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133 contributions to The MHP Pros Mastermind
Purchase
60 lots 36 occ all toh at $350 with city utilities in a market we already have 150 lots. $910k. Patience paid off. Kept up with this lead for 3 years and the price stayed the same.
Risk
Hey friends - when we were on the call yesterday, we talked about red flags in parks. Here's what I've learned... they all have red flags. Even the seemingly "simple" ones. It all boils down to the level of risk you're willing to take. But don't be strayed what you think might be a "red flag." Ask the community. It may not be as bad as you think...
2 likes • 2d
This. No risk no reward. That is life math not just park math. Measure risk and make it align with the reward that is probable not possible. Totally agree Kari
Complainers!
Why is it that tenants complain about a problem, and then complain about the way you choose to fix the problem? Many of my tenants complained the park is too dark, so now I’m spending thousands to put in street lights. And now I’m getting bombarded with complaints about where the street lights are located! Can’t win. šŸ˜ž Sheds light on why some landlords don’t even try.
2 likes • 4d
We have a tactic that works exceptionally well. We look at the tenants lot and find everything wrong, every rule being violated then we give them notice and state fines will be placed if not remedied. Do this a few times and they will get the point. FYI, I have spent at this point over a million dollars on improvements, paved roads, lighting, drainage, trees, etc and have gotten 1..yes 1 thank you from over 1200 current and 500 former tenants. So yes, landlords give up from this but in reality you should only be doing things that improve your bottom line and reduce your risk and you should only be doing those things for that reason. If they also happen to improve a tenants time renting from you, good, but if they just improve your bottom line and reduce risk, that's actually what matters. Sally the sulker in lot 27 doesn't actually matter and her opinion on your business decision is irrelevant. She wants lights but doesn't want to pay extra for it. This will be constant.
Wastewater Treatment Facility
Underwriting/negotiating a 50 lot park in Ohio with a wastewater system that is from 2006. Do we have a group expert? Advice? Avoid altogether? :)
4 likes • 22d
@Charlie Wang of course. Wwtp are not a problem. Dd correctly. Inspect heavily. Those things are literally just metal boxes. Nothing special. They are very easy to maintain, very easy to see future issues and plan accordingly. Yes, brand new they cost 500k but they only cost about 10k to make. It’s a metal box with metal baffles and walls. Slap blower’s and pumps on top and that’s it. Ongoing expenses are electric which can be 300-800 depending on the size, chlorine for the outflow contact chamber maybe $100 a month, an operator which can be $300-1000 a month depending on state and services offered.
1 like • 22d
@Michael Pansolini agreed. Bill this service back to the tenants. 50 plus year life with proper care, yes they aren’t low cost but they also don’t fail overnight. If a good operator is currently servicing it get the records and their opinion on the life of it. Get a second opinion as well. This shouldn’t be a deal killer unless your buy box is only city direct.
Uncooperative sellers
I have sellers trying to restrict my ability to investigate the property I have under contract. Most recent email said this, what are your thoughts? ā€œAs a reminder, and consistent with the terms of the Purchase and Sale Agreement, any entry onto the Property and inspection activities must be conducted with reasonable notice and in a manner that does not interfere with ongoing operations or residents. Given that the Property is an occupied community, all site visits must be scheduled in advance and accompanied. We ask that you refrain from entering or driving through the Property outside of coordinated visits to avoid disruption or confusion for tenants. ā€œWith respect to third-party outreach, we ask that any inquiries be conducted on a general or hypothetical basis only and without reference to the Property, its address, ownership, or operations. ā€œAny property-specific inquiries should be coordinated through us to ensure consistency and avoid unintended issues. ā€œWe will follow up directly regarding the Township zoning/code verification request once it becomes available. ā€œWith respect to vendor outreach, we prefer that any quotes or services be obtained through your own providers rather than contacting vendors associated with the Property.ā€
4 likes • 30d
This is fairly common actually. It’s hard to keep you off the property for drive thru’s etc but inspections are normally coordinated as tenants get overly excited when they see strangers. I haven’t had a seller prevent an inspection but almost all of them want notification when you’re on site. As far as using their vendors I would advise against. Conflict of interest is a real risk
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Caleb Hogan
6
1,319points to level up
@caleb-hogan-9067
I am a real estate investor, capital raiser and syndicator in the mobile home park space. 60m in aum, 1000+lots with a goal of 10k

Active 7h ago
Joined Dec 11, 2024
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