All Forum Posts by: Account Closed

I have travel trailers as rentals in a Mobile Home Park (in the RV section). I had to fill out the same paperwork as anyone else moving in. Didn't bother me one bit. Why should I be bothered about providing my SS number to the park? I have six rentals in there that I'm responsible for lot rent on.

I don't know what other parks would require, but I'd do it. It's worth it.

Are you worried that your credit won't pass? This park didn't check mine. I'm sure some do.

Leslie,

Thanks for the insight. As for your question - no, I'm not worried about not passing. The concern I have is providing such sensitive information to a park owner who is likely to be sloppy with storing it. You might not have a problem providing every tom, dick and Harry with your SS# right now but I'm sure that attitude would quickly change if your identity got stolen.

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Why is this such a difficult question to get answers for????

Again, I'd only like to hear from MH investors, not park owners or those looking to give a holier than thou answer about the park owner's perspective.

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Originally posted by @Howard Abell:

Dave,

Think of it this way. When you buy that home in a park you are becoming a pad tenant of the park. You are renting the ground you are on. So the landlord would like to know you just as if you were renting the home and did not own it.

It's unfortunate that many landlords don't feel the need to treat their renters ,either pad only or home renters, like customers that they would like to keep as customers.

I understand that concern. My question is whether those who do the Lonnie deals or the buy and flips actually submit their personal information to park owners. I'm hard pressed to believe that Lonnie Scruggs and other celebrity investors actually would have given their social security number to some stranger running a park.

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To those who invest in park based MHs: Do you go through the same screening as a resident tenant would? Another words do you submit your personal ininformation( ie. Social security number, credit info) to park managers each time you buy a MH in a different park?

I asked this question before and got nothing but one response from a park owner who felt it necessary to lecture me on the need to abide by the rules of the park. My question isn't about whether to follow rules but whether investing in park based MHs entails giving out personal information everytime an investment is made.

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I'm buying a property( land included) that was advertised as having a singlewide built in 1960. Well, come to find out- The mobile home is actually a 1975 Marlette. I found this out after negotiating the price down by $6k to account for the home's age.

Anyway - Does anyone have any insight as to the quality of Marlette mobile homes? It's a brand I see a lot of but am not as familiar with them as I am with other brands like Redman.

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If anyone is in the Thumb Region of Michigan, I'd love to hear from you. I'm finding that there's a shortage of property management and trades contractors in this area.

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Originally posted by @Brent Coombs:

@Account Closed Why would you scrap a trailer that still grosses you $400/m? If you can afford a newer one, could you ADD it to the Land? (Or, rinse and repeat the first exercise, but maybe with a Lot that is NOT generating income yet)? Cheers...

I'm mostly thinking resale. A 1990 or newer MH would make the property much more saleable. The only unknown is the cost of removing the current MH.

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Originally posted by @Brandon Krieg:

If anything, I would address some alternative exit strategies for the property other than 'rent it forever.' Mobile homes don't have the same life expectancy as 'stick built' homes, and if you aren't familiar with them you could come across a tough issue in short order.

So, if something goes wrong with the unit, what is your next strategy? Purchase another trailer to put on the lot? Sell the land? It's a good idea to have those things in place, as it may affect your pricing strategy. For instance, if the land itself is worth more than that, you may be in great shape. But if not, it might be a tough sell if something goes wrong.

I would recommend talking to someone who works with MHs all the time, to find out what the common issues are with units built around that time. Good luck!

Brandon,

Thanks for the words of wisdom regarding alternative exit sstrategies.

I have given some thought to the idea of replacing the existing MH with something more modern ( 1990 or newer). I estimate a resale value somewhere around $35k under such a scenario.

What would be a reasonable guesstimate for the expenses related to removing the existing structure?

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I'm in the process of closing on a propery in East Michigan. the property is as follows

- 1960 13X70 on it's on land

- Lot is 5,000 square feet

- It's on town water and sewer

- It currently rents out for $400/month

The asking price was $19,000 and I bargained it down to $13,000 to account for trailer, being a 1960 having no value.

I secured premise liablility insurance and I plan on having the property deeded under it's own LLC. The insurance is in my name, at least the quote is anyway. I'm not sure whether I need to have that refelct the LLC or not.

Other than the insurance/LLC question, I'm wondering if there are any other issues I should be looking to tie up.

Thanks in advance for any input,

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Originally posted by @Adam Johnson:

As a park owner, I can tell you that I would never approve an application that was incomplete, including information needed to run credit/background. Incomplete application or failure to sign off on the background check equals automatic denial. This helps to protect us from potential fair housing violations, we have to treat every applicant exactly the same and follow the same process for every applicant. Our rule is also owner-occupied only, no investors. I realize not all parks are the same as ours, but I offer that for another perspective.

An important thing to keep in mind is that when you play in somebody else's playground, you have to play by their rules. As a park owner, these rules are absolutely necessary for me to protect MY investment, which is substantially more than what you will invest in a single home. That is not intended to sound arrogant, just stating my point of view.

Our park was the wild west when we took over because previous management/ownership had few rules and enforced them differently for different tenants. For that reason, we bought it at a discount. The previous owner failed to protect his investment and we don't intend to make the same mistake.

Hi Adam,

Thanks for the insight. I can certainly appreciate your perspective as a park owner, needing to protect your investment. I'd have similar protocols in place if I was in your shoes.

I was just curious as to whether the Lonnie Deal and buy/flip investors usually submit to the same approval process(credit/background check) as a regular home buyer/park tenant would go through.

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All Forum Posts by: Account Closed

Account Closed has started 6 posts and replied 23 times.

Post: MHP tenancy approval and investors

Post: MHP tenancy approval and investors

Post: MHP tenancy approval and investors

Post: MHP tenancy approval and investors

Post: Marlette brand - Quality?

Post: Looking for plumbers/electricians in the Thumb Region

Post: First Deal - Am I missing anything?

Post: First Deal - Am I missing anything?

Post: First Deal - Am I missing anything?

Post: MHP tenancy approval and investors