All Forum Posts by: Ariel O.

The normal check the box stuff is a good start.

Depending on the value of the rental or the avg monthly rent, I like to do income verification. That's something you'll see in more "bubble" markets, like San Francisco or NYC.

Another thing I like to do is run them through an eviction database. You'd be surprised how put together "professional tenants" can look..

The thing I like to remind people is this: There are two main questions you need to answer:

1.Can these people pay the rent for the duration of the lease?

2. Based on the information I have,  will they keep the property in good condition and not cause trouble?

I am not a lawyer:-)

Your screening procedures seem to be good. There are two laws you need to keep in mind when screening tenants: Fair Housing and Fair Credit Reporting Act.

You still need an application and tenant permission, but if you are checking the court records directly you actually have less responsibility under the FCRA then you would if you ran through a screener.

In terms of credit, there are plenty of companies out there who you can work with to get access to tenant credit reports. Just keep in mind that getting full access to reports will require a site inspection.

In terms of NTN, if you're happy with them, then you should use them :-)

Basically you can't offer Lonnie Deals anymore so you have more difficulty getting new tenants on the empty lots when you are only renting out the lots.

Got it.

Can you still work with a broker and finance the broker? Are there legal ways to do Lonnie Deals that are convoluted but doable? I.e - involving more paperwork and less profit but still allow you to get owners on the property?

Hi Everyone!

I am new to MHP and I have read through the entire forum, thanks for a great resource!

I am trying to understand the need for Managers at a Mobile Home Park.

Assume:

Off Site/Out of State/Out of Country/Outer Space Investor

Only leasing land - no rental units.

Tenants responsible for paying own utilities

Payment POBox or bank located nearby and handled remotely.

Landscaping shows up or doesn't get paid but is an outsourced vendor, same with garbage.

Road needs to be paved x times every y years..

Then what do you need a manager for? You need a phone number for when a main bursts or the laundromat goes down, you need phone numbers and contacts for people who will take care of this but what would a manager provide in this context?

Can someone critique my line of thinking lease?

Ari

Matt:

"

MHP investing is a little different now than it was just a few years ago. I would personally stick to parks that have a high occupancy. Trying to fill a vacant park is harder than it used to be."

Can you elaborate on what's changed and what's different?

Thanks!

Hey Eddie,
Hakol Beseder.
Email sent.
Ariel

Josh,
I run a small business and at some point you have to have SOME trust in your employees, or you just fire them. It's part of the game. I don't expect everything to run 100% smoothly at all but I do expect it, if done properly to be a cash flow positive business from within the first 60 days of purchase. Of course this assumes a building with existing tenants where I can get the price I Want etc.

Ariel

Howdy everyone,
American expat here living in Israel, looking to start real estate investing, primarily on multi-family rentals. Been reading for a bit and loving everything (especially MikeOH's stuff!). Obviously I'll be an absentee owner but what can you do - rent over here doesn't even touch 1% of purchase price and I'm not a buy and hold type of guy.