All Forum Posts by: Todd S.

$0 down 63-space MHP in Columbus, MS under contract and available for assignment with a TON of upside.

Includes approximately 25 additional acres that could be carved out, sold separately or possibly developed.

Assumable 1st with a seller carried 2nd

24% occupancy – 14 POH - 1 TOH - 29 vacant homes - 18 vacant spaces

City utilities

Needs $500K in capex to get the park to full occupancy

DM me for details. Assignment fee due upon close.

Investment Info:

Large multi-family (5+ units) commercial investment investment.

48 space mobile home park in Milledgeville, GA

Hey Mike, we should connect. I'm in the MHP space and sometimes come across off market deals through my property manager. Not sure if you'll get to 20%, but in some of the turnaround parks I'm underwriting, you can get to the high-teens after the park is stabilized.

@Christian Meng

This is a viable strategy. I disagree that “most parks” don’t allow rentals. I’m acquiring a 71-space park in GA that is 85% park-owned homes and many parks across the country are the same. My park has 6 vacant lots that need homes. Eventually I’ll purchase used homes for those lots, but you might find a park owner that doesn’t want the hassle of doing that and will allow you to put your house there and rent it out. You’ll still have to cover the lot rent to the park, but you could build that into the rent that you charge the tenant. You can start driving around parks, looking for empty spaces, and contacting the owners to see if they’re interested.

Hi Ryan,

This is a question as controversial as politics and religion, so there's no right answer. Here are a couple of things you should check out.  I just listened to this great podcast from Ryan Narus that talks about the subject. http://archimedesgrp.libsyn.com/pohs-vs-tohs

I am in contract and going through due diligence for my first MHP in Georgia and it is 85% POH. They are definitely more work, but the returns can be a lot higher. 

Many people (including Frank Rolfe) feel the exact opposite and believe 100% TOH is the only way to go.

Good luck,

Todd

The boot camp was awesome. Tons of great takeaways. Great networking. The availability for the weekly calls with Frank are priceless

Hey Aaron, at Frank Rolfe's Mobile Home University Bootcamp I attended earlier this year, they mentioned 7 houses per acres is ideal, but you could go up to 15 per acre depending on the market. I'd suggest starting with a park that already has the vacant pads and hookups complete so you can fill those in with new or used homes. I agree with Jay's suggestion, just because the land is available doesn't mean the city will let you fill it up. Good luck!

Thanks for the feedback everyone.

The issue is the 95% LTV. It would be great to add another couple of doors to my portfolio if I could househack for a year and only have a $20-$25K cash outlay.

FHA could work, but I only plan on living on one side for a year. From what I understand, the FHA is pretty strict on making sure you reside are living in the property while the loan is outstanding.

I would like to buy a duplex in the Sacramento, CA area for as little down as possible. I plan to live in one side for a year, while renting out the other. I have not had any luck finding 5% down 30 year fixed rate financing. Ideally, I would like to find a loan program where I could do a 80% first and 15% second, so I could avoid PMI. Does anyone know if these type of loan programs exist? Thanks everyone!