All Forum Posts by: Bill Tyler

It was so crazy when I was there because it seemed like so many people in Detroit had a "renters mentality" rather than an "owners mentality".  I'm glad there are no issues sourcing tenants.  I had friends who even after going through background and credit checks had tenants tear up their houses.  Sometimes it's tough finding the really good ones.

Congratulations!  That is a very nice house.  I had a property in Detroit several years ago after the crash that I bought SO CHEAPLY!  I lived in it for a year while rehabbing - but moved back to Texas due to family medical issues.  I'm really looking at going back into that market.  Maybe another bubble crash soon to drop the housing prices again? lol

You should check out the HUD VASH program and get approval of your properties and yourself as a landlord. It is a housing voucher program ONLY for honorably discharged military veterans who have fallen on difficult times. I have a friend that is taking advantage of the program now.

I have a manufactured home in a MHP in Texas that is on a leased lot which the lease expires the end of February 2019. The MHP sold in September to a Colorado company that has a really poor reputation for their business practices.  They have now placed rent increase notices starting January 2019 on the doors of all residents (all homes are individually owned - not corporate owned).  I'm preparing to draft a response to them to inform the company that is illegal and they must honor all current leases until expiration.  Will someone please direct me to the Texas Property Code indicating this?  I've looked at Section 91 and 92 and do not seem to be finding what I need. 

Obviously, I'm not trying to start trouble - I just know from news articles, previous lawsuits, etc. that the partners that own the company don't seem care at all about the residents of their properties or local and State laws - they are only in it for the money.

Thank you!

Well it's been a while since I've been on Bigger Pockets.  I thought I would update this thread for anyone following.  I passed on the deal after a little more research (and finding out the daughter had no legal rights of ownership).  It was money well saved.  The MHP filed abandoned property paperwork with the State and took ownership.  My brother & sister in law kept the HMP owners in the loop that they had an "as is" buyer once everything was completed with the State.  Long story short - it took a year, but I DID end up buying it (for an amazing cash price!).  I actually have moved into the home due to the CRAZY housing prices in Dallas/Ft. Worth right now - which has cut my housing expense by 50% and given me an extra bedroom.  To sweeten the deal, I also have an 8'x8' Tuff Shed (about $1,300 at Home Depot) that was included in the sale.  

It has taken a LOT of cleaning and airing out due to the previous owner being a cat lady and heavy smoker.  

My words of wisdom - keep sharing your experience with others in the Bigger Pockets community.  Don't be afraid to pass on a deal - but follow up from time to time.  Know your numbers and make the deal work for you! Now...back to some remodeling. :)

Oh - and IF the sale is legal, the money will go straight to the MHP and not to the children.

I'm new to mobile home investing (I've only purchased "traditional" homes in the past) - and I'm hoping someone has some experience to share.  

My brother & sister in law manage a mobile home park.  Recently one of the tenants passed away and her mobile home is still in the park.  She had no will, and neither of her children had a Power of Attorney for her (I just found this out tonight).  They DO have the SOL documentation - but neither are listed on it.  Are they able to sell the mobile home?  As it stands now - the mobile home park shows they  owe lot rent, late fees, and some lawn care fees from March until now.  The children are trying to sell it just for what is owed to the MHP.  

The MHP will be filing abandonment paperwork soon to seize it.  Of course I was trying to step in before that - but I sure don't want to fork over cash only to find out the transaction isn't legal. 

Thanks for any help!

I'm still crunching numbers - but will probably live in it for a while since the housing costs here have become so outrageous!

I am actually looking at doing my first mobile home deal.  I used NADA to get a general idea.  

http://www.nadaguides.com/Manufactured-Homes/

There is several things to keep in mind though.  The one I am looking at is a 1996 Redman 14x56.  It was a basic model with low end quality components.  The website only factors in up to 5+ years on the items, not that the HVAC is 21 years old and probably won't make it through the year.  The same thing with roofing, etc.  If you choose the professional report ($50) it will be much more detailed, give you wholesale estimates, etc.

Thanks @Account Closed but unfortunately with that many heirs we were not able to make that happen.  Several heirs weren't interested in the property since it is only land. Others are unemployed, and there are a few "black sheep" that no one wants to deal with.