All Forum Posts by: Nate Pattee

I spend the majority of my time turning the dials at each of our mobile home park communities to maximize top line revenue and run smart and lean on expenses.  Internet is a spot that can actually be a revenue generator AND a cost savings, so one I look at regularly.  I have seen a number of "partnerships" with service providers but have recently come across one from CenturyLink and wondered if anyone had experience specifically with this provider.  I'm told the program is nationwide and covers more than just mobile home, RV, and apartment communities and is structured the same way across the board.

Has anyone had any experience with Century Link and their offer to be the sole advertiser for internet services in your mobile home park or your apartment community?

It basically works like this: 

1.  They pay the property, approx $100 per pad/door, in an upfront payment to the property to be the advertised internet provider to all the residents (yes a $15,000 check to the property for a 150 pad park or apartment building)

2.  They have the right to advertise with flyers in the office, ask to be the recommended provider when residents ask for a referral, and likely will more

3.  The park gets a couple internet lines for free

4. The park also gets a small % of the revenue from residents who sign up with CenturyLink as a kickback

5.  The property signs a 5 year deal, can cancel anytime but in the event of a cancellation, the upfront payment the property received is due back to Century Link in a prorated amount.

Anyone engaged with CenturyLink in this program? 
What was the experience like?
What would you change the next time if you did it over again?

I have 3 parks here in AZ ranging in size from 65 - 150 pads.  I use Lora Erickson at Park Owners Insurance located at 11811 N Tatum Blvd.  She's here in Phoenix but I'm pretty sure she writes policies all over the country.  One of the best I've found.

Good Luck!

Hi @Bruce Petersen - saw your post here.  I'm a syndicator in AZ.  I'm looking to replace about 6 washers/6 dryers in a 150 space RV park I own.  What's your brand of choice for coin op machines?  I've been researching like crazy and really can't get a read on the best machines.  A local distributor is pushing LG.  I'm also leaning toward front load simply because of long term water savings.  I'm long term buy/hold.  Thanks in Advance, Nate

Hey Brian,  I know of a great guy who specializes in Freddie/Fannie loans for MHP all over the country.  Great guy.  Message me and I'll share contact info.

Hey @justin ramos - reach out to me directly.  I might have some good docs to share.

@Account Closed I can appreciate that.  $10k was probably on the light side.  $20k is likely my purchase price before moving and I may need to put some lipstick on it on top of that.  

As it relates to new unit rent in excess of lot rent, depends on where in AZ we're talking.  In the couple major metros, Phoenix and Tucson, and further depending on the part of town, a 2BD/2BA might rent for $400 - $600 over the $350-$400 lot rent, then utilities are on top of that.  In more tertiary markets in AZ, that number is probably more like $200 - $400.  

@Account Closed Great info.  I've spoken with 21st a number of times and they've shared many details on their new and used programs.  As it relates to new home sales, I just have to dial in the property criteria that would support new home sales.  In that case $6,000 is quite inexpensive compared to finding used units, paying cash, carrying a note, then eventually recapturing the initial investment.  Have a great weekend!

Hey @Account Closed good question.  I'll have dealers looking for me, I'll be scouring local ads, and I'll offer incentives to bring units in.  

Challenge I see is the capital requirements for this many vacant pads at $10-$20k unit (purchased, moved, and set) is heavy.  I don't want to raise $300 - $400k from investment equity so am working through some good options that will help fill the spaces quickly but isn't heavy on the capital requirements.

I'd also expect to fill maybe 8-10 pads per year.

That makes sense @Thomas S.  appreciate the feedback.

Thanks @Salvatore Lentini but fortunately, I've got seller financing in place.  Give me an example of the terms you're offering for future deals?