All Forum Posts by: Scott Pirrie

Take this with a grain of salt as I haven't bought any parks yet. I am negotiating on a few currently though.

Luckily I know someone who owns three and gives advice readily. What he told me and I am doing is that you shouldn't as the end buyer value the park based on the income from the owned trailers. These wear quickly and cause extra expenses you likely won't account for.

So with all parks myself and partners are looking at we are heavily discounting that income. You will value this based on the income and the typical expenses for a park range between 30-40% of GOI. So depending on what your investors are looking for in cap rate or cash on cash return you will have your value once you do the math.

Hopefully that helps.

If you are responsible with your $ do it. As Shawn stated I am doing the samething got 0% for 14 months but, there was an 4% transaction fee. But, 4% for over a year I will take that any day!

I just pay the minimums until the time is up then, make sure I have the cash to pay it off. Rinse and repeat!

Depending on the area and the size as well as class of the property a general rule of thumb if you are mostly financed you will make $100 per unit per month.

So if that is your case you will need 1000 units.

This is winging it because there are a lot of other factors that can effect this. Such as are you syndicating or do you have your own cash.

Anybody else got any referals?? Replys are much appreciated!!

John it's in Macon County. Let me know if that is something he would do, I doubt he would need to travel down there.

We are working on a Mobile Home Park in Georgia and would like a referals to a good commercial RE lawyer that can review contracts and help setup an LLC for the property. Any referals would be very much appreciated!

Yes it is a constant battle with Management companies and he has a couple people that work for him to do work clean/fix up. I have found him to be very honest and his prices are very reasonable.

Depending on what type of property you have you will get high vacancies. I have found in Indy with the Multi-families there is more turn over vs SF.

Clayton Wilson Manages my 3 properties out there and I have been happy with his work!

317-414-9876
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Jon thanks for the reply! Yes there would be a separate LLC with my partner and friend so I think this is doable. I wanted to through this out there to see if my understanding was correct. I am definitely engaging a lawyer that specializes in SD IRA's but, wanted to be a bit more informed before doing so.

I am looking at another deal with a partner I have 50/50 LLC holding properties in. We are looking at using my dad's self-directed IRA for a down payment lending it to another friend who would go 50/50 on the deal with my partner in the other LLC on this deal. Does anyone know if this would be considered a prohibited transaction because of my 50% ownership on the LLC with the partner?

Any advice would be appreciated!