All Forum Posts by: Steven Nguyen

 Very helpful! What do you do with the retail leads ?

 Thanks for the insight! Yes, most of these deals would need seller financing then partnering with a mortgage broker who specializes  in mobile home parks once the park is stabilized to explore other options. Sometimes there are smaller local banks willing to finance but as you can imagine rates wouldn't be as competitive.  I am a buy and hold.

Hello BP Community,

For those actively investing in OK or AL, what are your thoughts on the market?  I've been doing a direct mailing campaign for medium apartment complexes (20-100 units) and owners seem to want an arm and leg for their C class apartment complexes (80k/unit).  I am open to paying a higher price if the owner is willing to seller finance the deal and give me my terms, but it's like pulling teeth.  Any insight would be helpful!

Thank you.

Steven

Hello Wholesalers,

What would you consider as a dead lead and what do you do with the dead leads?

Thank you.

Steven

Hello Chris,

I own a MHP in Alabama.  I have a retailer licenses and purchase directly from Clayton homes using 21st Mortgage CASH program and Legacy Homes using their own in-house financing.  These are just 2 options for new homes.  For used homes, there are lots of local retailers that sell used homes.  Used homes typically cost 5k, 8k to move in and set up, then another 8k to renovate so you are roughly 21k all in.  You have to pay for this via cash and can try to sell using the 21st Mortgage CASH program or rent them out.

I hope this helps.

Steven

Hello BP Community,

It seems like most investors want all tenant owned homes, city water/sewer, and low vacancy.  For the beginners starting out, would it be wise to go against the grain and target the mobile home parks that nobody wants (i.e - park owned homes, private utilities, high vacancy)?  If these problems could be solved, there seems to be high upside and a lot less competition with the bigger investors.  Let me know your thoughts.  I am looking to grow my mobile home park portfolio.

Thank you.

Steven

Have you considered the 21st Mortgage CASH program?  You can bring brand new homes (there is a large backlog so new homes will take approximately 8 months to arrive if the dealer wants to work with you) with zero dollars out of pocket.  If you want to rent to the homes, you can get 100% financing.  If you want to sell the home, you have 1 year to sell the home.  You can try to sell the home and if that fails, can always try to rent them out.  The CASH program is pretty flexible.  My park has about 120 vacant spaces and I plan on bringing in 12 brand new homes every quarter to fill up the park.  Renting is always faster than selling, but renters have more turnover vs home owners are more sticky.  I hope to have a good mix of both.  I just got approved by the 21st Mortgage CASH program and looking to bring in 12 brand new homes around May.  For the area, I know I can definitely rent them out, but ideally would just want to sell the homes to collect lot rent.

Hello BP Community,

For the experienced wholesalers - what is the typical/average profit margin? How are you generating your leads? (i.e - cold calling, letters, etc).  Any metrics/data would be appreciated.  What has helped you scale your business?   What do you typically do with your dead leads?

Thank you

Steven