I’m new to the MHP business but an experienced residential investor. I’m excited to be enrolled in an upcoming bootcamp!
I’d love to know:
I’ve been devouring everything I can online, and networking with brokers. I’ve even submitted a few LOIs but none have been accepted yet.
I have capital and credit, but I think the chokepoint will be finding decent deals. Any insight appreciated.
I’ll let Frank answer your first two questions. I would also pose a third question in here too that you should be asking; 3. How many didn’t make the mistake they would have made?
We have a few coaching students too and our biggest value add has been steering them away from danger. Frank’s program steered me away from danger on the first park I ever put under contract and I would highly recommend you attend based on the fact you are already putting in offers.
Deals are not easy to come by and you will need to scale up your marketing for properties. If you aren’t putting in at least one offer a day, then you are wrong. One of the things that Frank says constantly is that you need to put in a lot of offers. That singular concept gets lost with most people but it is the most important concept when it comes to finding deals.
Lastly, scrap the LOI if you are putting in offers on-line. Sending contracts works much better. We only use LOIs in a few cases and it is usually only on off-market properties where we established a relationship with the seller. In these cases, we like to negotiate through the LOI because most people won’t involve their lawyer in this negotiation. After the terms are agreed upon, we write the contract and send it to the seller. Every seller we have ever negotiated with off-market has involved a lawyer before signing the contract. Going through an LOI first has saved us time on the “Lawyer nit-picky phase.”
I attended the boot camp in February 2015 (Orlando, Fl), and closed on my first park on June 1, 2015.
I attended the same camp. Just closed my park a couple of weeks ago after a prolonged set of delays, mainly caused by problems finding acceptable insurance.
The camp definitely saved my ass, I probably would have bought the wrong park. It also helped me see the value in the park that I just bought. It’ll be a year of very hard work to turn it around, but I should definitely be able to increase the value of it by $1M over 5 years. If all goes well even more.
I attended Frank’s June Bootcamp in Chicago this year. I thought I was going to close on my first park next month (was about 3/4 finished with DD) but the deal fell apart for several reasons - mostly findings about the market as we did a more in-depth review of the area. Currently have 2 other parks under contract so hoping we get one or both of these closed before the year is out. To be sure, finding/closing deals that meet solid parameters is not for the fainthearted. But that’s part of the beauty of this business right? Limited (and shrinking) supply.
Thanks for the replies, very encouraging.
Also have to add, one line that you can never forget because of how true it is, some of the best deals are the ones you passed on or did not do.
Discipline on the beginning of the journey will pay great dividends.