All Forum Posts by: Leslie A.

@Chris Muller

Forgot to add that RVs would be an extremely easy thing to try. You find one advertised. Go over. Buy it. Hook it up to your truck. Park it. Get it ready. Boom. You’re done.

If your experiment isn’t successful, place an ad and sell it.

I recommend buying one that’s already in great condition. You think, well, I’ll fix it up myself. But RVs are a lot harder to fix up than you would think by their small size. We’ve done quite a few and if I ever do it again, I’ll buy one already nice.

@Kyle H. I have rented RVs in a more long term model over four years. If you use modern RVs, your repairs and maintenance shouldn’t be bad. I don’t believe it was any worse than say, a house.

If you’re going for vintage, that might be much harder as in finding parts, like the previous poster said.

@Daniel Smithson. Thanks for chiming in. Great info!  I had forgotten about the guideline to pay no more for a note than what you could resell the home for (quickly) in the event of default. 
And may I ask you a question? When I was last active about five years ago, the thinking was that Dodd Frank and the SAFE Act had pretty much made seller financing and RTO contracts illegal and no one was doing them any more (or keeping it quiet if they were.). But I've seen posts where they seem to be being done now. Has the law changed?

That I don’t know. I haven’t bought a park, only notes. 

I just saw your other post about the competitive market.

If paying more for the note gives you an edge to get an otherwise great park, it would be worth it. 

You’re very welcome!  Forgive me for being very rusty on the subject. I’ve been inactive for several years. But yes, you are right. The higher down payment note would be worth much more than the lower down payment note. 
How much to value a note is a subjective matter. And in general, a mobile home note is much less valuable than a note on real estate. 
I’m not sure where you could find more concrete guidance. 
There’s a Note forum here. I don’t know if it has anything on mobile homes. I kind of doubt it. Hopefully someone more helpful will respond to this thread. 
As in all negotiation, pay as little as you can. 

No it wouldn’t. This is basically an unseasoned note and you should buy it at a significant discount.   I would try to get it for 50% of the balance owed. I might pay up to 60%

@Aaron Gil. You said you sell MHs on notes. I haven’t been active on here for several years, and back then because of the SAFE Act and Dodd Frank it was said that seller financing wasn’t allowed. Has the law changed? I would be thrilled if it had

@John D. Your story is very inspiring and consistent with what I experienced in my much tinier RV rental operation. Management is everything, no matter the type of rental.

@Richard S Myers I would say it totally depends on the price of the home.