Seeking Mentor for First Purchase


#1

I’m looking for my first 50+ space MHP. I need a sounding board to give me advice so I don’t shoot myself in the foot. I’ve been analyzing some parks in several southern markets with the knowledge I’ve attained thus far. At the end of the year we’ll be moving back to the USA from Korea with $500,000. In 2 weeks, I’ll have $200,000 liquid and the ability to fly to any market in the US if required. I will to within 1 hour of the park. I’m hoping to net $8,000-$10,000/mo with a purchase. I’m reaching out to for assistance in evaluating, turning, and managing. I can do the work and I have the money. I just need the support. Thanks to everyone on this forum thus far.

I’ve also thought about investing in Frank & Dave’s fund to get 10% return passively. I’d like to know what my returns could be if I got involved and used leverage. I have excellent income and credit but no park experience. Any help is appreciated.


#2

Hi Eric,
I have owned a small park for a few years and learned a lot because I didn’t have Dave or Frank to help me out so I learned many lessons the hard way. I flipped a dump in a rural area that now stays full of great tenants who are happy to pay above market rent. I’d be happy to help you any way I can.


#3

Hey @ericgabriel I’m in the same boat. Good to hear another newbie looking for parks. I’ve been doing my homework for the last year and change. I also work as a multifamily broker in Portland, so I have a good amount of commercial real estate transaction experience. I’d be happy to bounce ideas off of you and vice versa. Where are you moving back to and what states are you looking at parks in?

Feel free to email me at tysoncrossre@gmail.com

Take care


#4

Hi @ericgabriel. I acquired my first park last year and got into my second park early this year. It’s been a learning experience — and a lot of fun. I’ll be glad to help/advise anyway I can. I’m in the Southeast. Feel free to reach out anytime.


#5

Hey @Nick1 where are your parks located in relation to you and how did you find them? I’m itching to get my first one going…!


#6

@tycross81. Both parks are in Georgia. The first one is 3 hours away and the second one is 1.5 hours away, thankfully in the same direction as the first. That allows me to visit both parks on one trip when i need to. Both properties are REO turnaround opportunities.


#7

@Nick1 I am also looking to buy my first mobile home park this year and I would love some guidance from someone more experienced so I don’t end up shooting myself in the foot. I live in California but I hope to invest in other states since it is so much more affordable. Would you be willing to schedule a quick phone chat with me so I can get my feet wet? Thank you! AJ


#8

@MobileAJ. I certainly don’t mind chatting and answering whatever questions I can, but let me be upfront: I’m one and a half years into this and still consider myself a newbie. There are a whole lot of more experienced, and likely smarter, folks on this board who can probably offer a wider and deeper set of experiences than i can.


#9

Hey Nick,

No worries, I understand your point. I’m just hoping to get a little more information than I have right now. Like what you have learned over the last year and a half?

It would be nice to have a quick chat to hear your experience. Maybe I can learn something. Please feel free to email me and maybe we can set up a quick chat. My email address is rokinout@yahoo.com

Kind Regards,

AJ


#10

@KajunGal I sent you a private message. Thanks for responding.


#11

@tycross81, I’m looking at several markets with population growth, job growth, and job diversification. I’m mainly looking at major metros from Nevada to Virginia and Arizona to Florida. I’m looking at a park right now in Oklahoma City, OK. It seems the park owned homes are priced to high. That would be the first item to negotiate. I’m not sure what they should be valued. They are older so I’m thinking no more than $5000 each (×24). Ideas? There are several parks in the area so there is demand but also competition.


#12

@Nick1, send me your email and phone number


#13

@Nick1, I’m curious how you turned the properties around. Were the parks performing when you got them from the bank or were they closed and needed to be opened again. I’m looking at a closed park for $70,000 that needs a $200,000 hook-up to city water and sewer. It was an operational 100 space park but there were water issues, so the park closed. The city layed out plans to resolve the issues (hence $200,000). After that, the park would need to be filled. I’m not sure how fast a park can be filled or if there are any lonnie dealers that would like to fill empty pads. I could call mobile home part stores to find these guys. I’m not there yet. I’m estimating the value would be
$1,500,000±. It would take a few years to get to that point but I’m a fan for margin and cashflow.


#14

Got it and sent back.:slight_smile:


#15

just did. feel free to reach out.


#16

Hi Eric, did you end up buying a park? I’d love to learn what happened.


#17

I never did. But now I live in North Carolina. And will consider it more now. We moved in January for our kids’ education and spiritual growth. The Christian communities here are strong and lovely. Our neighbors are the way neighbors should be. All the neighbor kids are playing. In a matter of a week, my kids were plugs into their own social group.

The reason why I haven’t bought a park is because I was living in Korea and financing was impossible. At the same time I got caught up in Bitcoin arbitrage between Korea and the US. For every $100,000 I was sending to Korea I was making 15%. I’m hoping to do more of it and to use some of the proceeds to either partner with someone or go at it on my own with the help and wisdom of you fine people.


#18

Hey Nick, I am also looking to learn from people who recently acquired a park. Let’s chat some time. millie@tandopropertygroup.com


#19

Sounds like Bitcoins may be better than MHP? Tell us how to get 15% safely!


#20

It’s hard to replace land. The banks support it because they can take it. They don’t support bitcoin. If you whisper it they’ll close your account and send you walking for trying to be financially independent. One banker said that I had too much money, “red flag”. It’s messed up.