All Forum Posts by: Mike Reynolds

Are the residents aware of what their payment will be? I get $1,460 per lot at $220k each (20M /90 lots). BEFORE taxes and insurance, probably common utilities and maybe an employee or two? (7% @ 30 years). They could be looking at $1800+/mo if they all live to 90+ y/o 30 make 30 years of payments. 

If they’re already paying $1,500+ it could be a great deal. If they’re paying $800/mo it could be a shocker or even unaffordable. 

Working at one of my parks all day today and took a lunchbreak to visit a neighboring park that had been purchased four years ago by an out of state private equity group with out of state management.  I was shocked.  Absolutely destroyed.  No oversight, Trash uncollected and piled up. Multiple irrigation breaks.  Talking to residents power has been shut off to the park three times in the last two years while water has been shut off four times- all for non payment by the park.  No repairs made to park owned homes.  Rents have doubled with autopayment mandated via credit cards.  Park management phones and emails disconnected.  City has called my maintanance manager twice to go and solve critical water leaks when they can't reach the new owners.

And we complain about unfair journalism and government oversight.   When our weakest links operate like this we get exactly what we deserve.

 Hi Mike! 

Yes, I was actually thinking of looking into the SBA loan options. On those should I go through an SBA agent or find a real estate agent to help me navigate this type of funding? Or do I need both? I plan to figure it out at some point, but if you happen to know that would be great! 

Tonight is the night, after months of work with the state, county, and city we are presenting a site plan for the city's approval and zone change.

Normally, I would not pursue a zone change but when I originally went to the city and proposed storage units based on its current zoning they said they wanted more houses. That is how we got to this moment.

The biggest struggle for this system is that it is septic and we already know it will cost a pretty penny adding 16 new tanks or several larger communal tanks. 

When we bought this community we were given all the land in the back. This is located in Utah County so it is a more expensive area in Utah and it desperately needs more housing.

Rent Collection can be one of the biggest pain points while trying to manage a mobile home park.

We have a few rules when it comes to rent collection that allows us to collect at a higher rate than the industry average.

Rules of Rent Collection

1. Never collect in person

2. Run payments via an online platform (We use Rent Manager)

3. Pay a constable or the Sheriff to deliver notices of non-payment 

4. Deliver notices on the 15th of every month

5. We try to work out payment plans with tenants and are mildly successful

What are some rules and trends you have regarding rent collection?

Hey guys, I’m trying to figure out if this deal makes sense.
the purchase price is $2 million. The seller wants $500,000 down the operating cost on the property runabout $8500 and the seller wants a $9000 payment each month. He is willing to do a 25 year seller finance on this deal after accounting for vacancies, maintenance, capital expenditures I should be looking at around an 18% cash on cash return ROI is that a good cash on cash return for a mobile home or should that be higher?

I am sitting in the 3 day workshop today and I am learning a lot. As a matter a fact, he has not pitched anything at all. 

Have you read the other posts on this thread? Particularly the ones calling out other posters? You never can tell who is telling the truth. 

Hello BP community! My partner and I are looking to invest in a RV park. We have experience in traveling around the Western USA in our RV and have stayed in various RV parks along the way. With our backgrounds and experiences we feel confident that we could manage an RV park, but we have no experience in real estate investing or buying properties in general. Any advice would be helpful! We are currently looking into finding an agent, but we have some questions.

1. We are looking to buy in East/Central Texas, but live in West Texas. We assume we need to find an agent that lives in the area we are looking for, but can the same agent help us look in other areas or do we need to find a different agent for that area?

2. Will an agent help us get pre-approved/find funding or do we need to figure that out on our own?

Thank you all in advance!

I just wanted to introduce ourselves.  We are a small mom and pop operation with 40 units in small market towns in Central Texas.  Looking to connect with others in Freestone, Limestone or Anderson Counties.