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Mobile Home Refurb/Home Sales Q&A
Join us tomorrow! We’re going to be hanging out discussing all things mobile home repairs, sourcing quality handymen/contractors, mobile home flipping and home sales! Bring your questions & let’s dive in. Tomorrow at 6pm EST. If you’re not apart of the #1 fastest growing MHP mastermind yet, click the link below to check it out! https://www.skool.com/mobilehomeparks/about?ref=ea001522c6dc4c4999ef7aa3decf19be
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Mobile Home Refurb/Home Sales Q&A
Insurance
I have a call in to an insurance broker but looking to get an idea of insurance costs. I'm sure there are a lots factors but curious what to expect and recommended providers.
Marketing
If anyone know of decent skiptracing services that will allow a VA to use it would free up my time for sure. Also has anyone tried crexi or reonomy. I know those services are definitely expensive for data.
Marketing/ cold calling
Is there a more efficient way to get all info needed before u cold call, because it takes me hours to lookup data, park owners, and skip trace so it limits how many cold calls I can do. I cant outsource the skip tracing because the company which is good ,doesn't allow anyone but the owner of the account to do so. I like cold calling too. But need to be more efficient for extremely competitive mhp assets. Thanks.
Questions on Deal Structure - 25% Down Payment
I am trying to structure a MHP deal. Is 25% down a deal killer? Property Type - MHP Offer Price - $1,347,597 Units - 24 Annual Income - $171,366 Annual Expenses - $68,547 (used a default of 40% because his expenses were lower) Occupancy - 95% NOTE: Park owned homes from the 70s, 80s, and 90s. Owner Finance Offer – Mortgage Purchase price - $1,347,597. Down payment - $327,087. Interest – 2.5%. Monthly payment - $4,032 principal and interest. The buyer will pay taxes and insurance, and these are separate from the monthly payment. Term – 60 months. Balloon payment at the end of the term for the remaining balance. Approximate balance at time of payoff - $898,818. Seller will net $1,428,590 for the property over 60 months. The cash-on-cash is greater than 13%. Is 25% down a deal killer?
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