Ep #12: Part 6 of The Biggest Mistakes Investors Make When Buying Their First Park and How to Avoid Them.
The Mobile Home Park Investing Podcast - Real Estate Investing Niche
Kevin Bupp
4.9 • 1.1K Ratings
🗓️ 14 July 2016
⏱️ 6 minutes
🧾️ Download transcript
Summary
Welcome to the Mobile Home Park Academy podcast. In this episode, Charles and I will discuss mistake number 6 from our popular eBook, "The 21 Biggest Mistakes Investors Make When purchasing their First Mobile Home Park…and how to avoid them." This episode will cover why you need to adjust your property taxes when running your proforma. This is an area that gets overlooked by investors from time to time. It is also a miscalculation that can completely wipe out your return in the right circumstances.
Most counties assess the property taxes by using comparable sales. This is very difficult in the park industry, because most counties haven't seen a park sell in years. The assessed value on many parks is well below where they should be.
Recommended Resources:
- Click Here to Grab a free copy of my latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them
Transcript
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| 0:00.0 | Welcome to the podcast that will teach you how to successfully invest in and build steady |
| 0:09.8 | streams of passive income from the highly lucrative niche of mobile home park investing. |
| 0:15.0 | Veteran real estate investors Kevin Bupp and Charles D. Hart from Mobile Home Park Academy |
| 0:20.0 | will personally share with you the valuable lessons they've learned along their journey as mobile home park investors |
| 0:25.8 | so that you too can learn how to build massive cash flow and huge profits from this extremely lucrative niche. |
| 0:33.6 | So without further ado, let's welcome your hosts for today's show, |
| 0:37.8 | Kevin Bupp and Charles D. Hart. |
| 0:39.7 | Welcome guys and gals to the Mobile Home Park Academy's special series on the 21 biggest |
| 0:44.6 | mistakes new investors make when purchasing their first mobile home park and |
| 0:48.5 | how you can avoid them. I'm your host Kevin Bop along with my co-host and business partner Charles D. Hart. |
| 0:54.8 | Charles, tell our listeners about the big mistake we're going to be covering today. |
| 0:58.6 | Thanks Kevin. Big mistake number six is not adjusting your property taxes on your pro forma. |
| 1:03.6 | And this topic is important because it also has to deal with not overpaying for the property |
| 1:08.3 | based on a false expense. |
| 1:10.7 | Okay. And how do we know if the property taxes have or have not been adjusted when we're looking at a marketing package from a seller? |
| 1:18.0 | The best way to do it is you need to have a conversation with the assessor, because that's basically who's going to assess the value of the property |
| 1:25.3 | and give you an idea of what your tax liability will be. And you can just match that up with the |
| 1:31.6 | pro forma that the broker gave you okay and what we see a lot of times Charles correct |
| 1:36.8 | me if I'm wrong is that most brokers do not adjust for you know the theassessment of the property, correct? They do not adjust for what |
| 1:46.8 | the taxes might be after the sale, which is a big deal, especially with mobile home parks, |
| 1:51.6 | because there's a lot of mobile home parks that |
| 1:53.8 | if you're dealing with a park that's been owned by a mom and pop for twenty five thirty years |
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