All Forum Posts by: Dawn Young

Judd, did you buy the place?  How did it turn out? Did you have to pain the ceilings, too, or not?

 Ii  how you said "almost" impossible! We are in similar boat. Mobile Home university has ads for parks for sale, and they are mostly from agents. One of these days I'm going to call up one is the agents and ask them, what, realistically do I need to make a mobile home park purchase happen for me? I would think, even if the down payment were low or nothing, a bank/owner would want to see that we have a good chunk of money for operating expenses. But just guessing here.

Something I notice, is that there has only been one park for sale in my are in the last year.  One.  And its not really a great deal, (of course).  Others get their deals with "yellow letters", but this is really not my niche.  You have to be pretty tough-skinned, even more than for landlording!  So, i wonder if we are going to have to buy one out of our area, when our time comes. (As in 4 hrs away) It would mean we would probably have to hire all maintance, (wed rather do it ourselves and save $) but we don't want to just wait around sitting on my capital, either. Good luck!  Please let us know how it goes!

That price would definately buy a house in any area of wa, except possibly the big cities, even there, it may be enough.  For an investment, i would rather buy a couple (or even several houses, or a duplex) for that amount. The profits would be higher.  But everyone has their own niche! ;-) I like areas that are growing, not shrinking, there are quite a few itty bitty towns I'd personally stay away from for that reason.  Small towns that are growing are fine, though. I don't think there are any golden areas that climb in value hand over fist, and if there were, it could plunge just as fast. But I'm not familiar with the entire state by any means. 

Yakima is sooo tempting , because of the prices, but my husband knows the area, and its pretty rough, so we don't consider it.  

Walla walla has a couple colleges, and therefore needs lots of rentals, yet still has remotely reasonable housing prices.  They have a nice low vacancy rate there.

 I'm assuming you going to "buy and hold"?  If so, definitely look into rent prices.  I was shocked once, at how low they were in this one little town we looked into.  Good luck! Keep us posted!

So interesting, I had a really similar discussion with an owner a couple months ago!  Only he was very, very rude, initially he seemed to think I had bags of money i wanted to give him, and then he expected me to already know all the financial details about his park! Then, he seemed to think I was trying to get it for nothing.  I think that some parks get a lot of calls about buying, lots of yellow letters, etc.  I can see how that would be annoying.  I do wish they would just set a price, though.  They think they have a golden goose (and they do) but even a golden goose has a market value!!! At least, that's my 2 cents.  So, sympathies!  Keep us posted!  

balloon payment means the balance is due at that time.

We have month to month leases only. And we were very clear everyone over 18 has to pass background check, and I think we have something in the lease, as I remember discussing it with them when they signed the lease. The lease runs from the 1st to the last of the month. If I need to change something in the lease, do we do it on the 1st? do we tell them before?

Hi, the tenants we have in one of our houses seems to have another person living with them.  I need to address this with them, but what do I say if they say he's "just visiting"?  What constitutes "living" there, and not "visiting".  He comes in the middle of the night.  I doubt he will pass a background check. 

from what I've read and experienced, I'd say the same.  Well, not for free, but i've seen them for $1000.  Especially since its a 2 bedroom 1 bath.  You can always make an offer, or wait for something better.  

ok,have not yet owned a mhp, yet, so, rookie alert!  (J lilly, your podcast is awesome).  Do you mind if I ask where all that income is coming from?  $190x24 rented lots (the rest you said are vacant) x12 months=$54,720 before expenses.  Did they sell some houses?  What am I missing? Did I do the math wrong?

look up "john fedro".  Make sure you know what the park will and won't allow.  :-). Good luck!