All Forum Posts by: Justin Haberman

Mitch,

Thanks for the reply!

We purchased a great piece of vacant property in southern Colorado that is zoned multi family. It's in a awesome location just blocks from the hospital.  We purchased with the thought of developing but shortly after purchased a mobile home park that is very much consuming our time. I am wondering where you all think I should list this unique investment? I will probabaly do loopnet. Any other places I should try before listing with a real estate agent? Thanks in advance.

Spoke with the lawyer yesterday and he said that even though there is no lease, tenancy is established.  He advised doing a notice to quit and he will need be out in 21 days.  We close on the 30th. He will be receiving his notice shortly after.  Thanks everyone for your replies.

We are purchasing our first mobile home park in Southern Colorado. Since we are I have been studying up A LOT on them.  Frank Rolfe has a podcast as well as Jefferson Lilly that has some very good information on parks.  The beauty of mobile home parks is that they bring in a lot of money with relatively low expenses if you lease the ground only.  Both of the podcasts highly suggest having TOH tenant owned homes over POH park owned homes.  One reason these parks are so valuable is that most counties  do not want new ones coming in.  The taxes they bring in are not much. That will probabaly be one of the first things you ll want to find out.  If you can get it zoned as a MHP you would probabaly want to go that route as it will be a more steady income. 

 Thanks for info.  I'll let everyone know what happens. 

Thanks for the replies.  As I said we will be meeting with our attorney on the 14th to discuss this further. I wanted to see if anyone on here has dealt with the same situation.  As I read the law in Colorado you only need a 7 day notice to end a month to month lease.  However, there is no current lease with the current owner. I would like them to sign a lease so that when they dont pay I have grounds to evict. Otherwise, as far as I know they are essentially squatters. 

We will be closing on our first investment at the end if this month. It is a 15 space mobile home park in Southern Colorado. I know that one tenant will already be a difficult matter.  Upon attempting to get an estoppel statement I was attacked by his pit bull! In the statement he says that he has not paid rent since January and does not have a lease.  I will be meeting with an attorney in a week in preparation for this endeavor, however, I wanted to see if you all had some advice.  I will attempt to get a written lease signed in person.  Something tells me it wont be that easy and he is not going to sign.  If I mail the lease and park rules by certified mail, will that make the lease binding, and will I be able to give a notice to quit and file eviction if he does not pay based on my mailed lease?  

Thanks for the help in advance,

Justin

Thanks a lot. It's very much a mismanaged and turn around park.  Rules are going to be very foreign to the current tenants.

Thomas

I know the post is very late but we are closing on our first mobile home park at the end of May. I am in the process of coming up with our rules for the park.  Any advice, tips, sample rules?

Thanks.

Michael,

Thanks a lot for your insight on this topic.  We are under contract for a parcel of land zoned high density and we re looking at possibly putting 10 build and hold units on.  Not including utilities hook ups we are looking at $136 sq/ft. for conventional building.  What kind of price ranges can we expect for modular multi family?  I have spoke with Clayton homes who advised that 2 story modular homes have had issues.  Is this true or a deterrent because they don't do 2 story homes? 

Thanks!