moblie home park eviction

[Kevin Steer]

I have a question. when evicting someone from a trailer park where they own the moblie home and rent the space it sits on ( this is in texas ) how would that work? would you have to have the moblie home at the time if eviction and if so what type of company would do that? Thank you for the feedback, Kevin Steer

[Paul Stout]

@Account Closed there are many things to consider. It is very hard to say without seeing the information on the park. However, it is extremely important to only use the lot rent in your NOI calculation and not the home portion of rent on park owned homes. Also be sure to get paid for your work. Some sellers feel that their properties are worth more because of the income potential not the current income. It is up to you to decide how much of that you are willing to give the seller. If the income potential is as easy as sending a letter to tenants you aren't losing much by giving up some of that appreciation in the interest of closing the deal. On the other hand, if the income comes from buying homes, moving them in, and getting them sold, why would the owner be entitled to an of that? Don't be afraid to walk away from a bad deal.