How to Buy Mobile Home Park - Dedric & Krystal Polite - Mobile Home Investing - Mobile Home Elite
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- Опубліковано 30 лис 2020
- In this video we team up with Mobile Home Elite investors to buy a mobile home park in NC. Our friends Byron & Sharneice from Mobile Home Elite investors flew down from Chicago. This vlog documents The Polites & MHE in phase 1 of the due diligence process, walking the mobile home park. Identifying opportunities to add value, identifying repairs and changes that need to be made. This step is very important.
Mobile home parks offer one of the highest cash on cash returns in all of real estate investing. This is why investors such as Warren Buffet and BlackRock and others have invested heavily in the mobile home and mobile home park industry. Combine that with a nationwide shortage in affordable housing and you have a tremendous opportunity to do well while doing good.
We'll keep you posted as this deal progresses.
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Now this is how the transition on selling a mobile home park should be! I own my mobile home in a very small park in WV and it was recently sold..owners didn’t even tell us about the sell. Long story short, new owners (we’ve never met) gave us 28 days notice that our pad rent is going up 181%.. $155 to $435. Most residents are on disability or on fixed incomes like myself. That $435 is more than half of my monthly income! I’m disabled and will soon be homeless for the first time in my 62 years. I don’t have many choices left at this point. I’m ashamed of humanity.
We living in New Babylon my friend, whats the root of evil? Let go an let God give you guidance, prayers your direction fam
My park in Florida used to offer a free months lot rent to the homesite found to be the most improved. Not necessarily the prettiest homesite, but most improved can encourage resident homeowners to take pride in the appearance of the site. (This also came with a realty style sign declaring it “Home of the Month”)
Loved it.
And after listening to only half the video I want to live in a mobile home park owned by y’all!
Don’t forget to provide a communal space for casual get togethers.
Two minutes later edit; good Gawd I love that you’re suggesting WiFi inclusion! Too costly for most of us on fixed incomes. I’m fortunate in having a neighbor who set up a separate wifi link for me to use for free, i paid $70 for a signal booster that gives us both better reception.
completely agree with you! I would go as far as to say that everyone should have a shed where stuff is put in/hidden and only plants and chairs left outside, nice decor and cleanliness.
Love the free WiFi and doing an annual community day and maybe a community council would be great.
This video is golden! You guys have such great ideas. Rasing the standards of the park & adding incentives is brilliant 👏🏾
when legends unite! i was so excited to see you two collaborating on deals!!!
Wow! Bro, this is very inspiring! You guys are more than just investors, you're also lovable, motivational speakers. Thank you fam.
Great ideas….. incentives on keeping the places clean!,,, smart!,,!,
You guys are killing it! Keep up the great work and keep the vids coming. I’m up to 10 rental doors, closing on a flip and still looking for the right mobile home park.
@@BePolite Rutland County, Vermont
@@BePolite Hello will banks loan on mobile home parks and if so for how long ?
Just found your channel. Love this content and love your heart. This is my kind of business. Improving the area and helping people while making money.
Great video with good advice and pointers. You guys are a real inspiration! God Bless!
My wife and I own two single families and are interested in expanding. Great pointers and video! Showing very great things of NC. Very motivating :)
Ty for sharing knowledge. Blessings for paying it forward!
You guys are an INSPIRATION!!
looking to purchase a park very soon. Thank you for your information.
Great content! The best video on buying mobile home parks online! Thanks
Great video presentation
Awesome ideas!👏🏽🤜🏽🤛🏽💞💞
Thank you guys. This was informative and inspiring.
Love the collaboration, great video.
I love this. Very informative. I would love to be mentored by you guys. I've been looking into how to invest in mobile home parks for a while, but it sounded like a daunting task. But you all make it seem very simple.
This was great! More of ALL of this, please.
Great video and information!! Do you think when you become the new Park Owner, if you should have a tenant meeting to get feed back, introduce yourselves and give out the new rules, regulation and incentives?
what type of loan did you guys use to purchase this park? any information would help?
Thank you all so much for all of your information. And making this video.
You're welcome, thanks for watching our channel. Be sure to watch our TV show 50/50 Flip on A&E and Hulu
Ok, midwwest to the dirty south! Im from Wi & reside in NC now! I want own a park!
Hey Tasha, thanks for your comment and welcome to NC! Listen, if we can do it, you can too! We're actually doing a Free Live training tonight showing how to get your first deal without having a real estate license or a ton of cash or credit. Here's the link to register, politewealthportal.com/live-lp
How many subscriber first time I’ve seen your channel.
That open area that you were talking about that the community could use putting up a pavilion there would be awesome!
J, Thanks for watching. And thanks for the feedback
Super helpful. Thanks guys.
Thanks
I saw them on TV I was like omg the polites are famous famous
We have a little bit off money I don’t want to blow it in the wind what is the best thing to do ?
Have you closed on this property? If so can you share your numbers? I'm thinking about starting an RV park ... in cities. A small park with just 15 slots at $50/stall could
equate to $750/night or $22,500/mth = $270,000/yr!!!
Really awesome, my brothers and sisters. I am looking at a property in N.C. myself. Hope to find a partner like you did. Keep grindn'
I'm down in eastern NC. Near the coast. Jacksonville, greenville, Washington
A lot of cheap home in greenville, near ECU and the new school of medicine
How do you find parks that are for sale? Can you break down numbers? Projections? Etc? Thanks family. Happy holidays
There is actually a site called mobilehomeparkstore.com and LoopNet are good places
When you reviewed the previous years financial statements what stood out where improvements could be made? How did you sweet valuation multiplier?
Lots of upside discovered, below market rents, pave the dirt road and make a few improvements, then slowly raise the rent to market rate.
I would love to make the landscaping pretty. My dream is the buy a park and may is so beautiful, and create a community vegetable garden. My dream is to help families and single mothers purchase their first home! I just visited a gorgeous mobile park it was so pretty!
Definitely inspirational...keep the great work guys!
I'm gonna buy a mobile home park.
Im interested in owning a rv park. How do I get started? I really want to know how to get started.
Simmons, apologies for the delayed response, just seeing your message. Have you found your first RV park yet? We have a free training show people like yourself how to get started in real estate with no prior experience, go to politewealthportal.com/vsl-lp
20:39 Never been attacked by a Bee before. Never had a fear of them ever, wonder if he has a fear of bee's? Also who's the lender of your project and can you recommend a relator for a similar purchase? Thx a bunch B1!
Yo, that B sting hurt! All good though, it's a small sting. We ended up wholesaling this one, so no lender. Drop your email and we can make an intro to our preferred private money lender who lends on fix and flips and rental properties. Or email support@politewealthportal.com
Give them a fish they eat a day TEACH them how to fish they eat forever. Thus teach and hold them accountable to keep their community clean.
What books or online classes can I attend to really learn about this topic?
We teach this in our Community, email info@politeproperties for more info.
How do you guys find your parks to puchase?
Here's a link to a free training showing how we find them, politewealthportal.com/vsl-lp
How many times can you sign over a title?
Hey there, thanks for your comment and apologies for the delayed response. Not quite sure what you mean when you say sign over a title? We have our closing attorney and title company handle all of our title work. Best to consult with them on these types of questions.
That's what's up y'all hooked up with the Polites. Soak up the game yungstas.
Me and my fiancé are trying to learn how to invest
I want to buy a mobile home park I’m a real estate agent I need help and advice shamekyam gadson
Good thing Sharneice is a Social Worker
Looks rough
Where about people who people pay rent on time. Keep there house up. My parents live in park . I think your wrong to jack up rent and do this to people life's think of your mom , Dad, and grandma in this situation
Hope you can sleep money doesn't keep your warm faith does. I rest my point . I'm in michigan.
Rules and regulations. It sounds like mandates. I think, recommendations, coaching, help; sounds more human. People are getting tired of dictatorial approaches...
I been looking at momma's hips the whole vid smh