All Forum Posts by: Andrew K.

Charles Williams did you end up buying this place? Was the seller willing to work with you? Amanda Williams were you able to close on the deal you found? To both, are you considering other areas of NC? What criteria do you have? Any specific considerations for MHP investing in NC? Thanks! -Andrew

Any recommendations on how to handle the issue of park management in states that require property managers to be licensed real estate agents? Are your managers 1099 employees? Free/reduced lot rent is a good idea. Do you expense the difference in market lot rent and the discounted rate? E.g. Market rate is $150/mo, but you discount the manager's rent to $75/mo. Do you expense/claim the $75/mo difference? Thanks! -Andrew

Cindy Jensen I love this strategy, as its near and dear to my heart. I'm still active duty and am looking for ways to help the veteran community with my business. I'd like to get to the point where I'm employing veterans and teaching them how to invest. I'd love to hear more about how you have/will use this strategy! Thanks. -Andrew

Ron T. Great suggestions about speaking with MH dealers. I love that one paid you $3k to move a unit--what a steal! Have you found any difference between independent dealers and the big name brand dealers, with respect to how receptive they are to calling you about buying/moving old trailers? Or is that $250 referral fee all the motivation necessary? Have you also tried this strategy with mobile home moving companies? Thanks! -Andrew

Greg S. Great insight! I've often wondered what goes in to building a decent MHP. Do you have any rules of thumb for building a park? E.g. 5 acres can fit 5 mobile homes--and the cost to install 5 homes is typically $xxx? I realize that costs vary widely by region, just curious if anyone has general guidelines to help make an informed decision. Thanks! -Andrew

Both of my rentals have all the appliances, including washer and dryer. Only once in 10+ years has anyone asked that I remove my washer and dryer so the tenant can use theirs (I declined). I prefer the comfort of knowing that my washer water lines are high quality and installed correctly.... My properties are both solidly middle class rentals, and homes in my markets seem to offer appliance standard. You may want to consider specific lease language that dictates who's responsibility it is to maintain the appliances-or up to what dollar amount repair the tenant covers. Lots of options and considerations. Let us know how it goes! -Andrew

Daniel Chang offers great advice. I'll add that it's important for your existing tenants to feel they are receiving something / benefiting from the rent increase. E.g. Tile the backsplash, or install new flooring, or upgrade the appliances, etc--then raise the rent $xx amount. The tenant will either justify the expense increase as desirable or move. Good luck and let us know how you proceed! -Andrew

@Account Closed did you ever go through with this purchase?  If so, I'm curious how it's turning out. Where is the park?

The numbers you laid out here are exactly why I've recently been interested in mobile home parks. 

I think you were on the right track with increasing the lot rent a bit and billing back the water/sewer. 

I'd love to hear more about this deal. Good luck. 

-Andrew

Seems like a good start! Any idea how much equity the absentee owners have? Or at least, how long they've owned the property on average? Good data to have to determine if these folks are able to make a deal. You may want to scrub your list and determine if any of the absentee owners has multiple properties in the area. If so, you might be able to add them to your buyer's list. Keep at it! -Andrew

Trevor Ewen what specifically makes you interested in military markets? I'm in Fayetteville, NC, which is anchored by a very large military base. Just curious to know what you're looking for. Thanks. -Andrew