All Forum Posts by: Shuff Mauldin

Investment Info:

Other commercial investment investment.

Purchase price: $800,000
Cash invested: $100,000

12k ft2 Unit A class Climate Controlled Storage Facility

What made you interested in investing in this type of deal?

It was a part of an estate and one in which was well managed to an extent. They were not using dynamic pricing and that was the largest value add along with 7 acres to expand.

How did you find this deal and how did you negotiate it?

private deal through a local realtor I had relations with.

How did you finance this deal?

Local bank financing.

How did you add value to the deal?

Improved lighting, technology, advertising, added a website, implemented tenant protection, and enforced rules/fees.

What was the outcome?

TBD, but the rate increases are what I hoped to get. If valued today at a 7 cap I should pocket a 15% IRR after fees and taxes.

Lessons learned? Challenges?

Operating in a rural market with no institutional players is different. Lead volume is not what I expected but drive-by demand is greater. I have taken longer than I hoped to implement my business plan, but I'm not sure if I would have done it different. The first facility is tough. I have learned to embrace the learning and growth.

Investment Info:

Other commercial investment investment.

Purchase price: $480,000
Cash invested: $150,000

52 Pad Mobile Home Park

What made you interested in investing in this type of deal?

rare community with city utilities, paved streets, and mostly pad rentals

How did you find this deal and how did you negotiate it?

real estate agent who had a pocket deal

How did you finance this deal?

local bank financing

How did you add value to the deal?

paved streets, kicked out the bad apples, added lighting, security, and enforced park rules before bumping rents

What was the outcome?

phase one of the business plan has been implemented. Phase two includes park rentals which will be lease to own

Lessons learned? Challenges?

affordable housing is hard to find and these assets make sense

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $145,000
Cash invested: $80,000

Single family short term rental

What made you interested in investing in this type of deal?

location is killer

How did you find this deal and how did you negotiate it?

MLS and had some aspects which scared others off

How did you finance this deal?

traditional 30 year

How did you add value to the deal?

the show Hometown did a remodel and I remodeled the remainder of the home

What was the outcome?

value to day is somewhere in the $350k range with a steady monthly income of $2,200 which should increase by 50%

Lessons learned? Challenges?

old wood houses sure are needy

@Mario Dattilo  that’s the direction I was leaning.  Do you have any resources or outlines on best practices regarding rules and regs for a safe clean park?

Thanks @Logan M. Working with one now. 

Looking for a solid lease agreement and finding it harder than I expected.  Reached out to the state association (MS), and they had nothing. Any direction would be appreciated. 

Aside from the lease, trying to decide if I go down the path of lease to own or keep it simple by just leasing pads. Any direction or advice here would be appreciated as well. 

i will be out of town or i would be there

@Karen O. Well said

@Ben Feder if you want to “keep up with the Jones’s” don’t get into it.

However, If you buy you next vehicle based on “how many doors it will cost you” you are on the right path

Have what appears to be a nice house listed for sale far less than market value in our target area. It is listed as "only accepting own/oc bids at this time".  Last year I bid on one of these properties with intentions of living it in for a year to satisfy the requirement only to be outbid by an investor.  I was later told the requirement is never enforced.  Does anyone have experience with these purchases?