All Forum Posts by: Janice V.

I looked at this Mobile Home Park couple weeks ago. The park is distressed with the Seller old age and health problems he hasn't been keeping up the park clean. After couple of hours talking to Seller and his Broker, when I got back home to Vegas I decided its not the right park for me. Over the weekend the Seller called me crying, this time he's at the hospital. He ask to please buy his park and let him live there for free until he dies. Here are the problem why I walked away;

*His Property Manager is the daughter of his living partner who had died last year. She (PM) made the Seller sign a Deed of Trust that He (Seller) owes her monthly Property Manager Salary since 2014 which had accumulated to over $60,000... and if he doesn't pay her (PM) she has the right to foreclose the Park Land and cant sell the park without paying her back.

*Property Manager again made him sign another Contract stating that the Property Manager mother (who had died) was the sole owner of all the Park Owned homes (POH) though in taxes it states that the Seller is the owner, He (seller) then again signed the contract plus a fee of $45,000. Don't ask me how she got around this... he's old and obviously the Property Manager is taking advantage of the situation.

*In their rent roll, The property manager is getting free rent plus half of the income of the park! 

I walked away from this park knowing theres too much drama and I feel like it will cost me more problem in the long run getting involve. Though the park is in high population MSA and a good location I decided to walk away. But now the seller is asking for help I started reconsidering it again and seeing all the documents this Property Manager made him sign make me sick in my stomach how this person could take advantage of a old dying person who doesn't have any family at all.

what would you do? will you consider it?

You're idea is great but putting it into fruition can be tough. First, even you own the property/land you will need license/permit from the city before you can put a MH in your land. That land itself has to be zoned for MH and even you got that small piece of land get rezoned for MH, it will cost at least 30k or more each pad to set it up.

Also, its illegal to make money off utilities.

Im so sorry I've been really busy lately and just now saw your message but get ahold of @Jon Lee of what is upcoming meetup in Las Vegas hes the right contact for the group.

Hi! Is this land could accomodate few more MH? or its just solely for one MH? that being said, IF you can put one or few more Mobile home in your land then you can get it started as a mobile home park owner. That can bring in income for you and cash flow monthly.

Hi Josh! 

I recently liquidated my SFH's and small multifamily homes to purchase Mobile home Park and its thus far the best decision Ive made. Check Frank and Dave from Mobile Home University they are good knowledge especially for first time buyer into MHP. They have a quick video of why MHP is by far the best investment niche in Real estate investing. Kevin Bupp Podcast is a good information as well as Jefferson. Education is the key getting into it. Hope this few information will help you!

how long are you going to be in town? theres a investor meetup mixer on tuesday july 24

Thank you, i really appreciate it. I've learned to wear thicker skin over the years plus some people say things they actually see themselves. 

In this time of Investing in real estate where the market is so competitive, as a smart investor you have to create your own deal and can't rely on just listings. Ive created relationship with this couple and i feel like i know exactly what they are looking for over the course of time i visited and talked with them, they reminded me of my parents and wanted to create a Win-Win situation for both parties... where they can enjoy their retirement now and stop fixing up/managing the property. This is my first time doing seller finance deal but not my first deal. Ive been a landlord for 8 years now between Las Vegas, NV and Scottsdale, AZ. Surprising, after all those years for not touching the seller finance. 

I completely agree with you! Hence, Im doing all my homework before jumping into it. I did a good amount research and spoke to a local investor who have done hundreds of deals like this over the course of decade with residential and commercial and he said that i don't need real estate attorney but escrow company who would then draw the deed of trust and promisory note. I will contact my Title company I've been using and ask a little more. 

The property is in Las Vegas yes but it is not in downtown 89101 area as you assumed. Its in low crime rate, working class neighborhood. As far as bum, in my numerous visits in the property.. Not once Ive seen a bum in the area so I'll listen to my instincts on this one.. Afterall, i did all my homework (i,e. if i cant get out of my car with my kid with me then i wont even buy it)  before even trying to acquire this property from the start. 

I really appreciate your input and will still consider it.

Thank you so much Michael!!!! 

First of all, I will never take advantage of old people nor anyone at all. I’ll pretend I didn’t see that post at all. They are tired landlord and the idea to hand over the property was ideal for them. It was their selling price and the  property has NOT been updated since 1980. It is falling apart and need a lot of work inside and out. It will cost me a good amount of time and money to put it how the next door worth which is REHABbed when it was sold.  My apology for not clarifying that part.