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The MHP Pros Mastermind
271 members • Free
Mobile Home Park Mastermind
930 members • Free
102 contributions to The MHP Pros Mastermind
May 29 •
1st Park Coming Together...
Hello, brand new to the community and wanted to share this win. I have been working with the seller on an LOI over the last week and a half, going back and forth on terms, and we are finally putting the contract together. At acquisition it sits at 9.5% Cap. All TOH's The value add is 6 open spaces and way below market rents. Working on due diligence first, then the value-add play. Goal is completion with infill and rent stabilization in the next 12 months. I gotta say, it is exciting and terrifying at the same time. 😬
3 likes • May 31
Congrats
2 likes • May 12
Currently got this one I’m deciding on selling likely, or make the family clean up so I can raise rent to market .
2 likes • May 22
@Michael Pansolini lol yes still leaving there so maybe eat them eventually
Apr 6 •
Refinancing
I am looking at a small park (10 lots) where 5 lots are RV spaces and 5 lots are park owned mobile homes. I'm talking to the owner about seller financing with a low down payment (~90% LTV) and likely 5-7 years before a balloon payment. My question is if I will have a very difficult time refinancing out of this when the time comes because from what I understand, bank lenders only count lot rent and since it's a 50/50 mixed use park between RVs and MHs, they may exclude the RV income entirely. Is this true?
3 likes • Apr 13
I would call local lenders around you to get a better idea. But I think most even with rv lots will take a look at the books and see your long term occupancy of the lots by mobile homes and still give a value for the income. One thing to think about is the price you are getting it for work with just refinancing based on just the 5 lots.
Mar 26 •
Section 8?
Has anyone bought a park with all Section 8 tenants? How does that work through the sale? Would you be concerned in buying a park that makes a lot of sense on Section 8, but not sure how well it might do if it wasnt for Section 8, if that makes sense?
2 likes • Mar 27
Yes definitly wanna have escape plans and think about bank financing down the road for yourself or future buyers if not cash/seller financing.
2 likes • Mar 30
@Jordan McCoy great thing with section 8 you can just look at the fair market rent for that county and raise pretty close to it and they will say yes or no. In my county it’s above fair market rent by a couple hundred dollars.
Mar 26 •
When sending PSA, how long do you give seller to review offer?
Curious as to what is industry standard? TY
4 likes • Mar 27
Depends on the seller and how they responded to you. If you offer was just a dart at a wall or actual interest. I have a seller who I meet/see every month for the past year and a half lol(real estate meetup). I know they were talking selling last year and I was pretty hot and heavy and could tell that dosent work with this seller/ (was fixing park up first). Didn’t say anything about it for the first three months of this year. Finally brought it up again this year and finally selling it confirmed this year after they fix up ONE final unit before taking it to market( to me 😉) Meeting a different set of sellers tomorrow, just they are seperate partners and one has little kids and the flu going around, has pushed the talk between the partners off for a couple days. So it wasn’t my offer just life lol
1-10 of 102
@connor-cogdill-2530
MHP Enthusiast, I own a small 6 pad park. I am looking to acquire more parks around Asheville NC
Active 2d ago
Joined May 10, 2025
Asheville, NC
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