All Forum Posts by: Jeffrey H.

Every state has their own process to obtain title.  In this case, you can try to use a bill of sale from the seller to get title, or another option as part of your diligence require that the seller claim it's abandoned property on the land to get title before closing.  This can take time.  Call your MHA to get more details they can point you the right direction.

If this home has the curved roof and flat ceilings inside I would sell it to someone who will use it for a hunting cabin.  If you have the vaulted ceilings it could be worth rehabbing it - and since you're in construction can general contract it.  You can expect to spend 20K more or less for a full rehab under these conditions...and you don't have to worry about the hassle of selling or bringing on a new home which would be 2-5K in time / fees.

Check area comps so you can get comfortable with your budget and approach.  Otherwise just sell the trailer and land for a quick profit.  Good luck!

In general you will see a 3/2 mobile home rent for the same as a 2/2 stick home in the same market.  Do your research to confirm.  Retention is mostly based on the quality of your screening.

Full parks are the premium option for this exact reason.  You will have to come out of pocket, or collateralize the homes (if your market supports it) to infill any park that is not full.

However don't take your eye off of the ball managing the existing park and tenants.  If you cannot get that right, those homes will either 1) rot; or 2) get moved out - and it's all for nothing.

That seems more related to electric and natural gas hook ups / charges, and not monthly submetered service.

https://www.mass.gov/service-details/massachusetts...

Call them and ask if you have concerns...I highly doubt you have to absorb monthly utility charges into the rent.

There are 20+ acre mobile home parks out there with 400+ lots.  That is big.  The starting point is usually dictated by what you can afford, and less about what size you prefer.  8-10 lots per acre is fairly common.

Properties within city limits of virtually all states usually have ordinances that have acreage, lot size, and setback requirements, among many other things - such as street construction standards.  Ultra small towns and outside city limits have fewer restrictions (at least here in Texas), but then you get into private utilities with well and septic to service the property, and demand for housing may not be there.

Just a couple comments: 

1) Lots of California investors seek to put their money out of state for a more "landlord friendly" regulatory environment and better ROI; 2) While renting mobile homes can make money, also have a backup plan in the event you get tired of having repairs eat into your margin. I personally like owner financing;

Good luck!

It is important to know what's under the ground in the Park.  If you have clay versus PVC sewer pipes then you know you will be roto rooting frequently, for example.  If you have old galvanized water lines they have a lifespan and start leaking - at some point need complete replacement.

You really need the MHU Due Diligence guide - it has answers to these questions and much much more.

@Brad Simmons - patience amigo.  You can retire the title of a mobile home to the real property, but otherwise when selling a mobile home as personal property you must apply for a Title within 30 days.

http://www.ksrevisor.org/statutes/chapters/ch58/05...

I have only heard of said age limitations for Titles in Alabama, in which case they do allow using a bill of sale.

Get in touch with your Kansas MHA and they can probably dissect whatever concerns you have on the topic.

I own a long term buy-and-hold parcel of land in small town, which has rental property on it.  The adjacent property to mine is a small acreage vacant wooded tract that is abandoned.  I have attempted to get in touch with the owner (an estate - and trustee is addressed to an apartment) several times without luck.  There are 6 years of back taxes totaling nearly $4,000, most of which is penalties and fees.  The property is fenced only on the sides where the neighbors have erected them.  A tax foreclosure is probably within 12-24 months and market value is ~25K.  This land would be suitable for mobile homes, RV's, or other housing and city utilities could be extended from my property.

Realizing adverse possession is a long term process with risk, fencing, maintenance, taxes, and the associated legal hoops - are there any other "gotcha's" I'm not considering?  Thanks!

I never believe any Seller that has under a 25% expense ratio would be the same for me.  It means they are not operating the property correctly, not reporting their expenses properly, they are owner operators and do everything themselves on the cheap, or a combination of these.

Put together a pro forma based on how you will run the property so that you can get more comfortable with your numbers.  Then figure out what type of return you need based on those numbers.  That is how you get your purchase price.

For owner financing you need to tailor this around the needs of the Seller.  Some Sellers need as much cash as possible others need very little.  A Seller that is 50 years old has different needs than one that is 80.  Start with little money down, long term, and low rate and then adjust based on your discussions / priorities of the Seller, giving wiggle room for negotiation.