All Forum Posts by: John Minock

@Scott Lyons call 10 plumbers. It is not a hard job and will be done quickly. Typically you will pay a little more for weekend work but it is worth it to get it handled right away. Of the 10 plumbers you will find 1 or 2 that will be able to get the work done.

@Kim Meredith Hampton @NathanG Nathan I agree with Kim! The transactions were while this individual owned the property. It is not an ideal situation.

@Mark Toto this MHP was found on Craigslist. Owners are looking to retire and move closer to their kids. We have a small group of investors (friends and family). 625k was purchase price, 200k down for 24 units. Majority are Park owned homes. Owners are carrying the note for 2 years as we Brrrr. There were 3 vacant homes which we were able to get rent ready and rent the 1st week we took possession. This increased the monthly rent roll by $2400 a month. We are currently seeking out used mobile homes in Nevada or neighboring states to renovate and move in to the park on 3 vacant lots.

@Anna Laud thank you Anna! We are in due diligence now. We have a longer escrow of 75 days on this. I will look at your page and DM you!

@Rebecca Hays

Absolutely, I sent you a connection request. Send me the numbers on the deal and then I will analyze the deal and send you the analysis. 

look forward to it.

JM

I have a mhp under contract in Indiana. I am looking for a Quality Management team in Indiana that has Mobile Home Park experience. Please make suggestions.

John

@Rebecca Hays find the deals. I analyze deals everyday and it is funny because the deals I initially love are terrible deals! Most of the deals I would consider turn out to be dead deals once I analyze them. I use the BP rental property calculator and it takes 5 minutes.

Once you find a good deal then it is easier to find investors.

No matter what the terms they are ASKING FOR remember it is their wish list. Your wish list is to make money. Sometimes when a deal doesn't make sense on paper I drop the price 150k (mobile home park) and it might look better.

The deal has to make money to make sense. Don't apologize for not offering their ask price.

If you find a deal that makes sense reach out to me and I will consider it.

I know you are NOT supposed to get emotionally involved......So I had a deal that was a MHP and we made an offer. They declined, and after asking why and getting an understanding of his why I made a new offer. After the LOI was sent he verbally accepted...Never signed the deal and decided not to sell. I originally determined it was to try to get more money from the deal and let the deal go. That deal will not leave my mind. I felt that I accommodated his needs to make the deal a win win. I am looking for some similar stories because misery loves company LOL!

@Shafi Noss

I don't have an index as much as I study the different regional markets and then clarify area in the regions (districts) that are no fly zones. Then I disqualified those bad areas. Then I take the market areas that are qualified and compare unit costs, ppsf, and other factors to learn the market. Once I have done that work it becomes easy to see what is and is not a good deal. I also offer what my analysis says to offer.

Hope this will help.

@Jose Contreras

If you have an LLC you can pay yourself and should from the LLC. This affords you the opportunity for a self directed IRA. Then you can put $58k each a year in the IRA for you and your spouse. If over 50 the limit increases to 68,500 for you and additional for your spouse.

On another note find a better cpa that would guide you and understands real estate and self directed IRA's

Adam Bergman is a tax attorney out of New York and specializes in self directed IRA's.

He has been published and knows his stuff.

Best of luck!