Hi all, hope your year is going well. I’ve been lurking on the forum for a few days and am excited to learn more re MHP investing/ owning… I’m very impressed with the upside potential vs that of other investment RE avenues. I’m a mental health counselor for individuals and families… I love the work and the awesome outcomes that transpire when people take hold of their lives. That being said, I’ve gotta get my ducks in a row and begin thinking long term for our finances. I digress…!
I’m getting familiar with this forum/ website as well as the trainings and hopefully soon the boot camp… When money will allow!
What do you guys suggest for someone starting out without a lot of cash flow/ cash to put down? I’m seeing many parks with owner financing, but it’s the down payment amounts that are difficult. For downs, do you’ll utilize bank financing then owner finance the remainder?
There’s a local park for sale that I’ve talked with the owner of 28 years who is selling due to health/ age. Probably out of my financial range… But am trying to build a relationship with the current owner who is still very involved with the park. Regardless I’m enjoying looking at it, getting valuations, etc., hoping that I at least can learn something from the owner even though he’s pretty hesitant to give me much of his time… Hasn’t told me to stop calling him yet though! What do you think? FYI- this is his word of mouth info…
76 space with 74 occupied, $380-410 lot rent, no park owned homes, utilities paid by residents, nice maintained area, paved streets, metropolitan area within range to malls, walmarts, grocery, etc… Owner reports $28-30,000 monthly in rents and $4-5,000 monthly expenses. Asking $2,900,000 ( talked something about some existing water rights that would take price to $2,800,000? Not sure what he was meaning), asking $500,000 down with remainder amount on a 30yr note.
What do you’ll think… Expenses seem too low, pertaining to what I’ve seen on the forum examples? This may very well be out of my league starting out, but I am at least looking to build a relationship with an experienced owner… Hopefully honest, AND if he’ll have an adopted son… Ha ha.
Any direction, experience, advice from you’ll is appreciated. I’m a BIG believer in mentorship, and owe a lot to many of the “fathers” in my life for where I’m at. Blessings to you all… I look forward to learning! Wow, sorry for long first post…