All Forum Posts by: Scott Schaar

@Jon Dorsey I’m doing the same myself right now . We have underground power lines, so electric is on pedestals . MH are 200 amp most RVs are 30 or 50 . We put a sub panel on the pedestal with the correct RV plug in and 30amp breaker . Cost about 200 dollars for the install . Plumbing is no problem, they should be able to connect sewer hose to your sewer no problem . Depending on the size of your pipe they are connecting to .

Depending where you’re at, the water could be tricky . We have freezing temps around here . Just heat tape them like you do mobile homes . Good luck .

@Tony Perone, I always buy a property with end game in mind for it . As far as my plan for buying the next one . I do my ARV calculations then look at markets rents . That way I have a basis of the number . I've found if I keep about 40% equity in a property I will always still cash flow . On this current one I'm on it rents for 1,000 a month . New loan is 80k so payment is 615.00, after all is paid still cash flow 150.00 a month . I know doesn't sound exciting, but when I put it into a deal that is going to cash flow great . It works out great . The money will go towards 2 college rentals which will produce both together 1,400 a month cash flow . Third property is a MHP I'm buying with a partner, which is a turn around park but has good cash flow potential .

If you get enough houses set up like this . My plan is to have them spread out enough to cash out refi one a year . Starting in about 4 years .

Just don’t over leverage the property or else like rich dad says . Its only an assets if it’s making you money . I’ve been tempted before when appraisals come back higher then expected . But the new payment would to high for the rent to cover .

Hope this is helpful .

@Jared Christensen depends on your goals . Are you trying to pay down properties so they are free and clear ? Are you trying to gain momentum with more cash flow ? I'm refinancing my latest project right now . Pulling out 80k, which I'll then turn and drop it on three more properties that cashflow . The cash flow decreases from my property I'm refinancing, however it's replaced by the three properties I'm buying with that money . More then tripling my cash flow altogether . My advise is to not over leverage the property I never exceed 60% LTV when refinancing and I put them on a 15 year note . Thanks to appreciation, I can pullout almost that same amount in 7.5 years again .

@Kellen Driscoll well that’s a bummer . They do a great job . I’ve received a quote from another company before . I’ll look up the info for you .

@Kellen Driscoll

Kurt Kelley at Mobile Agency .

@Jack Baczek thanks for the ideas . The RV route is what I just implemented . Luckily the previous owner already had RV hookups wired in on four sites . There is a big power plant nearby that has a lot of out of town tradesmen . Putting 2 in there next week on year leases . Hopefully word will spread along with advertising RVs on the sign we just installed .

I definitely need to publicize a list of incentive offers . That everyone has mentioned . I'll do that next .

@Courtney Johnson this is a good question . I just recently bought my first one . It has 22 pads and I’ve got permits to extend to 27 . It’s a simple one, city water and sewer . Underground electric all direct billed to residents . This park was just mis managed no advertising of any kind . No actual structure or signed lease were in effect when I took over . It’s been a satisfying project to see turn around .

As far as partners go though . I took one on for this, only to keep more of my capital to keep investing in other deals . Plus I wanted to get my partner in on this one so when we go to tackle the next (hopefully) bigger one we're both more experienced . Plus our partnership allows me to still run the park rehab how I saw fit . Much like how I do SFH .

If you haven’t read it yet . Go buy yourself the Due Diligence Manual from MHU best money I’ve spent .

@Chase Louderback I like this idea . I’ve stared networking with local dealers about this . Which has also led to conversations on them bringing one of their homes in also . This should work well . Thanks for the advise .

@Gulliver R. Never know till you ask . You might contact them and explain your situation . You can talk to your current tenants that have older homes and see if they want to upgrade . They sell their old unit and you sell them one of these new homes .

@John Jacobus @Gulliver R. I heard about it from Jefferson Lilly's pod cast . Country Place Mortgage, LTD countryplacemortgage.com/revive Basically a commercial loan for 5 homes at a time . It's a 10 year AM with a 5/1ARM rate is 7.19% . Interest only for the first 12 months . They'll finance 80 % of manufacturer invoice plus freight . It's structured alittle different than the Cash program . But definitely another option . The rep I talked to gave me the run down . He had a Fleetwood Rep. Call me and is getting me pricing . I'm not committed just seeing if it works better then what the Cash program might .