Has anyone completely demoed a park in phases? I had a deal brought to me in Texas in an awesome area. I’ve seen some rough parks, but this is a complete junkyard. 11 occupied POHs and 24 vacant homes. This park is in a growing area and down the street from 5 mobile home dealers (2 of which I personally know and used to work with.) My thought would be to slowly demo the homes, restructure the pads and work with the dealers to fill the pads. I’m just not sure how I would get a loan on this property? Any thoughts here?

I think I’m close to tying up my first syndication deal. It’s a light value add, a few homes to sell and vacancies to fill. But mainly it’s just increasing under market rents. It’s an asset in a great area that I’ll want to keep forever, and would like a decent chunk of equity for myself of course. But I’m a little light on cash until I can refi my other park. My likely investors are accredited friends and family. This is a relatively “safe” deal, but I’m also not a seasoned syndicator/operator. So what’s a good syndication structure to get investors interesting but fair returns, while also keeping a nice piece of the pie for me? I care more about equity ownership than cash flow at this point. So my inclination would be to go light on fees, if any, but bump up the equity split to a 40/60 GP/LP. Perhaps with a higher pref? What say you?

Does anyone rent by the room in their mobile homes?

Is it typical for the buyer and seller to split closing costs 50/50?

Hey guys! Just joined the group mentorship program last night. Excited to get started. I'm based here in Nashville, TN. Married with 4 kids. I left my job in November to focus full time on real estate so I'm excited to fill in some gaps and get some help scaling as I learn from the best. I own a park in Kentucky and some real estate in San Antonio area. Looking to purchase several parks this year. I look forward to connecting with y'all.