Bought that Park


#1

or more accurately an LLC I have a beneficial interest in is L/O an existing full Park.

There are 25 units (actually 26 include office), 9 D/w and 16 s/w. Park grosses 16.5K. Lease amount 5600 per month includes taxes, lease, insurance. Will raise rents and institute some minor changes to increase this.

Got into this L/O for 1K (Option). Had money back in one day of operation. This park is 2 miles from our office and has a pretty stable tenant base…a beautiful Park. We have a 7 year lease with option any time after 5 years and will probably purchase for 580K at option.

This gives us 8-9K per month after ALL expenses…sweet. Working on another Park 85 spaces, 9 empty lots for 18K Option (down). This one is 50/50 right now. A realtor is involved and that is NOT a good thing.

Ironic really, a Park for less out of pocket than my first Lonnie deal!

Have been very busy with estoppel letters, meeting tenants, opening bank accounts, forming an LLC, writing lease and Option (thanks Karl), learning the Park.

anyone else doin’ anything cool out there? parks bought? land Homes?

Let’s all bring a new deal to MOM!!!

Greg


#2

Congrats Greg! What a sweet deal.

I am just curious to see in some details, with the big cash flow you have, how did you find and negotiate the deal?

Have l/o been used a lot to buy parks, and without using an agent(assume agent normally wants to sell not l/o)? It is working great…

James


#3

That’s great news and sounds like a sweet deal.

Couldn’t happen to a nicer guy!

Tony


#4

I knew that the lease with an option to buy would sink into your brain one of these days…LOL

I tried to figure out your rate of return on the $1,000 and my calculator keeps coming up…“error”. I’ll keep trying for awhile and if it doesn’t work, I will have to either throw the thing away or just forget it and say that “it’s good enough”.

Great job, I can’t wait to hear about your next deal.

Steve


#5

Hello to All,

Just starting the process to purchase 3 small MHP’s. 1 Park with 6 Lots and 5 Park-owned homes. 1 Park with 5 Lots and 5 Park-owned homes. 1 Park with 14 Lots with 6 Park-owned homes. All located in Alabama within 10 miles of my home.

Keeping my fingers crossed for successful completion of deals.

DK


#6

Hey Greg,

I thought I was previewing my message, and posted before I completed my message. Congratulations to you on the deal.

DK


#7

WOW!

Another home run!

And to think 99.9999% of America thinks those kinda deals only happen in fairy tailes, and infomercials.

Huge Congrats Greg. :slight_smile:


#8

What a sweet deal…how many times did you tell the seller you didn’t have any loot? I’m looking forward to the MOM to get details about your method for finding/signing these type deals.


#9

Greg,

You are an inspiration, when you showed me you’re deal at BC I was in awe… Still sorta feeling that way! At an outa pocket cost of $40 per pad I think it’s going to be really hard to get hurt on this one my friend! =)

Only thing I’m doing is working on the new parks, it is going really well although not as fast as I’d like! I am going this morning to try to buy a little bank owned sw l/h for 8-9 times what you put out for you park if that counts. Then there is the banks on the other properties…

Can’t wait to see ya again soon for the update on this deal!

Best wishes,

Ryan Needler


#10

All right, Greg! I guess you didn’t hit this guy with “how many hundred $ bills today will it take to buy” LOL. (I guess your new line is how many hundred $ bills today will it take to option?)


#11

Greg:

I hope you will share your experiences in finding, negotiating and securing this deal at the next MOM. I’m quite certain many people will learn from your example.

Rolf


#12

Greg, that is AWESOME!!!

And you said you were going to retire…

Daphne


#13

Congratulations, Greg. What a deal! Sure beats driving nails in Alaska, huh?

All the best,

Lonnie


#14

I do hope to spend an hour or so and explain all that went into the deal. Anyone that knows me well knows I will bring the original docs and will explain what I did.

This is probably old hat to folks like Daphne, Lonnie, Steve, Karl, etc. but it was eye opening to me.

To the newbies, please ask the question, each time you go in a new Park to do a Lonnie Deal “Is the park for sale?”. Kinda like what is the first question you get asked after you order a burger at Mickey D’s? Bingo, “Do you want some fries with that? Coke?”

Parks in my area are not selling like they were. There is a large inventory of unsold Parks around and these are my target accounts.

Ever had a lived in home for sale? constantly picking up, vacuuming, dusting, cus you never know when that realtor will drop in with prospective buyers. It is the same with Parks for sale!!! Constant mowing, updating files, painting ,weeding…Sellers have made the concious decision to sell, and they want it done.

What a great place for a L/O that benefits both.

Something Ernest was huge on was win/win situations. You really look at the successeful folks here and they also demand a fair deal for both sides. To be honest I had a little prob with that when I started I was with Ernest and the conversation went like this," Greg I think you need to have a meeting in Florida to help educate investors." I had just left a convention in Atlanta (not from this site) and I said," Yeah!! how much do we charge??" and Ernest said, “maybe free” and I said ," HUH?" LOL, funny now…I just didn’t grasp the concept…I do now.

To the newbie, a Park is in your reach…there are Parks out there to be got at great terms…need to know the questions to ask.

Owning a Park is hard…booting trash, paperwork, human nature…I LOVE IT!

Greg


#15

Inspiring!

Thanks!


#16

Congratulations Greg! I can’t wait to hear the details~!

You’ve prompted me to go out this weekend and look at a 100% rental park a broker called me about last week.

Lin


#17

Greg,

It was great meeting you at BC. I am impressed the deal you talked about went through. I’ve was on a head trip of “it’s too late to make this work at my age” Then you admitted how old you were when you got started in L/H packages. So I’m out hunting for the golden goose. Went full-time investing last week. I’ll see you at MOM.

Happy Trail(er)s,

Steve


#18

Glad you have joined us in the wild worlds of trailers and gainful un-employment!

Great to see you again at the last boot camp Steve.

Take care.

Tony


#19

Steve,

Great on ya my friend… The world is yours for the taking and I can’t wait to hear the up coming stories.

Best Wishes,

Ryan Needler


#20

Steve. This is a huge step for you and I know you will do well.

Have had tremendous interest in this L/O and have had2 folks from CRE and1 from this forum come view the Park and documents…a lease with option is a very easy deal and another tool for your tool pouch.

I believe you are never too old to learn or invest. I have looked for mostly full Parks to save myself the hassle and time and money of upgrading an upside Park. The emphasis was on time!

If I can find just one more 9K per month free cash flow Park to L/O I don’t ever need to work again…the cash flow, saved, will execute my option with no additional funds needed to own free and clear!

See ya in November,

Greg