All Forum Posts by: Dennis Jayy

I would think about selling it. Even taking a loss might be better than keeping it.  The dues are certainly  a negative and  do you see any real appreciation in the coming horizon?   And if so you think it will really  raise enough to justify the ownership.  Look at what you are paying and the interest you have paid already. You might see that you have depreciated it and taken advantage of the interest deduction that you  are in better shape than you think, so far.

I vote sell it and get into something that will help you!

I have done that several times and I like to do it.  However it must be in a good or better location.

Suggest you talk to an architect  . Will be free or very inexpensive. He will answer all your questions and then you will know what is going on. You might even find it is cheaper to have him direct and guide you in the building of the first one. It will be cheap education.

Both are listed on the mobilhomeparkstore site and loopnet

I will suggest you have not done any real diligence into  mobile home parks of any size.

I know of one in Arizona, 100% full and stays full. Owner will carry and all owner occupied units. Lot rent only and  virtually no maintenance.

Park in Northern California.    100% full and stays full. Owner will carry/ Lot rents only.

Both good locations, can be operated from distance,  you have enough money to buy either one of them, they cash flow nicely.  One grosses appx 50 and one appx 60.

No real down side/ No delayed maintenance, renters pay all utilities

If you are not experienced then suggest you  keep looking for a park that needs little help to learn on and then look to a turn around, as such, at a later time.      If the bank does not want it then that is definitely a real opportunity as to buying something very cheaply.   If you want to practice then go see the bank and ask them what it takes to buy it. You might be surprised how cheap and how convenient they will make it. ( go solve their problem for them)

For information!   Most banks do not want to loan on mobile parks in any condition in any parts of the US unless they are plus a million and preferably 2 million plus with good credentials.

When I was looking for someone I made two different calls and one website message for information. I have never gotten back any reply of any kind.

I had a property in Pennsylvania. I sold it after I found out they keep the water in the owners name but send the bill  to the renter or to the house address.   I do not know if it is every city or just the one I had a property in.   I had a hard time getting them to send me the  bill as their excuse was they only send out one bill and they wanted me to pay if I wanted to have a bill sent to me but I had to ask the city to send me a copy of the bill with a special concession. They then used  this as an excuse to go into the house and check for plumbing codes and ect as well as enforcement of taxes and anything else they can think of to use  it for.

I am actually surprised that all cities do not require the owner to be, somehow,  responsible for the utilities and there by force them to be unpaid bill collectors for the city.

I discover a few years ago that commercial grade carpet is nothing like house grade. It is made exceedingly tough and durable. I discovered that you can buy lots of commercial grade carpet almost free because after they do a job they  have no use for  a small amount as most commercial installations  have their connections points where they are not going to get the most traffic, so they do not just make a splice like in a house.

It is usually very stiff and good looking and does not fade and the reinforcing is bullet proof.

If you put this in a house you can almost call it a life time carpet no matter how many times it is washed  and abused.

It is usually not the softest to roll around on.

Take a look at carpet in a commercial building where it gets lots of wear and ect every day and try to see where it is wearing.

IN learning about the carpet at first tried to install it over a pad. Big mistake!  It is so stiff you  feel like you are walking on water so had to remove the pad.:)

That is a very expensive market.   Did you see where the smallest  studio sold for over 400,000 and was less than 300 sq ft .

Still had to pay hoa dues.

I would suggest to spend your time learning about the market there and concentrate on finding something that would be more of a holding property. Even if it was in bad shape  or very bad shape after repairs , I think it would be much better investment than  a flip of some sort.   If you  find a really good opportunity in a property you will not have a hard time finding someone  to help you with it  in some fashion.

Than you. I appreciate it.

Thank you for the input. That is what I wanted to know.  I will look else where.