All Forum Posts by: Chris Ebert

Bruce, without knowing all of the details, the price seems right. Your strict management combined with the reinvestment of ample cash flows should turn the eyesore into a nice park.

@Mindy Jensen, you mentioned that your water is submetered already. I would look into digital meters with a service like Conservice or PayLease. That way you can get realtime updates and alerts for irregular usage. Plus, if you use RentManager, the readings can feed directly into the software.

Shaun, absolutely speak with a local attorney but a few things I would say from my experience in NC:

-A notarized bill of sale for buyers is sufficent in many places for residents to have utilities turned on w/ local providers, so that should give all parties comfort regarding its legitimacy

-The counties where my parks are located, a title is required to move a home, so they shouldn't be able to move the homes from your park

-Depending on how "by-the-books" you want to do it, a mobile home dealers license is required in many, if not all states, if you're selling above a certain # of homes in a given year

I hope this helps.

John, to answer your financing question, Fannie/Freddie have relatively strict criteria for MHP lending. Your best best is either a local bank or an experienced MHP lender such as American Commerce in GA or Security Mortgage Group in NY. Keep in mind these will be recourse loans. Above $1MM you also have the option of CMBS however that has its own complexities. Happy to discuss further. Just shoot me a PM.