Mobile Home Park Investing. How to Financially Assess Your Deals
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1 Mobile Home Park Investing How to Financially Assess Your Deals
2 A 7-Pad MHP Deal Total of 7 Spaces Asking Price: $99,500 5 Pads with Mobile Home Units 2 Pads with No Units Annual GOI: $31,000 Annual NOI: $23,850
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9 CAP (Capitalization) Rate = $23,850 $99,500
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12 KEY PROBLEMS WITH GETTING ACTUAL NUMBERS BROKERS OR SELLERS LYING ABOUT THE NUMBERS! 1 Spending Money on Due Diligence to Verify False Numbers! 2 Important to Have Them PROVE Income/Expenses + Occupancy! 3 If You Need to Show an LOI/Offer to Get This Info, DO IT! 4
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14 MHP Financing Rules of Thumb Anything Under $1 Million Will Be Harder to Get Qualified for Typically Niche Mobile Home Park Lenders Won t Dip Below the $500,000 Lending Mark Loan Amount is the MAX LTV and NOT the Total Asking/Offer Price Smaller Parks Under $500,000 (Loan Amount) Should Be Acquired Via a Wrap-Around Loan Very Small Parks (Requiring $250,000 or Less in Total Acquisition Costs) Should Be Acquired with Business Unsecured Lines of Credit OR Little Down with the Rest Being Owner Financed in a Land Trust!
15 For Our Sample Deal Asking Price is Under $1 Million In Fact, It s WAY BELOW $500,000 Owner Financing or an Unsecured Business Line of Credit Are Your ONLY Options (Outside of Using 100% of Your Own Out-of-Pocket Cash) Tax Assessed Value: $72,015 Has No Bearing on Cash Flow or Appraisal Assessment Cash Flows $15,806 Per Year or $1,317 Per Month Very Solid Cash Flow for a Property Under $100,000 Based on Getting 100% Owner Financing at a 5% Interest Fully Amortized for 40 Years This is a Starting Figure and NOT Necessarily How You Will Structure Your Proposal
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19 Benefits of the LOI/Offer Form It s NOT Legally Binding Starts the Negotiation Process Outlines Elements in Your Contract Is Typically NEVER Signed By the Seller Is the Step Required Before You Go to Contracts
20 Elements of the Offer Always Offer 10% to 15% Less Than Their Asking Price Don t Low Ball Otherwise You ll Get Rejected If Using DPA, Don t Indicate You Are Getting Seller Carryback in Your LOI/Offer Make Your Contingencies Are Clear, Especially Stacking Contingencies to Give You Time for Financial Document Review and Inspection Periods Give Yourself An Out, ALWAYS!
21 Contingencies Include What You Want from the Property Sheds, Snow Blowers, Lawn Maintenance Equipment, Individual Meters, Trailers/Mobile Home Units, Etc. Ask for EVERYTHING You Want Upfront Specify Date of Close and Make It 90 Days from the Date of Receipt of Your Pre-Due Diligence Financial Docs on the Property Specify That You Receive ALL Actual Financials on the Property Within 14 Business Days or You Get to WALK From the Deal
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23 How It Works! Find Property Escrow Hybrid LOI/Offer Contracts Partner Agreement Lining Up Funding
24 Once You Are in Agreement You Use the Agreed Elements for the Contract or the Purchase Agreement For Lease-Option Deals or Bulk-Majority Owner Financing Deals, Consider a Land Trust Make Sure You Have an Attorney Go Over ALL Elements of Your Purchase Agreement or Contract If the Seller Has a Real Estate Agent Who Had Listed the Property, THEY Are Always Responsible for Their Commissions! ALWAYS!
25 Due Diligence Get the Financial Documents Bank Statements Income/Expenses; Profit/Loss (P&L) Statements Filed Tax Returns on the Property LLC Rent Rolls Property Inspections Environmental Plumbing/Septic or Sewer Building/Unit Appraisal (When a Lender is Used) Lender Orders the Appraisal
26 Ways to Verify Legitimate Numbers 2 1 Filed IRS statements showing income and expenses for the property for the last filed tax year! Bank statements with rent rolls for the past 12 months showing verification of rental deposits. 3 Utility bills, invoices, and other expense documents proving property expenses matched with bank statements. 4 Affidavit from seller notarized and signed stating that he (or she) will pay for due diligence costs if numbers are proven false. 5 Affidavit from seller notarized agreeing that the occupancy level is as stated or they will guarantee rental income for the occupancy level they lied about.
27 Other Due Diligence Check Out the Property Yourself and See the Overall Condition Talk to Tenants As If YOU Are a Potential Tenant Yourself Call the City Planning Department Call the Police Department on Dispatches to the Property Over the Past Year or Two Is the Water/Sewage System City or Private? Are the Lots Individually Metered for Utilities? If Not, What Will the Cost Be to Install Individual Meters?
28 Property Problems Work/Rehab Try to Establish How Much Work Needs to Be Done Weigh the Risk/Reward Ratio How Long and How Much? Tenancy Low Tenancy Properties Should Break Even at a 50% Occupancy If There is Riff-Raff That Needs to Be Eliminated, Can It Be Done Without a Major Headache or a SWAT Team?
29 Try to Get It Right But Know That Oversights and Mistakes (or Errors in Judgment) Happen Don t Let the Possibility of an Oversight Paralyze You to NEVER Do a Deal Do the Best You Can to Analyze Every Element Good News: Beginners Are Usually the Ones Making FEWER Mistakes Than Us Seasoned Pros!
30 Elements of Financing Your Options: Seller Financing Bank/Lender Financing Combination of BOTH!
31 Don t Be Afraid of Loans OVER $1 Million Without Prior Investment/Management Experience
32 Lending Options Conventional Commercial Lenders and Banks Don t Lend on Mobile Home Parks Because They Are Viewed as Raw Land You ll Be Working with Niche Lenders That Handle Mobile Home Parks Some of These Lenders ACCEPT Partial Seller Financing You WILL Need a Solid Business Plan INCLUDING a Proforma, Management Plan, and Exit Strategy to Get Funding for These Deals You ll Be Working with Smaller Banks and Lenders Which Sometimes Want to Meet You IN PERSON!
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34 Elements in a Business Plan/Proposal Current Cash Flow (if any) What are today s numbers? Show a portion of the CFE showing current numbers. If you plan on dropping the asking price, indicate what the original asking price is. Future Projections (Proforma) Build your own proforma and never use the one a real estate agent or seller created. Use data from surrounding buildings including rent rates and occupancy %. Needed Repairs and Rehab (if any) Outline estimated repairs and rehab costs. Explain what needs to be rehabbed or repaired and an estimation of these costs by doing some research. Demographics of the Area This can be from your demographics report explaining the age of the average city resident, median income range, population size, etc. Information About the Local Economy and Industry What is the local economy relying upon for income? Any new industry coming in (or leaving)? Executive Summary This is a short summary of all elements of your business plan. Make it a sellable summary and nothing dry or boring! Many lenders are now requiring an executive summary if you want them to fund your commercial loan. It s a good idea to learn how to write these efficiently and effectively. There are many executive summaries available online!
35 Opportunity Why is this financially a great deal? Include proforma! Description Overall information about the property deal including current numbers. Executive Summary Overview Discuss brief details about area demographics. Exit Strategy What is the exit strategy? Flip? Long-Term Acquisitions? Management How will the property be managed?
36 Future Potential Current Property Deal Show the current property numbers based on actual income/expense data. Explain important positive bullet points about the deal. Briefly describe the location of the property including relevant local demographics. Why this deal stands out above many other property deals out there. Add realistic proforma data that YOU created on your own. Explain future location developments that will affect property/rental value. Management Plan Explain how management will be set up and implemented. Show organization in your management plan.
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38 DEAL NUMBERS Numbers Work the numbers Create Proforma Create Mini Business Plan VERIFY NUMBERS Need Rent Roll + 3 Years Income/Expenses (NOT APPLICABLE TO REOs) Deal Numbers Interworkings of the Numbers INCLUDING Proforma
39 FUNDING OPTIONS Funding Options Bank/Lender Seller Financing Combo of Both Work the Interest Rates Into Your Numbers DO NOT FILL OUT AN APPLICATION AT THIS STAGE! Financing Begin the Process of Selecting Funding
40 PRE DUE DILIGENCE Pre-Due Diligence Are the income/expense numbers correct? Occupancy percentage? Verify accuracy of the numbers via filed tax returns You may need to submit an LOI first to get this information Too much money has been spend on false numbers If they are hesitant then there is a problem Pre Due Dilligence VERIFY THE NUMBERS!
41 OFFERS & CONTRACTS Offers & Contracts Submit LOI/Offer If successful, partners will sign a contract Property will enter into a contract with seller Escrow begins Offers & Contracts Submit an LOI/Offer; If Accepted then Contracts
42 ESCROW Escrow Verifying numbers with a CPA or yourself Bank/lender orders appraisal We order a propery inspection Deposits go into escrow Contingency period begins ticking so all inspections/appraisals have time limits! Escrow The Waiting Game While Doing Due Diligence
43 CLOSE & TAKE OWNERSHIP Close & Take Ownership Close escrow Title change Take legal posession of the property New grant deed is filed It s all yours, baby! Close & Take Ownership Close Escrow and Take Posession of the Property!
44 MANAGEMENT Management Management plan is implemented Changes depending on property Onsite? Offsite? Owner operated? Need rehab? What is the best strategy for the property & which partner is handling it? Management Where to Begin??
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