All Forum Posts by: Tristan Thomas

Hey Aziza! Connect with @Ryan Murdock he’s a mobile home park agent in Maine and also co-owns a mobile home park in Maine with BiggerPockets’s Brandon Turner! He knows a ton about the area and about the MHP industry! Good luck!

John Fedro said it best. Went something similar to: When trying to find the value of a mobile home in a park it depends hugely on the motivation of the seller. If a family loses their job and needs to move asap then the value of the home is much less due to their need to sell. If a family has savings and can sit on their home waiting for a better price then it's worth more. Basically saying it's all depends on the motivation of the seller. Granted this is a method used for mobile homes in parks. On land a simple comp would suffice.

Hey BiggerPockets,

I am a beginner mobile home investor and have recently encountered a potential mobile home deal. It is on land and I have never done a on land mobile home transaction before nor do I have any clue what to offer or how to structure this deal. Any advice or comments would be greatly appreciated!

I have included a few pictures. The home is solid I checked for soft spots. I checked under the trailer this past summer, the furnace works, has w/d hoop ups, hot water heater installed a couple years ago and has a solid roof. It does need some work but mostly cosmetics

Here are the property details:

Purchase price: Owner doesn't have one

1987 14x60(singlewide)2/1

rehab cost: 2-3K

owner holds a current mortgage with a remaining balance of $18,600

fixed rate at 6%

PITI:$400

property tax: $588

Land value: $18,900(sits on a double lot for a 9,000sq/ft lot)

Building Value: $22,200

Projected rent: $850/month plus utilities

Comps: It sits in a neighborhood of mostly doublewides and modular homes so my comp pulls were insignificant

The seller is not overly motivated. She wont give me a purchase price. She just wants to hear my offer. The property is currently vacant. The owner lives 3 hours ago and is toying of the idea of fixing up the place and renting it.

With the owner holding a mortgage and the trailer being 30 years old and in need of repairs I am having difficulty writing up a offer on this. The owner said she was open to an owner finance deal. I was thinking I would ask her if her loan was assumable or have a owner finance deal for the remainder of the loan and give her 5k cash at closing.

What are your thoughts about structuring this deal? Any advice would be greatly appreciated!

Rachel H. Kyle Dee Thank you for your information! Happy investing! -Tristan

Hello BP! I'm looking for a list of biggerpockets podcasts that have talking about mobile home investing. I recall listening to at least 2-3 in the past but can't remember the podcast numbers. Any help/advice would be great! Thanks in advance guys! -Tristan Thomas

The NOI was calculated through bigger pockets deal analysis. Which includes all those listed expenses.

Hey Bigger Pockets!

I am currently reading through the ABC's of real estate investing by Ken McElroy and have run into an issue regarding offer price. In McElroy's book he says to determine the property value and offer price you simply divide the Net operating income by the Cap rate. Seems easy enough. But when I go to do my calculations my offer price is coming out to be exactly what the listing price is even though my cash flow is subpar. Here's an example:

123 Main St.(4-unit)  Listing price: $159,000

NOI: $15,549.00

Cap Rape: 9.78%

Cash flow: $405.21/Month

Property value & offer price= NOI/Cap Rate 15,549 / 9.78%= $158,988.

My confusion comes in at how is this the offer price when this is already the listing price and my cash flow is subpar? I know for a fact that this listing price is a retail price for my market and I wouldn't dare to purchase that property at that price. Is there something I'm missing? Do you guys have any better advice on how to come up with a purchase price?

Thank you guys in advance!

-Tristan Thomas

@Mindy Jensen Thank you very much!

Hello all,

I was listening to a bigger pockets podcast and heard Brandon talk about a section of BiggerPockets where people post their deals and analysis asking for advice. I was wondering where I can find this forum or section in BiggerPockets. I can't seem to find it on my own. Any advice would be greatly appreciated!

Happy Investing,

-Tristan

Hello all, I am looking to pursue a multi-family property using an FHA loan in the Bangor, ME market in the coming months. I am interested in the 203K portion of the FHA loan and was hoping you guys could share some of your knowledge as I try to wrap my head around this! I have a few questions. What should I be looking for in potential properties? What constitutes whether the 203K loan allows a certain type of rehab or not? Is there a article or legal guideline of what rules the 203K must be used within? Should I try to go for as much rehab money as the 203K and property will allow? Any type of insight, guidance, or suggestions would be greatly appreciated! Thanks in advance! -Tristan