All Forum Posts by: Dan Palumbo

Under Indiana’s landlord and tenant laws(IC 32-31-3-18), a landlord is required to disclose in writing an agent or manager residing in the state who is responsible for managing the residential property. The Indiana law also requires the landlord to disclose the name of an individual or agent who has been given authority to act on behalf of the property’s owner for service purposes, and also for receiving demands and notices from the tenant. 

Does this mean that an out of state investor MUST use an agent, manager or representative to manage the property? Of just that if using one in state, contact information must be disclosed?

Here is what I have so far. The system has 3 holding tanks with a sump pump for each chamber. Holding tanks are cinder block. 1 aeration pump a blower and the lagoon is actually across a business highway into a farmers field. I'm thinking this is probably a pass but want to use this as an opportunity to educate myself as well. Are there other options if the system fails (septic tanks w/ aeration, commercial aeration unit, etc)? It is outside of city limits so connecting to city sewer isn't an option right now I'm being told. 

Thanks for the feedback Ryan, looks like I will keep on looking. Appreciate it!

Got it, thank you again for the insight.  I will be doing more digging into the matter. Reading the permit it appears the waste water is drained into tributary and then fed into larger river. Not sure if this is common or not but again will be doing more research

The property is in IL, I do not believe there is significant rent raise opportunity. Can you explain what you mean by 'support a lagoon system'? Do you mean replacement of the system? Ill have to look into potential to connect to city.  

Thanks for the response Dmitri, I agree as it is NOW it is not a good deal.  I was more looking at the potential of  full occupancy of 18 units. Currently there are only 4 units rented. 4 more units would double the rent. 10 more units on top of that would bring rents up over 5k. Replacement costs of sewer treatment are something I would definitely need to factor in. Thanks you for responding. 

Apologies if I wasn't more clear in my initial post.

I am looking at a mobile home park that appears to have been mismanaged and is now a short sale. The part is 18 lots with 4 homes currently on a lease to own. 4 more homes are in various states of disrepair and are vacant but look like they can be rehabbed anywhere from $2k - $2500 each.(high end)

It is on City water and has a lagoon system that was just certified in 2017 for 5 years. Current rents bring in 1540, monthly expenses are at $1300. I have called the state\epa and discussed what is needed for operation of treament plant, confirmed the certification and validated all but rent roll.

Barring rents panning out and with the possibility of rehabbing and renting the existing vacant 4 units this appears like it will cash flow well and  have some significant upside with 10 more lots to be filled potentially.  Would love to hear some thoughts or talk to someone with expertise in value add to MHP's. Ive attached analysis below of existing numbers.

Current rents

I am looking for contractor contacts in Indianapolis. I have several projects in the works and need good, reliable contractors. Please PM me or respond with contact info. 

Thank you, 

Dan P.

Jane, 

Thanks so much!

Josh, 

Please send me property details. [email protected]

Thank you.