All Forum Posts by: Wesley Branaman

Yes sir! At least I know there are ways to help him out and possibly getting a great deal in the process.

Ok. So I got more information from this park owner. He was fairly misleading in my original 2 calls to him but this call has brought some well needed clarity!

So he has owned this park for 30 years and he has no more depreciation left so if he sells he will owe a bunch of taxes when he sells. That is what he meant by being "buried in taxes."

I appreciate everyones input on this and there is some excellent information on here!

So I am looking for the best ways to help this park owner and am considering the DST, TIC and Monetized Installment Sales approaches instead of trying to find another property to do a 1031 into.

Hello Wendi. I don't have much experience quite yet in the real estate business but this is what I have heard on several podcasts and it makes sense to me.

I would do both. Keep looking for your property but start prospecting for financing at the same time. I would make sure to have a well written plan for your business to be able to explain or show to your bank or investors exactly what you are in the process of doing. You can honestly tell them that you are actively searching for properties. I believe that would go further than just asking for financing for a property you haven't looked for yet, and on the flip side, wouldn't leave you scrambling to get financing for a property that might not be available for long.

Hi Andrew and welcome to Bigger Pockets and the MHP Investing niche!

I am fairly new to MHP investing myself but I have sent out a batch of mailers and received several calls back that way. Not all were good leads but thats the way it goes. A few weeks after sending the mailers, I would cold call the ones who did not respond to the mail letter you sent them. That should get you some leads coming in.

To get more accurate owner contact info, you can look up the county records (search for [your county] CAD in google) for that park. Pretty much all counties and states are different so you might get more info on one park and much less on the other using that source. There are other ways of getting even more accurate owner information but those ways typically cost at least some money. Skip tracers are a good way to get owner info. It all depends on just how accessible the information is and how much information you can find yourself.

Here is the post I created about finding owner info.

https://www.biggerpockets.com/forums/432/topics/42...

Best of luck!

Welcome Jonathan to Bigger Pockets and to the MHP investing niche!

I suggest you listen to Kevin Bupp and @Account Closed's Mobile Home Park Investing podcast from start to finish. They provide lots of valuable information to help you get started. They really are a great group of guys and are very generous and helpful. You can even go to Kevin Bupp's website or send an email to the one mentioned in the podcast, and set up a free 30 minute phone call with them.

This is how I got started and I am now enrolled in the MHP Academy that they offer. I am still working on my first deal as well but I went from knowing little about real estate to having a few parks I am currently working on.

As far as the part ownership thing, it's not something i've heard of but hey, it sounds doable. Maybe someone else will jump on here and explain a bit more of how that would work.

I am currently employed in the oil field and I used to work in that area about 7 years ago. Drilling requires a fairly large staff of people. The more drilling, the more people needing a place to sleep. Keep in mind that when oil prices rise or are high, there will be a high demand for housing and/or places to rent. The drilling companies are the first to show up (boom) and the first to almost completely vacate an area (crash) and variable demand between those times. Now I know many good honest people that work on the drilling rigs and most companies have strict policies. However, some of the folks working for the drilling companies are those who are going to be your rougher tenants. Again, this is not a stab at all drillers but as a word of caution that this is typically more common with this type of tenant. There are several different job types and stages in the oil field. Beginning of a well: Construction crews (builds the pad) Drillers Pipeliners (come and go as well depending on the current pipeline infrastructure or lack thereof) Truck drivers (equipment) Fracking crews. After well construction: Construction crews/welders (build compressor stations and/or transfer stations) Truck drivers. After well, pad and construction is completed: (These are your more steady, longer term tenants) Pumpers/gaugers (maintain the well and oil/gas production from the well.) Production employees (manage the flow of gas and oil and sends those products to the buyer) Mechanics/maintenance employees (maintains compressor stations and other equipment) Environmental regulatory compliance employees (small number of these people) Truck drivers. I'm sure I have missed a bunch and not every well and/or company operates exactly as stated but that is the basics of it. I'm not sure if you wanted to read all that. 😄 My personal opinion is yes you can make a lot of money if you play your cards right but it's up to you if the reward is worth the risk. Nobody really knows how stable the oil field will be but I can just about promise you, the oil field isn't going away in the near future, but it will probably be a roller coaster ride as in it's history. It seems to me that about every 10-15 years there is a boom and crash so as long as you have an exit strategy and plan on the crash happening, and the numbers still work even through the crash, I think it would definitely be worth considering. Just be cautious and plan for the unstable times. Hope this helps.

Awesome Thomas Rutkowski that is a great option! I will pm you.

Rachel H. Thanks. Drew Shirley Yes sir I intend on doing that. I will find out everything I can and then share it on here when I find out.

I will definitely be careful Rachel H. I wonder if that's the case because I have not seen any taxes owed on the property itself. Either way, If i can not get the property before it "goes back" then maybe I could purchase it after it has been seized?

Dave Foster thank you. I would love to be able to jump on a call with you when you have some spare time to find out more about these options if you wouldn't mind.