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Updated over 10 years ago on . Most recent reply

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Curt Smith
#4 Innovative Strategies Contributor
  • Rental Property Investor
  • Clarkston, GA
1,918
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Own a park with alot of empty pads, best ways to fill those pads?

Curt Smith
#4 Innovative Strategies Contributor
  • Rental Property Investor
  • Clarkston, GA
Posted

Hi Folks,  My partner and I are bidding on GA parks and we're finding some parks with 20+ empty pads.  I'd like to hear from park operators who have filled parks in recent years with used homes how might I do the same?  Cost efficiently and quickly?  I realize both cheaply and fast might not come in the same package.  :)

Besides advertising in craigslist offers to pay bounties to folks moving their homes, which I feel is (probably) very slow.

Another way is to buy used homes from Greenleaf (?? lender) foreclosure list or other sources of must move homes.  This takes maybe $10k for a single wide and $4k to move.  Maybe more for the home.  Which makes filling 20 pads capital intensive.

Another way is to find a revolving credit lender and do the above step but with chunks of cash that you pay debt service on from the eventual down payment for the lease/credit purchase program of the home buy a tenant buyer.  The math I figure is:  $15k to buy and move a single wide, debt service at 10% interest rate is $125/mo which you pay off from the $300-$400 lot rent + lease purchase amount.

The gotchas in my plan is: availability of revolving credit in the chunk size needed and the availability of used single wides in GA, both have risks re being available.

Any of your ideas or experience at this?

  • Curt Smith
  • [email protected]
  • 678-948-7151
  • Most Popular Reply

    User Stats

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    John Fedro
    • Investor
    • Austin, TX
    293
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    John Fedro
    • Investor
    • Austin, TX
    Replied

    Hi guys,

    Curt - Let me know when you close on said park in Ga. I know of some mobile home investors that will move homes into your park if the park is willing to pay for the move and set up of a single-wide if the investor agrees to keep the home in the park for X years. If you own in other states as well PM me and I can try to connect you to local MH investors I may know in the area. Again these investors will be looking for their moves paid for. If you are making this kinds of "rewards" what other incentives are you offering people to move in their homes.

    Omar - From what I have been told and read is that any "dwelling" falls under these acts if selling to an end-user via payments with the subject property held as collateral for the debt. Even a house boat or 5th wheel applies as a dwelling if someone is living in it. 

    Brian - Thanks for the shout out and including me.

    Hope this helps.

    Talk soon,
    John

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