest lenders in the manufactured housing space? 

I'm interested in seeing the top 20 lenders for this asset class.