Contact Information |
Steve Raleigh
stephenvraleigh@gmail.com |
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Park Location |
Laingsburg, MI |
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Maximum Home Size |
16 x 80 |
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Lot Rent |
$300 |
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Quality of Park |
D being upgraded to B |
|
Lot Sizes |
varies but most will hold 70'
homes |
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Age Requirement of Homes |
1985 and up |
|
Lot Spred Delta ( $495-Mthly Lot Rent) |
$195 |
|
What Utilites do the tenants pay |
EGTC |
|
Average Cost of Utilities |
|
|
What cash incentives are you willing to give
someone moving in |
need more discussion with Dave
and Frank |
|
Reduced Rent or % after Home Sold |
|
|
For How Long |
|
|
Will you offer No rent if Vacant |
Yes - 3 mths then maybe 1/2
for 3-6 |
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Offer "Done for You" |
Preferable |
|
Do you have homes for selling or giving to
investors |
Yes |
|
If so, how many |
3-5 |
|
Terms |
Have yet to determine junkers
from rehabbers. By July
Deposit w/in-house financing |
|
Are there homes for sale in the park |
POH - All owned by the park
and sold on a lease to own program. Lot rent is kept separate
from the home monies. No comingling of funds. Owner is
about to commence a major revilalization in the park to include
disposal of many homes and bring in new to be owner financed or
hoepfully (preferably) investor financed. |
|
Average Home sale price in park |
Questions to vague |
|
Do buyers typically pay cash or terms |
terms |
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Average 2 bd Apartment rent |
based on sale of home |
|
Average 3 bd Apartment Rent |
based on sale of home |
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How much of a down payment do you est. buyers
have |
$ 1,000 - $3,000 |
|
How many calls per wk do you get for home- rent
or sale |
3-4 |
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Are there many homes for sale in your market |
saturated Michigan |
|
Describe average price of homes 1970-2000 1-4
bdrm |
|
|
Is there someone onsite |
Yes |
|
Manager or Owner |
Manager - Husband & Wife Team |
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Will they - Show Homes |
Yes |
|
Sell homes |
Yes |
|
Collect Rents |
Yes |
|
Rehab homes |
Yes |
|
Credit Background checks |
Yes |
|
Are you willing to Purchase home notes if needed |
Yes |
|
Notes |
I have 40+ yrs experience in the apartment RE field. I am a
licensed Commercial General Contractor and Licensed Electrical
Contractor in 8 States. Also a licensed MH dealer in MI and
applying in Fl. New Commercial Construction and capital
improvements and revitalizations to existing large commercial
assets is my specialty. From design concept, through permitting
and entitlement to turnkey construction. I am happy and willing
to share the profits "fairly and equitably" with investors with
plenty of lateral leeway to make it work for both of us. (prefer
as few investors as possible to minimize handholding as a full
time occupation instead of owning and running MHP's) I prefer
not to introduce outside sub-contractors through investors onto
my property (willing but prefer not to) based on proper
installation compliance and liability issues (W/C & G/L).
Requires oversight along with insurance certs, permits and
inspections. It will be difficult to find an investor who has
the years of experience I do who can and will find, purchase,
sell, place and maintain homes better than I can. Prefer to take
that burden off the investor and assume that role myself for
obvious reasons. If an investor insists on doing the complete
deal using his own resources he will earn all the profits on the
financing less administrative costs. If the investor is happy
with less profit and commensurately less headache, his return
will reflect that adjustment but still exceed profits by any
other vehicle the market has to offer...as Frank clearly
indicated during the webinar. I need homes, I am a highly
capable, experienced, hands on owner with a track record. I need
an investor(s)to finance homes so that I can fill lots. I am
open to all suggestions. I have no mortgage on this asset, have
only owned it for 3 months and before I even begin capital
improvements it is cash flowing at 47% occupancy with a 38%
expense rate and no debt. If one investor were to fund the 75 to
100 homes needed over a 1 to 2 year timespan (estimate to fill
based in demand)
I would consider a first position lien or some other highly secured
instrument to allow that investor the ability to achieve a level of
comfort needed. I am also absolutely amenable to multiple investors
if that is my best or only approach. Thanks very much to Dave,
Frank and Staff for support and direction. Best steve raleigh |
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