All Forum Posts by: Nathan Waters

@Rachel H.

Or really anyone that can answer...

I have heard that some parks have restrictions that require owners to offer the MH to the park management first before selling to another individual. Is this correct? I have a few parks near me and would like to start marketing to owners. Should I start by smoozing or networking with the park managers first?

This thread is really interesting. Can someone explain the difference between a corporate park and any other type of parks? 

@Rachel H.

By getting into the park, are you referring to being approved by management to purchase a MH there?

I'm curious if any users here ever signed up for these coarse and if they found them valuable. In light of his recent settlement, I'm interested in how his information compares to the info available here on BP.

My friend that has recently taken up direct mail to pull in leads for a few of us investors in our area is spending about $1.20 per letter for a campaign of 1000 homes. Its a 3 month campaign so each house is receiving 3 pieces. He had pretty specific criteria, not necessarily free and clear, but definitely homes with equity and room for a good deal. He's getting a response rate of 4.5% just 3 weeks into it and from that has made 4 appointments. This price includes stuffing envelopes, postage, a script, etc. For $300, are you just getting a list? or are you getting more than that? It sounds like the postage alone would cost more than $300. What would the cost be for an all in campaign for someone to send out mailers?

@Michael Mullins Thanks for the update. I hope it works out for you and especially hope that you can get a Win Win agreement. Sounds like they could use some relief and good news.

I don't do large units like that, so I'm sure there are tons of options available to you. Try to come up with something to offer rather than approaching someone and asking what they need. If you have specific skills to offer (managing tenants or even managing staff) it might be seen as more proactive than asking for a job and free mentorship to go with it.

@Jordan B.

How are you financing these projects? When you say you are on site everyday, are you stopping in to check in outside of your normal day job? Or are you there full time? What do you estimate the costs to be for someone that is not a contractor, but familiar with renovations? How many are you building at a time? Would it be more cost effective to do a 4 unit or more? Thanks for any feedback and congrats, sounds like you're crushing it.

One other thought. Are you going to be getting a roommate? You could partner with a friend, go in 50/50 as cosigners on a loan. Live in one unit together and rent the other 3. 

I agree with @Linda S., It doesn't hurt to try. Another option is to look for a 4 plex with seller financing or a lease to buy option. It might be more limiting in the properties available, but leave no stone unturned. I'm going out on a limb here that you are in NY city and prices are not cheap there. I honestly know nothing about the area but you might consider expanding your search area if the first two options leave you empty handed. 

That's a good problem to have. I'm going to use my profit to buy a house that meets my rental criteria. When I bought my house in upstate new york, it was never intended to be a rental, but I had to make it work. Now when I buy a house, I look at it through different goggles. Depending on your goals, (Which it sounds like buy and hold may be one of them) I would buy a home that cashflows and works as a rental. If there are none where you live, look to partner with someone as a private lender. There are areas of the country where you can hit the 2% mark. Hope this helps.