All Forum Posts by: Nathan Spradlin

Thanks all for the valuable insight. Shiny object syndrome very well could be the problem. I guess my biggest thing is making the capital go the furthest and being able to get it back out in a shorter amount of time. I've already done the 10 year goal planning and that's actually how I landed on the MHP in the first place but with only having done a few deals I guess I've been doubting myself at what's realistically possible. I've always been of the mindset that I have the ability to do what I put my mind to but want to be realistic with my goals. I definitely need to do some more market research @Brenden Mitchum and I'll take a look at the article you wrote @Whitney Hutten. And @Joe S.the capital is mostly from savings and HELOC. I see your in San Antonio. I'd love to connect here locally if you want. Thanks again guys...I've got some homework from this discussion.

I own a few properties and looking for my next purchase. I'm struggling with direction and focus. I'm newer to the game but don't want to limit my mindset because of that. I've looked into small mobile home parks, single family Brrrr and multifamily of 8+ units. I have some capital and want to get the biggest bang for my buck to jump a head but I keep switching directions and getting nowhere. I keep thinking if I can use my capital and leverage up to buy a bigger property that would be better then putting it into a SFH or duplex. With $80k-$100k should I go for the multifamily? I'd like to get a 12 unit or more with $200 CF per door but realize I'm going to need to bring in partners or get seller financing with lower down payment. Just looking for some ideas and direction from the experts out there.

Just registered for the BP Con and the a la carte option for Brandon Turner talking about MHP investing on Sunday Morning. Looking to connect with those going. This is my first BP conference and looking to get the most out of it. Of course learning from the material presented but most of all quality connections with real estate investors active in the space. I own a few mobile homes and looking to purchase a MHP before end of year. Let me know if your attending and would like to connect before/while there at the conf. 

I only own three properties. Two paid rent and the other is an Airbnb. Nearly all of my Airbnb guests have cancelled. We have received several inquiries for people looking to get away during this pandemic but nobody booking. We were lucky this month. I think next month is when we will really start to feel it. 

@Theresa Harris thanks for the reply. We thought about one month free but haven’t tried that yet. We were going to do first month free though so I like your advice to do the last month instead. 

I purchased a property last year with a single mobile home on it along with two empty lots beside it. We rehabbed the mobile home and hired a property management company to rent it out and manage it but it is not renting out. We found out after buying it (rookie mistake) that it was definitely in a rougher part of town in a neighborhood with many other mobile homes obviously. It’s a 3/2 1000sqft MH that is currently listed for $950/mo. Just upped the agent commission as well. Any tips on what I should do? It’s been listed for 2.5 months now with really no interest. Lowered the price a couple times as well. Should we sell and cut our losses? Is it just slow time of year? Is it not going to rent out because of the area? We are about $75k all in right now. Any advice is appreciated!

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Thank you all for your responses. This property is out in the country so although I think there is plenty of demand out there to rent them, is it a viable option to sell the homes to the current tenants or new tenants therefore taking away the maintenance cost but keeping the rents close to what they are? I know this is how the broker is pitching it for owning it moving forward but I dont want to purchase it anticipating that and then not be able to sell the homes. 

Hi everyone,

This is my first post on the bigger pockets site. I have been listening to the podcast for a few months now and have learned so many great things from listening to all the different stories out there. A big shout out to Biggerpockets for being such a great resource!

A little background on where I am at: I partnered up with my brother-in-law last year (I know a lot of you would saw that's a bad idea) but its been a great experience so far. Last year we bought a property with three mobile homes on it and this year we just bought another property with 3 different lots but only one mobile home on it that we plan to fix up and put an additional two MH's on it.

Here is the purpose of my post. We recently came across a mobile home park with 27 units on it for sale. We have gone out to look at the property, reviewed the financials back to 2016 and met with the seller in person a couple different times. All of the homes are park owned. Based off the P&L, the potential income when fully rented out is about $248k/year but the last couple years his income was around $230-235k including charging $75/month to each tenant for water and trash. There is definitely room for improvement there. His expenses seem pretty high to me with about $40k/year in materials and $60k/yr in labor for maintaining the park and maintenance for the homes. Total NOI is about $70k/yr with a 7.5% cap rate and a purchase price of $970k for the park and $280k for the homes with a total purchase price of $1,250,000. To me, the NOI and cap rate seem low especially after you take into account a debt payment for the property. My thinking is that there is room to raise rents, perhaps screen for better tenants that take care of the place and decrease the maintenance cost and get the NOI up above $100k/yr.

I would appreciate any advise that anybody has to offer whether its something I am overlooking, something I should look more into or what your thoughts are regarding moving forward with this deal or not.

Thank you all in advance for your advise.

Hi everyone, 

This is my first post on the bigger pockets site. I have been listening to the podcast for a few months now and have learned so many great things from listening to all the different stories out there. A big shout out to Biggerpockets for being such a great resource!

A little background on where I am at: I partnered up with my brother-in-law last year (I know a lot of you would saw that's a bad idea) but its been a great experience so far. Last year we bought a property with three mobile homes on it and this year we just bought another property with 3 different lots but only one mobile home on it that we plan to fix up and put an additional two MH's on it. 

Here is the purpose of my post. We recently came across a mobile home park with 27 units on it for sale. We have gone out to look at the property, reviewed the financials back to 2016 and met with the seller in person a couple different times. All of the homes are park owned. Based off the P&L, the potential income when fully rented out is about $248k/year but the last couple years his income was around $230-235k including charging $75/month to each tenant for water and trash. There is definitely room for improvement there. His expenses seem pretty high to me with about $40k/year in materials and $60k/yr in labor for maintaining the park and maintenance for the homes. Total NOI is about $70k/yr with a 7.5% cap rate and a purchase price of $970k for the park and $280k for the homes with a total purchase price of $1,250,000. To me, the NOI and cap rate seem low especially after you take into account a debt payment for the property. My thinking is that there is room to raise rents, perhaps screen for better tenants that take care of the place and decrease the maintenance cost and get the NOI up above $100k/yr.

I would appreciate any advise that anybody has to offer whether its something I am overlooking, something I should look more into or what your thoughts are regarding moving forward with this deal or not. 

Thank you all in advance for your advise.