All Forum Posts by: Rudy Curtler

Hi all.  

We have a couple of long distance mobile home parks under contract that will need some infill.  I have recently been hearing more about project managers who manage the infill for a fee.  Anyone know where to find them?  Any recommendations?  Any lessons learned if you have used one before?  Thanks for any insight.

Rudy

We have a couple long distance mobile home parks under contract that need homes infilled.  I know there are project managers who do this and will get paid based on getting the park(s) filled.  Anyone have experience doing this or finding someone who has done this?  Any tips on what to look for or where to find the good ones?  Thank you, Rudy

Not a ton to add to @Frank Rolfe 's note, but to answer your question directly, with an NOI of $52,000 a 10% cap = $520,000. A 9% cap = $577,777 (mathematically divide the NOI by .1 for 10% or .09 for 9%, etc). I also believe it to be sage advice to look at NOI based primarily on lot rents only and using your numbers, not the sellers. Hope the helps! Rudy

My experience was that we needed to get the water tested by the state once per month.  If it failed, we had to send another sample.  If that one failed, our water supply would get shut down.  In 3.5 years we only had one sample fail once.  If the follow up sample to that one had failed and they shut us down, we would have had to provide clean water (likely bottled) to the residents until the well had a good passing test.

I would also add to @Frank Rolfe 's comment:  Is there any likelihood or possibility of hooking up to city/rural water?  I had a similar situation where I actually had the option of hooking up to either city or rural.  Rural was more competitive (seems weird to think that utility companies might compete with each other...) and didn't cross over a resident's land who wanted to put in a 12" pipe (entirely unnecessary, but he was planning that my paying for a bigger pipe would benefit him if he wanted to sell his bare land as single family home lots in the future.  Anyway, it's all in the details.  I tend to shy away from wells in parks at this point.  Hope that helps.

Rudy

@Thomas Gardner, sent you a message in my invite to connect.

@Frank Rolfe, thank you!  Always great information from you.

What other lending programs exist that are similar to 21st Mortgage's CASH program to help park operators get more homes in their parks?  Any pluses/minuses to call out about them?

Thank you,

Rudy
 

@Frank Rolfe@Jarrod Pettit@Brandon Turner @David Greene  

Given how COVID-19 has changed how we go about our daily lives right now, this seems like it would be a relevant topic to discuss.  

Is there a good, aggregated resource already on BP I am just overlooking?  My interest is in automating as much as possible with my Mobile Home Parks.  I have a good start, but know that I can do more... 

Thank you, Rudy

Hi. Looking to hear from others what technology you have been using that has helped you automate your rental portfolio.  I talked to an operator the other day who has eliminated all local managers for his multi unit properties, which I thought was nuts at first, then I started to think I was nuts to dismiss his idea too quickly.  So, I began to brainstorm: If a guy was to totally automate his rentals, what would that look like?  I'd love to hear ideas from those who are using technology to your advantage. What technology?  What's the advantage to you?  How much time does it save you?  Roughly what does it cost?  Where'd you buy it?  Etc.

I'll start:  I just ordered 2 August deadbolts that I can lock and unlock from my phone as long as I have electricity in my unit and a deadbolt on my door.  I began to think about doing a virtual showing of the home where I don't have to be there.  Each lock cost me $150 and takes 10 mins to install.  I will re-use these locks in other vacant rentals when I rent/sell these 2 homes.  I can set any phone number up to temporarily have access to the home and see if the door locked when they left...from 300 miles away.  Bought mine from Bestbuy.com

Thank you,

Rudy

@Jay Hinrichs...great call on both of those!  I really like your timber/tree farm play, for a lot of reasons!