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Mobile Home Park
Mobile Home Park Fund VI
Multiple Locations
Completed Equity
100% funded
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Mobile Home Park Fund VI
Multiple Locations
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Overview
Mobile Home Park Fund VI
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Details
For more information, view the Sponsor's Investment Memorandum.
Estimated Hold Period 5 to 10 years
Investment Type Equity
Sponsor Documents
The offering documents above have been prepared and are being delivered by the Sponsor of this investment opportunity, and not by RM Securities, LLC. RM Securities, LLC and its associated persons did not assist in preparing, do not explicitly or implicitly adopt or endorse, and are not otherwise responsible for, the Sponsors offering documents posted below or any content therein.
Deal Highlights
Investment Highlights
Experienced sponsor who owns over 145 parks and 15,600 lots in 22 states
Sponsor’s 9th mobile home park fund
High demand for affordable housing
Experienced sponsor who owns over 145 parks and 15,600 lots in 22 states
Sponsor’s 9th mobile home park fund
High demand for affordable housing
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Management
For more information, view the Sponsor's Investment Memorandum.
MHP Funds, LLC.

The principals of MHP Funds, LLC ("MHPF") and their affiliated companies are estimated to be one of the top 10 largest mobile home park owners in the country, with over 145 parks and 15,600 lots in 22 states. The principals have a 20-year track record of success in the mobile home park industry, and have more than 55 years of combined real estate investing experience. They have long established relationships with key market participants such as banks, insurance companies, real estate agents and brokers, and they are able to source attractive investments through their own popular MHPF listing websites.  Their extensive experience in both the ownership and operation of mobile home parks makes them uniquely situated to quickly assess investments, determine their risks, evaluate possible turn-around plans and analyze future growth potential.  They have established, proven systems for handling all aspects of mobile home park investing, and their backgrounds and relationships help them identify properties that minimize investment risk and maximize cash on cash returns for investors.

MHPF has developed a set of stringent acquisition criteria that addresses both strong cash flow from day one and adding value to each mobile home park through various means such as increasing rental rates and occupancy, reducing expenses, and improving the quality of the community. The overall objective for each property is to provide an excellent return on investment for both the principals and investors, while at the same time providing every resident with a safe and affordable place to live.

The principals of MHPF are recognized as industry leaders, highly regarded educators, and consultants, having authored books and written articles on mobile home parks, conducted mobile home park "boot camps" and educational seminars, and served as mentors and advisors to other mobile home park investors. They have also developed some of the most respected websites dedicated to the MHPF and RV park industries.  

Performance of Prior Funds

Principals of MHPF have a strong track record in mobile home park investing that spans two decades. Since 2010, they have raised more than $77 million from private investors for eight similarly structured funds with an additional $50 million targeted for AHCF 6. However, as with any investment, past performance is no guarantee of future results. 

  1. MHPS Alumni, LLC ("Alumni 1"): This fund was fully subscribed in May 2010. A total of $2 million of investor capital was raised and used to purchase 437 spaces in five parks located in Colorado, Nebraska, Kansas, and Wisconsin. To date, three parks have been sold (La Junta, CO; Crete, NE; and Black River Falls, WI) and two additional parks were purchased (a portion of Elsmere, KY, and a park in Platteville, WI). 
  2. MHPS Alumni 2, LLC ("Alumni 2"): This fund was fully subscribed in October 2010. A total of $2 million of investor capital was raised and used to purchase all or portions of 595 spaces in five parks located in Illinois, North Dakota, and Oklahoma. In addition, the fund has purchased a portion of a park in Elsmere, KY. 
  3. MHPS Alumni 3, LLC ("Alumni 3"): This fund was fully subscribed in June 2011. A total of $3 million of investor capital was raised and used to purchase all or portions of 985 spaces in 12 parks in Iowa, Minnesota, Wisconsin, Texas, North Dakota, Massachusetts, and Colorado. To date, two parks have been sold (New Braunfels, TX and Eau Clair, WI) and a portion of a park in Elsmere, KY has been purchased. 
  4. Affordable Housing Community Fund 1, LLC ("AHCF 1"): This fund was fully subscribed in February 2012. A total of $5 million of investor capital was raised and used to purchase all or portions of over 1,700 spaces in 18 parks in Nebraska, Illinois, Kansas, Colorado, Minnesota, Iowa, Texas, and Kentucky. 
  5. Affordable Housing Community Fund 2, LLC ("AHCF 2"): This fund was fully subscribed in October 2012. A total of $10 million of investor capital was raised and used to purchase all or portions of almost 2,100 spaces in 16 parks in Iowa, South Carolina, Oklahoma, Illinois, Kansas, Wisconsin, and Nebraska. 
  6. Affordable Housing Community Fund 3, LLC ("AHCF 3"): This fund was fully subscribed in July 2013. A total of $10 million of investor capital was raised to purchase all or portions of over 2,000 spaces in 18 parks in states such as Washington, North Dakota, Texas, Indiana, Missouri, Illinois, and Nebraska.
  7. Affordable Housing Community Fund 4, LLC ("AHCF 4"): This fund was fully subscribed at the end of July 2014. A total of $20 million of investor capital was raised to purchase all or portions of 4,000 spaces in 41 parks in states such as Wisconsin, Texas, Iowa, Indiana, Missouri, Illinois, Michigan, Nebraska, Minnesota, Kansas, South Carolina, North Dakota, New Mexico and Colorado.
  8. Affordable Housing Community Fund 5, LLC ("AHCF 5"): This fund was fully subscribed at the end of May 2015. Since its launch, AHCF 5 ​now owns all or portions of 4,700 spaces in 37 parks in 16 states (additional parks were still being acquired at the time of this snapshot). 

Prior Funds Snapshot (As of May 31st, 2015)*

PARAMETER ALUMNI 1 ALUMNI 2 ALUMNI 3 AHCF 1 AHCF 2 AHCF 3 AHCF 4 AHCF 5**
Date Fully Subscribed May 2010 Oct. 2010 June 2011 Feb. 2012 Oct. 2012 July 2013 July 2014 May 2015
Investor Capital Raised ($) $2,000,000 $2,014,500 $3,000,000 $5,000,000 $10,000,000 $10,000,000 $20,000,000 $25,000,000
Investor Capital Returned ($) $450,000 $0 $150,000 $0 $0 $0 $0 N/A
Unreturned Investor Capital ($) $1,550,000 $2,014,500 $2,850,000 $5,000,000 $10,000,000 $10,000,000 $20,000,000 N/A
Current Number of Parks Owned (Fully or Partially) 4 5 9 15 13 14 41 37
Current Number of Mobile Home Park Lots (Ownership % Adjusted) 372 492 502 780 1,192 1,109 2,690 2,551
Estimated Current Occupancy (%) 88% 85% 78% 84% 89% 84% 76% 73%

Historical Investor Distributions (As of May 31st, 2015)***

DATE OF DISTRIBUTION TYPE ALUMNI 1 ALUMNI 2 ALUMNI 3 AHCF 1 AHCF 2 AHCF 3 AHCF 4 AHCF 5
2010 Q3 Distribution 12.2%              
2010 Q4 Distribution 12.8%              
2011 Q1 Distribution 10.0% 10.0%            
2011 Q2 Distribution 10.0% 10.0%            
2011 Q3 Distribution 10.0% 10.0% 10.0%          
2011 Q4 Distribution
Capital Return
10.0%
10.0%
10.0% 10.0%          
2012 Q1 Distribution 11.1% 10.0% 10.0% 10.0%        
2012 Q2 Distribution 11.1% 10.0% 10.0% 10.0%        
2012 Q3 Distribution 13.3% 10.0% 10.0% 10.0%        
2012 Q4 Distribution
Capital Return
10.0%
13.9%
10.0% 10.0% 10.0% 10.0%      
2013 Q1 Distribution 11.6% 10.0% 10.0% 10.0% 10.0%      
2013 Q2 Distribution 10.1% 10.0% 10.0% 10.0% 10.0%      
2013 Q3 Distribution 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%    
2013 Q4 Distribution 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%    
2014 Q1 Distribution 12.6% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%  
2014 Q2 Distribution
Capital Return
12.6% 11.5% 12.0%
5.0%
10.0% 10.0% 10.0% 10.0%  
2014 Q3 Distribution 11.3% 10.5% 10.0% 10.0% 10.0% 10.0% 10.0%  
2014 Q4 Distribution 10.0% 10.0% 10.7% 10.0% 10.0% 10.0% 10.0%  
2015 Q1 Distribution 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
2015 Q2 Distribution 12.5% 12.0% 11.5% 10.0% 10.0% 10.0% 10.0% 10.0%

*As with any investment, past performance is no guarantee of future results. 
** Additional parks were still being acquired at the time of this snapshot​.
***As with any investment, past performance is no guarantee of future results. Distribution %'s are pre-Realty Mogul's fees.   

MHPs Sold Since 2011

The tables below give details on MHPs the Sponsor has sold since 2011. Please note that the Sponsor makes decisions at both the  individual park and the overall fund level, and may make the decision to sell an underperforming park earlier than anticipated  in order to focus time and capital on other parks in the fund to maximize overall fund and investor returns.

Summary of Parks Sold(1)

(1) Average Time Invested is a weighted average using the purchase price

Breakdown of Sold Parks

Management Team
Management
Dave Reynolds, President & Partner

Dave has specialized in the acquisition of mobile home and RV parks for over 20 years, and has managed companies that have owned and operated over 250 parks. Dave currently co-manages multiple MHP investment funds and participates in the ownership and/or management of over 16,000 MHP lots. Dave is owner and CEO of RV Horizons, Inc., which provides property management and accounting services for all of MHPs and lots owned by the investment funds. Dave is a licensed Colorado real estate broker and has been involved in additional MHP transactions in that capacity. He acts as a consultant to other MHP investors and operators, has authored four books on the subject, and has developed several of the most popular websites dedicated to the mobile home industry. Dave has a B.S. in Accounting from Mesa State College, and has completed additional graduate courses in accounting and taxation at Colorado State University.

Management
Frank Rolfe, Vice President & Partner

Frank has been active in all facets of the MHP business for over two decades, where he has managed companies that have owned and operated over 200 MHPs. Frank currently co-manages multiple MHP investment funds and participates in the ownership and/or management of over 16,000 MHP lots. Frank has performed due diligence on hundreds of MHPs for other MHP owners, and is a well-known author and speaker at MHP investing seminars and real estate investment clubs. Since June 2008, Frank has conducted widely attended MHP boot camps. Prior to his MHP business, Frank was the largest private owner of billboards in Dallas/Ft. Worth.

Management
Eric Siragusa, Vice President & Partner

Eric currently co-manages multiple MHP investment funds and participates in the ownership and/or management of over 16,000 MHP lots. Eric has been involved in investor relations, capital raising, and acquisitions including due diligence and underwriting of MHPs. Eric holds a Ph.D. in Electrical Engineering from the University of California at San Diego and has received multiple patents. Since 2008 he has served as President of the of the non-profit North San Diego Real Estate Investors Association, Inc. (NSDREI), one of San Diego's leading real estate education and networking organizations Eric also serves as an educator, mentor and consultant to other real estate investors and professionals. He is blessed with a wonderful wife and two daughters..

Property
For more information, view the Sponsor's Investment Memorandum.
Parks Recently Acquired or Targeted for Acquisition
 Park Name Location Status (Est.) Closing Date AHCF 6 Projected Ownership (approx) Purchase Price Total Spaces Occupancy
Horning MHP Fairfield, OH Acquired 9/15/2015 50% $1,000,000 82 100.0%
Green Hills Riverside, MO Under Contract 9/29/2015 50% $1,225,000 52 92.3%
Beloit MHP Beloit, WI Under Contract 10/01/2015 45% $1,465,000 70 82.9%
St Croix Meadows Storage, RV and MHP Houlton, WI Under Contract 10/15/2015 50% $1,300,000 56 87.5%
WI Portfolio (1) Various, WI, MI, MN Under Contract 12/15/2015 70% $137,300,000 5,281 84.3%

(1) A pro forma for this transaction can be found as an attachment on the Financials tab

Based on the characteristics of properties previously purchased by MHPF (2010-2015), and the types of properties MHPF is currently seeing in the market, the investment criteria below outlines the typical profile for a mobile home park property that could be acquired for this fund.

Profile of a Typical MHPF Property
Parameter Approximate Value Sponsor Notes
Price per Lot ($) $18,000
  • Priced close to construction cost
  • Spaces medium sized and larger
Loan-to-Value 70%
  • Enough leverage for meaningful returns but not over-leveraged
Utilities: Water and Sewer City services
  • Avoids large capital expenditure risk
  • Reduces operational costs 
Utilities: Gas and Electric Not master-metered
  • Avoids large capital expenditure risk
  • Reduces operational costs 
Metro Population 10,000 to 2 million+
  • Target larger markets or smaller growth markets with diversified employment
Location Midwest and Great Plains regions
  • Properties in these regions typically meet cash flow and return criteria
Age/Condition of Homes Mix of newer and older, in average to good condition
  • Lowers home repossession risk
Tenant vs. Park-Owned Homes Mostly tenant-owned
  • Lower maintenance, pride of ownership, stable tenant base
Amenities Few to none
  • Lower operational costs
Occupancy 70%+
  • At or near stabilization
Permit Status Only legally permitted
  • Otherwise too much risk
Going-in Cap Rate 8-10%+
  • To help meet investor return goals
Going-in Cash-on Cash (CoC) 10-15%+
  • To help meet investor return goals
Timeframe 5-10 years
  • To maximize park value
Financials
For more information, view the Sponsor's Investment Memorandum.
Disclosures
RM Securities, LLC and its Affiliates Compensation

RM Securities, LLC, its registered representatives, affiliates, associated persons, and personnel of its affiliates who may also be associated with it, including our associated persons and personnel of our affiliates who are also be associated with RM Securities, LLC (it (“RM Securities,” “we,” “our,” or “us”) will receive fees, expense reimbursements, and other compensation (“Fees”) from the issuer of this investment offering, its sponsor, or an affiliate thereof (“Sponsor”), or otherwise in connection with Sponsor’s offering. The Fees paid to us are in addition to other fees you will pay to Sponsor or in connection with Sponsor’s investment offering. You will pay Fees to Sponsor, either directly or indirectly as an investor in the Sponsor’s offering. Sponsor will use the Fees you pay, as well as funds you invest in the relevant offering, to compensate us. The Fees paid to us will directly or indirectly be borne by you as the investor (typically, but not always, in the form of an expense of the Sponsor’s offering in which you invest) because such Fees will reduce the proceeds available for distribution to you and reduce the amount you earn over time.

For more information on the Fees paid to us, or any other Fees you will pay in connection with Sponsor’s offering, please carefully review the Sponsor’s Investment Documents. Please also carefully review RM Securities’ Form CRS, Regulation Best Interest Disclosures, and Limited Brokerage Services Agreement.

No Approval, Opinion or Representation, or Warranty by RM Securities, LLC

Sponsor has provided, approved, and is solely responsible in all aspects for the information on this webpage (“Page”), including Sponsor’s offering documentation, which may include without limitation the Private Placement Memorandum, Operating or Limited Partnership Agreement, Subscription Agreement, the Project Summary and all exhibits and other documents attached thereto or referenced therein (collectively, the “Investment Documents”). The Investment Documents linked on this page have been prepared and posted by Sponsor, and not by RM Securities. We did not assist in preparing, do not adopt or endorse, and we are not otherwise responsible for, the Sponsor’s Investment Documents. We make no representations or warranties as to the accuracy of information on this Page or in the Sponsor’s Investment Documents and we accept no liability therefor. No part of the information on this Page or in the Sponsor’s Investment Documents is intended to be binding on us.

Sponsor’s Information Qualified by Investment Documents

The information on this Page is qualified in its entirety by reference to the more complete information about the offering contained in the Sponsor’s Investment Documents. The information on this Page is not complete and subject to change at the Sponsor’s discretion at any time up to the closing date. The Sponsor’s Investment Documents and supplements thereto contain important information about the Sponsor’s offering including relevant investment objectives, the business plan, risks, charges, expenses, and other information, which you should consider carefully before investing. The information on this Page should not be used as a basis for an investor’s decision to invest.

Risk of Investment

This investment is speculative, highly illiquid, and involves substantial risk. There can be no assurances that all or any of Sponsor’s assumptions, expectations, estimates, goals, hypothetical illustrations, or other aspects of Sponsor’s business plans (“Assumptions”) will be true or that actual performance will bear any relation to Sponsor’s Assumptions, and no guarantee or representation is made that Sponsor’s Assumptions will be achieved. If Sponsor does not achieve its Assumptions, your investment could be materially and adversely affected. A loss of part or all of the principal value of your investment may occur. You should not invest unless you can readily bear the consequences of such loss. Sponsor’s Assumptions should not be relied upon as the primary basis for your decision to invest.

No Reliance on Forward-Looking Statements; Sponsor Assumptions

Sponsor is solely responsible for statements made concerning forward-looking statements and Assumptions, which apply only as of the date made, are preliminary and subject to change, and are expressly qualified in their entirety by the disclosures and cautionary statements included in Sponsor’s Investment Documents, which you should carefully review. Neither RM Securities nor Sponsor are obligated to update or revise such forward-looking statements or Assumptions to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Sponsor’s forward-looking statements and Assumptions are hypothetical, not based on actual investment achievements or events, and are presented solely for purposes of providing insight into the Sponsor’s investment objectives, detailing Sponsor’s anticipated risk and reward characteristics, and establishing a benchmark for future evaluation of actual results; therefore, they are not a predictor, projection, or guarantee of future results. You should not rely on Sponsor’s forward-looking statements as a basis to invest.

Importantly, we do not adopt, endorse, or provide any assurance of returns or as to the accuracy or reasonableness of Sponsor’s Assumptions or forward-looking statements.

No Reliance on Past Performance

Any description of past performance is not a reliable indicator of future performance and should not be relied upon as the primary basis to invest.

Sponsor’s Use of Debt

A substantial portion of the total cost of the real estate asset acquired by the Sponsor with investor funds (“Property”) will be paid with borrowed funds, i.e., debt. Sponsor’s estimated rates and terms of the debt financing are subject to lender approval, and there is no assurance that the Sponsor will secure debt at the rates and terms presented on this Page or in the Sponsor’s Investment Documents, or at all. The use of borrowed money to acquire real estate is referred to as leveraging, which can amplify losses and could result in lender foreclosure. In addition, if the debt includes a variable (or “floating”) interest rate, the total amount of interest paid over the term of the debt will fluctuate and can increase. As a result, Sponsor’s use of debt can result in a loss of some or all of your investment.

Sponsor’s Offering is Not Registered

Sponsor’s securities offering will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), in reliance upon the exemptions from registration pursuant to Rule 506(c) of Regulation D as promulgated under the Securities Act (“Private Placement”). In addition, the offering will not be registered under any state securities laws in reliance on exemptions from state registration. Such securities (your ownership interests) are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under applicable state and federal securities laws pursuant to registration or an available exemption. All Private Placements on the Platform are intended solely for “Accredited Investors,” as that term is defined in Rule 501(a) under the Securities Act.

No Investment Advice

Nothing on this Page should be regarded as investment advice (either with respect to a particular security or regarding an overall investment strategy), a recommendation, an offer to sell, or a solicitation of or an offer to buy any security. Advice from a securities professional is strongly advised to understand and assess the risks associated with real estate or private placement investments. For additional information on RM Securities’ involvement in this offering, please carefully review the Sponsor’s Investment Documents, and RM Securities’ Form CRS, Regulation Best Interest Disclosures, and Limited Brokerage Services Agreement.

1031 Exchange Risk

Internal Revenue Code Section 1031 (“Section 1031”) contains complex tax concepts and certain tax consequences may vary depending on the individual circumstances of each investor. RM Securities and its affiliates make no representation or warranty of any kind with respect to the tax consequences of your investment or that the IRS will not challenge any such treatment. You should consult with and rely on your own tax advisor about the tax aspects with respect to your particular circumstances.

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