Be careful doing this......it will only work in a mobile home Community..... not a mobile home park .....always check your location ....some places will not Allow you to sub sale parts.....unless it's a mobile home community....like where I'm at......don't get me wrong Peter's great...and I've learned a lot from him and I'm still learning from him .....just always check your local codes ...
😅great video and I learned alot but the no 2 no no you need to check the areas population over the last 20 years because if you have empty pads in your community it may be the cause of jobs leaving the area and industry leaving the area if that's the case don't buy the mobile home community
Great content. We own mobile home parks. Careful on the seller financing of homes with Dodd frank laws. Get legal counsel before doing seller financing. Overall great video.
@@agingacademy brokers, wholesalers, direct marketing etc. same as any other property type. I did an entire episode on my channel about the top ways we have bought them so I would recommend checking it out.
@@mariodattilo So your saying that banks will loan the first 3 to 7 years on a fixed rate and the other 25 years on a adjustable rate ? Cause Amortization is the break down of the monthly payment. I'm not understanding,?
I very much appreciate your videos sir. I've purchased your book and am in the process of acquiring my real estate license here in the San Francisco Bay Area.
You could be seen as a dealer and require a dealers license And/or run into Dodd Frank Law Also the price you are paying for the park is based upon higher income of renting the land and home Once house is sold to the tenet you only get the lot rent. So your ROI drops considerably
Great video again Peter! How has covid changed the hotel/motel and office space rental markets today? Thank you for all your marvelous teaching content!
With point #1, isn't it still a risk to purchase a MHP with park owned homes? How do you convince the tenant to purchase it? They already know that the mobile home is likely to be old and heavily depreciated. What kind of terms would a bank want to risk on a 5-10 year loan?
Even if you sell them for very cheap the responsibility all ends up with them to maintain or remove if it falls apart. Makes the purchase look better to a lender as there is a lot less liability.
Do you get a property manager for the mobile home parks? I am concerned with the potential safety risks if I own a mobile home park. What do you think? Is it better to own 55+ mobile home parks only?
I am entertaining a 23 park owned, 2 tenant owned, 5 vacant plot mobile home community. This helped a lot, the POH scared me, but now it seems more doable. The price is higher of course because of the homes it come with, not really what i want. How would one negotiate the price with that in mind (to the seller)?
Stay away from hurricane zones as that could ruin your investment quickly. Otherwise, focus as close to home as possible so you can look after the property easily.
I have a property which I plan to turn into a park. do you have a video explaining how to prepare the lot for about 5 spaces? or how to start one from scratch where there's nothing?
Peter thank you. Going back to concern number 1, doing rent to own on POH where does the safe act and Dodd frank act come into play and what is the solution?
Thank you for this amazing information!! Question... Can a 1st-time investor get the Fannie Mae or Freddie Mac loan? Can I get loans from Private or Hard money lenders?
Letting the home go to the tenant buyer causes the income for the property to drastically drop once they pay it off. Would you recommend putting a clause in the paperwork that says once its paid off that the tenant buyer has to move it off of your lot? Gives you the flexibility to bring in another unit immediately to keep the cash flownin line.
Get step by step help investing in mobile home parks by applying to our Protege Program: www.commercialpropertyadvisors.com/protege-program
Thank you Mr Harris
Be careful doing this......it will only work in a mobile home Community..... not a mobile home park .....always check your location ....some places will not Allow you to sub sale parts.....unless it's a mobile home community....like where I'm at......don't get me wrong Peter's great...and I've learned a lot from him and I'm still learning from him .....just always check your local codes ...
Any books or resources you recommend to learn mobile home investing?
.....
thank you for telling us
This right here. Sometimes vacancies are vacancies. It’s all about the market.
😅great video and I learned alot but the no 2 no no you need to check the areas population over the last 20 years because if you have empty pads in your community it may be the cause of jobs leaving the area and industry leaving the area if that's the case don't buy the mobile home community
Great content. We own mobile home parks. Careful on the seller financing of homes with Dodd frank laws. Get legal counsel before doing seller financing. Overall great video.
What is best method for finding mobile home parks for sale?
@@agingacademy brokers, wholesalers, direct marketing etc. same as any other property type. I did an entire episode on my channel about the top ways we have bought them so I would recommend checking it out.
@@mariodattilo Hello I was wondering will banks finance a mobile home park and if so for how long ?
@@davenstorm7271 I did an episode about financing mhp’s on my channel so check it out. Banks typically do 15-25 amortization with 3-7 year fixed.
@@mariodattilo So your saying that banks will loan the first 3 to 7 years on a fixed rate and the other 25 years on a adjustable rate ? Cause Amortization is the break down of the monthly payment. I'm not understanding,?
It is a part of your business plain to raise the rent anually on tenants on a fixed income?
I very much appreciate your videos sir. I've purchased your book and am in the process of acquiring my real estate license here in the San Francisco Bay Area.
You could be seen as a dealer and require a dealers license
And/or run into Dodd Frank Law
Also the price you are paying for the park is based upon higher income of renting the land and home
Once house is sold to the tenet you only get the lot rent. So your ROI drops considerably
Great video again Peter! How has covid changed the hotel/motel and office space rental markets today? Thank you for all your marvelous teaching content!
With point #1, isn't it still a risk to purchase a MHP with park owned homes? How do you convince the tenant to purchase it? They already know that the mobile home is likely to be old and heavily depreciated. What kind of terms would a bank want to risk on a 5-10 year loan?
Even if you sell them for very cheap the responsibility all ends up with them to maintain or remove if it falls apart. Makes the purchase look better to a lender as there is a lot less liability.
POH = No Rent control on spaces. Best to Convert to Rv long term stay. Less trouble. We own 2 parks.
How did you transition to RV long term stay? Or was it that from the beginning with no POH mobile homes?
Re: Titus & Clayton Mobile Homes, where do they ship? Which states. Long distance is costly.
Do you get a property manager for the mobile home parks? I am concerned with the potential safety risks if I own a mobile home park. What do you think? Is it better to own 55+ mobile home parks only?
Did you end up going through with buying one and if so how has it been
So am I better off selling my park with everything done except having the trailers brought it??
Thanks good info, and the way you explain it is really great..
How good of an investment would a large lot with 8 small houses on it be? Can it be just as good as an 8 unit apartment building?
What’s your opinion on starting a luxury mobile park & renting all through Section 8?
Did you do it?
I am entertaining a 23 park owned, 2 tenant owned, 5 vacant plot mobile home community. This helped a lot, the POH scared me, but now it seems more doable. The price is higher of course because of the homes it come with, not really what i want. How would one negotiate the price with that in mind (to the seller)?
My Best Teacher life.
Better is the best! Thanks Boss!
Mobile homes are not cheap.
What In the world do I do with a 9 home deal, 100% POH's ??
POH IS NO RENT CONTROL ON SPACES😀
@@ED3 this didn't make any sense
What states do you recommend to purchase mobile home parks for beginners? What website do I go to?
Stay away from hurricane zones as that could ruin your investment quickly. Otherwise, focus as close to home as possible so you can look after the property easily.
This is sooo bomb. I got some ideas brewing on this one..
Interesting. Subscribed. You remind me of Jeffrey Taylor!
I NEED TO SPEAK TO YOU!!🙏🏽👏🏽
GEMS!!! Thank you so much.
Thanks for the great content! (also, I had the pleasure of being the 1,000 "like" on this video" 😀
I have wanted to do something similar but with tinyhomes on wheels. Add a glamping resort to it.
Inspiring video teaching. Gives me great ideas. You're too buff for your shirt.
I have a property which I plan to turn into a park. do you have a video explaining how to prepare the lot for about 5 spaces? or how to start one from scratch where there's nothing?
Then the developers buy the dirt and throw you out with no place to move the mobile home.
for point #2 I assume that the MHP owner is responsible to insuring the MH purchased on a line of credit?
Peter thank you. Going back to concern number 1, doing rent to own on POH where does the safe act and Dodd frank act come into play and what is the solution?
How to finance a mobile home park???
Lol this guy quotin Machiavelli
Rent to Rvs
Thank you! This is very helpful and easy to understand.
pita keep up the good work very inspiring 👍
Good information thank you so much
Great content and video!
Where are you located?
Thank you
Thank you
Are you buying parks?
Yes
not bad
Thank you for this amazing information!! Question... Can a 1st-time investor get the Fannie Mae or Freddie Mac loan? Can I get loans from Private or Hard money lenders?
Letting the home go to the tenant buyer causes the income for the property to drastically drop once they pay it off. Would you recommend putting a clause in the paperwork that says once its paid off that the tenant buyer has to move it off of your lot? Gives you the flexibility to bring in another unit immediately to keep the cash flownin line.
I would like to know that answer as well, thanks.
What tenant would sign that? It's essentially their death warrant.
e mail me more infoormation please
Go to my website CommercialPropertyAdvisors.com