All Forum Posts by: Craig Sloan

The E Myth Revisited by Michael Gerber is a great place to start.  Automate everything you can.  Stephen Covey's books 7 Habits of Highly Effective People and First Things First are great as well.  You may also check out Making Ideas Happen by Scott Belsky.

@Ethan McRae you ask some good questions.  You should definitely get a lawyer involved.  It will cost you a little but it could save you a ton of headaches and money down the road.  Most people go into a partnership very optimistically but many partnerships do not end well.  An attorney can help you think through such things as:

• The percentage of ownership of each partner
• How profits and losses will be allocated
• A decision making process – As I mentioned earlier, this is especially critical because each partner is able to bind the partnership in a contract making each partner personally responsible for that obligation.

• What happens in the event of a partner’s death
• How disputes will be resolved – This is another critical piece. People often enter into a Partnership with a friend or family member and they don’t consider the implications of future disputes. Creating a framework for resolving disputes ahead of time can make the Partnership run much more smoothly.
• Dissolution of the partnership – This is another common issue. People start a Partnership with great hopes and expectations and they don’t take the time to consider how the Partnership will be dissolved. *  Taking the time to think through these issues prior to forming your Partnership is time well spent.

An attorney and tax professional could also help you answer the LLC question. My quick answer would be yes, you should form one. In most states it is a pretty simple process.

@Chris Arce congrats on your first deal.  Sounds like you've done your homework.  Keep learning and keep that passion for real estate.  It can change your life!  Good luck. 

Have received most.  Even have a few tenants that wisely used their stimulus check to get ahead.  What an idea!

@Mauricio Quintana I use the following process.

1st Contact from prospective tenant I ask:

Are you employed or do you have a source of income? Do you have any criminal history? Have you ever been evicted? Do you have any pets?

If they answer those questions appropriately I ask for a copy of their state sponsored ID so I can run a preliminary background check.  (This is primarily to see if they have answered the above questions honestly.)

If preliminary background check comes back okay I'll show them the unit.  

If they want to move in, we do a full background check (criminal history, evictions, credit check, income verification, etc)

If all of that info checks out AND they have the money for the deposit and first months rent then they can move in.

Not a perfect process but has worked pretty well.  

Hope this info is helpful. 

Give her the option to stay for $1,100.  If she stays, you retain a good tenant, if not maybe you will find a better one.  Either way you should get $1,100 for the rent. 

I'll echo Byron W's comments.  You're going to get yourself in trouble if you have different requirements for your section 8 tenants. 

Thanks to everyone for the dialogue. I appreciate you taking the time to contribute. There have been many valuable suggestions made.  I've decided not to sell the park under the current terms. I may list it late winter or early spring.

I am considering selling a mobile home park that I own. There are 31 lots. 24 lots have homes on them. 19 of the homes are park owned and are being sold on contract. I have a prospective buyer, but he wants seller financing with a 5 year balloon. My concern is that the park will be mismanaged during that 5 year period, they will not complete the contract and we will get back a less profitable park than I currently have. I'm looking for suggestions on ways that I could protect myself/my property and increase the chances this deal will be closed at the end of the 5 year seller financing period. Thanks in advance for your advice/assistance. 

I am considering selling a mobile home park that I own.  There are 31 lots.  24 lots have homes on them.  19 of the homes are park owned and are being sold on contract.  I have a prospective buyer, but he wants seller financing with a 5 year balloon.  My concern is that the park will be mismanaged during that 5 year period, they will not complete the contract and we will get back a less profitable park than I currently have.  I'm looking for suggestions on ways that I could protect myself/my property and increase the chances this deal will be closed at the end of the 5 year seller financing period.  Thanks in advance for your advice/assistance.