All Forum Posts by: Jamin Olds

Hey BP - 

Looking for some advice on what would be your max offer for the following property.  Here is the basic numbers: 

Asking Price $85,000

3 Unit: Unit 1: 2 Bed 1 Bath    Unit 2 & 3 1 Bed 1 Bath

Unit 1 Rent: $600

Unit 2 Rent: $500

Unit 3 Rent: $500

Total: $1600 mo.

Expenses (Monthly):

Insurance: $40

Water: $95

Lawn/Plow: $40 (Small yard) Would actually mow this myself but still budgeting a small amount.

Taxes: $210 

Repairs: $100 estimated - property is very well maintained. 

Management Fee: $0 Self manage

Tenants pay electric & heat source is electric. 

Total Expenses: $485

I have to have my best and final offer in asap and I do not want to lose this over a few dollars.  What would you offer as your best and final? 

As always, thank you for the help and input!

Jamin 

Thanks for the help everyone!

Hey Everyone-

We are closing on our first park with 28 of the 30 lots filled.  We plan to buy 2 mobile homes to fill to two vacant lots.  Looking for advice on where to buy/delivery of the mobile homes. Cost range? We are located in Southwest Michigan. Any advice would be appreciated.  

Thank you!

Hey Everyone, 

I am looking into my first 1031 exchange and have a few questions. I have a mobile home park under contract and the lender is requiring more money down than planned. So,I  plan on selling 2-3 of our current properties and use the profits for as a 1031 towards our MH Park purchase.  

Do I have to combine these properties as one deal? or can they be sold separate? 

Do I need to hire a lawyer to handle the 1031 exchange? or is it possible to do it on my own?

Will a title company qualify as a qualified intermediary? 

Any information will appreciated as this is my first time using a 1031 exchange. 

Thanks in advance!

Hey Michael,  

There definitely are not many post from Michigan. SW Michigan is a great area to invest.  We currently have 26 units in SW Michigan. Mostly duplexes and 4-units with a few single family properties.  Currently under contract with a 30 unit mobile home park.  Lets connect - let me know if you questions or need connections in the area.  Our team is pretty active and networked in SW Michigan. 

@Frank Rolfe

Great information. I’ll will get it under contract the run my test ad. Thanks again.

@Alina Trigub

Thank you. I am going to start calling banks tomorrow. I have access to some hard money lending but not enough to complete the deal. Maybe I can get sellers to carry a portion of the debt and I raise the rest. Trying to think of creative ways Incase I cannot get a bank to lend.

Hey Everyone,

What are the best ways to finance MHPs? I should have my first park under contract this week but am not sure which route to go for financing.  I am going to try mt hardest to get seller financing. What about bank financing? I searched bank financing and it looked like most loans had a minimum of $1 Million.  My purchase agree will be for a maximum of $400,000. 

Thanks in advance. 

@Taylor Chiu

Great. I will do that. Thanks for the help!

@Frank Rolf

Thanks Frank. I will get it under contract this week and go from there. Due to me know the owner, they will give me some time to figure out exactly how to buy it.