All Forum Posts by: Paul Ewing

I do this for self employed people.  They need to have a way of documenting income consistency.  I don't think I would require a full year at a restaurant if they are a waiter or something, but I wouldn't want to see more than two employers in a year. 

I usually just adjust my offer accordingly to cover the expected costs.

I look at it this way: a new $40,000 truck will make me no more money than my 2001 F150 with the dents in the fender from the bull running into it and the scratches on the side from tree limbs and other things.

Plus you don't have to worry about someone breaking in and stealing all your PEX!

I'm not sure of the market.  My places are fairly easy to fill and I still have a couple of my original tenants from six years ago.  Vacancies might last a couple weeks if I have to do repairs but usually I have a list of applicants the next day after I post an availability.

I am a softy I guess.  I set rents to market whenever I have a turnover and try to avoid increases while I have a tenant.  This does begin to be an issue after four or five years though. If I do increase during a tenancy, it is usually $25 or so.

I have a few places like that.  I like them because I can control the "neighborhood".  If I ever sold them, I would subdivide and sell on terms but I like the rental cash flow.  You are right that it is easier to set something like this up than to get permits for a park.

I am on the other side of the Metroplex, but it sounds like something I would jump on if the MHs are in half way decent shape.  I have several MHs on land and they make great rentals.  My singles run $700-800 and my doublewides run $850-$1200.  Well there is the Double on a short term corporate lease at $1800 but I just wish I could get that all the time ;)

Biggest thing to check is the sewer setup.  Are they on septic systems or city sewer?  If septics how much land?  I have found many older setups like this don't meet the current rules of one acre per septic system.  This can be a problem if you ever have to do repairs.  Some counties will grandfather the old setups and allow you to get a permit for repair/replacement and some won't.  Some multiple MH setups are all on one hopefully large septic system.  This can get around the one acre per house issue, but locks the properties together forever because you cannot legally subdivide it.

If you have any specific questions let me know.

I think I have most of those or a variation in my lease.  nothing jumped out at me as crazy.

Wow the most I have ever paid for a septic was $6500 for an aerobic system.  Conventional leach field systems are $3500-$5000 depending on size and type of tanks.