All Forum Posts by: Janene Tompkins

Welcome to BP Samantha! I'm in Durham. I use Cozy as well. It makes getting your rent super easy. They can do tenant screenings too. Good luck!

sounds like a decent deal to me. Would you be managing the park yourself? Make sure you do your due diligence on the well, septic and POH's. MobileHomeUniversity is a great resource. Good luck!

@Chris Reeves

Lot rents are currently $200/mo market is $225-275 without water. NOI came from the seller's numbers so take them with a grain of salt.

Thanks,

Janene

Hi Ian,

 How is the DD going on the park?

Janene

Hi All, I am considering a park in Alamance County, NC and would appreciate input from all you wise folks. Here are the details:

70 spaces, 20 lots are rented and are tenant owned homes. 3 homes need rehabbing. Lot rent is about $25 under market.
47 empty lots

Roads are paved.
City water with individual meters but are not being read.
Sewer is private wastewater treatment plant. The tenants are charged $60 for water and sewer.

NOI is about $34,000/year. Asking price is a 7 cap. I offered at 9 cap. Now we are being asked for our best and highest due to alleged multiple offers.

What say this room of great minds? Would you pay for "potential" in a rapidly growing area?
Thanks!

hi Ian, I am in Durham. I would be happy to discuss with you. How did you find the deal? What are the roads and the pipe material? We have galvanized pipes and orange burg in some of the infrastructure here. Feel free to PM me.

i highly recommend MHU. Attend a Bootcamp if you can, it will be money and time well spent. Kevin Buppnalso does a good podcast on cash flowing properties. You can also schedule a one on one with him for free. He is a wealth of information too.

Hi All, I am considering a park in Reidsville, NC and would appreciate input from all you wise folks. Here are the details:

45 spaces, 31 lots have homes on them. Lot rent is $346/mo. and includes trash pick up

23 tenant-owned homes. 

10 POH's 6 are rented, 3 vacant, 1 is used as the office. POH rents range from $599-699. Homes are all vintage 2011-2013 and seem to be in good shape. Park as a whole is in excellent shape.

12 vacant lots

City water and sewer billed to tenants. Paved streets with curbs and gutters. Park was built in 2002.

Park comes with 60+ acres across the street that have infrastructure installed, but has not been developed. Sun Communities developed the park but then dropped the project. 

Purchase price $700,000. 

What do ya'll think about this deal? Thanks!

congratulations! Did your bank present the USDA option to you? Or did you have to ask for it? Would you do it again? My bank is offering 75% LTV, a 20 year AM, 4.65% for a 5 year balloon. I thought those were pretty good terms. Would you do that vs USDA if you were me? The park I am looking at does qualify for USDA. Thanks!

Congratulations! What a great success story.

What type of loan product did you use? A traditional mortgage or a commercial loan?

Thanks,

Janene