All Forum Posts by: Mark Rickert

Jack,

You are correct, MLS typical for a market and/or Metro. Best to join local association and get to know park owners, or contact county assessors /city licensing/zoning to determine parks approved in that area.

Regards,

Mark Rickert

Welcome to BP!!!  Let me know if there is anything I can do to help you as I live in the area as well.

Very best,

Mark Rickert

This is a fantastic group!!!

Good morning Katharine,

Welcome to Bigger Pockets!!!! I run a real estate investment group in Santa Fe called the Santa Fe Real Investment Association, (REIA). The fourth Thursday of each month. We will not meet in December but will have our meeting in January. The topic is, Multi-Family vs. Single Family investing. Please find us on meetup dot com. We also have a number of excellent groups in Albuquerque I can tell you about. Private message me and we can connect. That goes for anyone that wants information. All the best and looking forward to meeting you.

Check out Kevin Bupp and Charles Dehart and their podcast, The mobile home park investing podcast.  Many in our industry are having good programs, similar, Jefferson Lilly and Brad Johnson have a podcast Mobile home park investors.  You.can gind both in Stitcher and iTunes.  

Join your local Manufacured Housing Association and get to know park owners. Drive parks, analyze numbers and CAP rates, IRR's, etc., all of which costs very little. Good luck to you and let me know if I can help you in any way.

Mark

Exciting times for you all!!!  Not to be the Negator but just go in eyes wide open.  I am not an attorney or a CPA.  Just my friendly input.  Consult with your attorney and CPA as they are the real experts. 

1.  Have an attorney setup a buy-sell agreement - This answers the question of "how are we going to get out of the deal if either of us wants to?"

2.  If money is needed, decide in advance where it is coming from and get it in writing.  For example,  new roof is needed.  What percentage is going to be paid by whom?

3.  No verbal agreements - Everything in writing and drafted by an attorney - Expect the best but plan for the worst

4. Setup a multi-member LLC, or some corporate entity with % of ownership spelled out. This will help protect your personal assets as well in case somebody sues you guys. Consult a real estate attorney that has experience in his/her own real estate investments.

5.   Hire an impartial CPA and Attorney - Don't use your buddies attorney as there could be a conflict of interest

6.  Get the tax advice from your CPA in advance of doing any deal

Good luck on your ventures!  

Mark Rickert

Hi Kristin,

Please feel free to reach out and we can chat a bit.

You can email me or message me.  

Hi Rob,

Welcome!!!  Lets grab coffee on day.  feel free to contact me, would enjoy learning more about you.

Best,

Mark Rickert

Hi Jeri,

I don't want to sound negative but as I understand things you are purchasing a park that has 0 pads that are producing any lot rent whatsoever. In this case you are purchasing piece of ground that has no actual numbers other than bleeding money to get it to a state of income production. If you have the deep pockets and marketing saavy, plus demand in your area for affordable housing, you could bring in new homes on the 21 Mortgage park financing program but the absorption rate might kill you. In other words, how many homes could you afford to bring in per year, and sell per year necessary to generate a decent NOI? You could also buy pre-owned homes for cheap and rehab them but again, how many could you sell and rehab per year? My suggestion is to purchase a B class or C class property that has some infill lots available, not an entire park to fill.

Stay away from septic and private water systems!

As to RV or Mobile Homes?

I would stay away from RV park unless you plan to live onsite and collect the fees for those who pull in their RV's.  There is a lot of theft due to the cash that trades hands in RV parks if you don't have the right types of managers onsite.  The cash flow is very seasonal too and if you are in the MHP business you want steady cash flow, not spiking revenue.  Make sense?  Anyway, good luck to you and thanks for reaching out!

Mark Rickert  

That home is likely worth $3K tops!  Call local dealers and tell them you want to buy a trailer like the one you describe and ask roughey how much, not including transport and set.  check Craigslist too for similar to benchmark values.  Title will be a bear to resolve.   All the best. Mark.