All Forum Posts by: Paul Stout

Thank you @Jim Johnson.  I am familiar with Clayton and Legacy.  I had a conversation with someone and they were telling me about a newer manufacturer that they had purchased from that was selling homes for very reasonable prices and that they were of very high quality.  I just can't remember the name and I don't have the number of the person who told me.  She had purchased a few at a show in Indiana and paid under $20k for 14'x80' 3 bed units and she said they were very nice and that the price included delivery and set up.  

@Rigo Medina my target expense ratio for this park is 15% and it is currently running just below 10%.  Parks average around 30% depending on what the park owns and what type of utilities are present.

Who do you feel the best value mobile home manufacturer is?  My lot rents are $200 so I am looking for the best value in the $25,000 and below range.  One of my lots will take a 14'X80' but  other is only 72' actual length but it will take a 16' wide.  The park I am looking to infill is in Central Illinois.  I am going to go through 21st Mortgage Corporation.  I only need two mobile homes at this point.  I have people in line looking to purchase once they are placed.  Natural Gas heat.

@Dawn Young all units are rented and the structure is sound.  The bank has agreed in writing to release the title or allow me to remove the structure in the future to develop as a lot.  If and when repairs are required I will evaluate the cost of repairs vs development as a mobile home lot.  At this point selling the building is the least attractive option since the cost to deed the property will be the same as developing it into a lot.  I will add more equity to the whole property as a lot than I can sell the structure for.

Thanks for all of the responses.  I am working with our attorney and insurance carrier to be sure I make the right choice.  I don't believe I have too many dogs in the park at this time that the insurer doesn't like.  I will just have to deal with it as directed by the attorney and provider if I do.

How do you handle dogs?  If you buy a park and the tenants have "dangerous breeds" how do you handle that?  Do you have them sign an indemnification agreement or get rid of the dog.  What about mixes that are clearly not dangerous or non "dangerous breeds" that clearly are?  Do you simply have them sign the rules and a statement that they are liable for disregarding rules or enforce the rules.  I am awaiting the dog language from my insurance provider to see how they address it.

I do not mind paying if the fees are reasonable and commensurate with the service received.  I will look into that thank you @Andriy Boychuk

I will look into that @Account Closed  The closing is tomorrow on my 37 unit park in Illinois so I'll have to make a decision soon.

Thanks @Account Closed.  I am looking for a number for people to call in with issues or for rental of lots.  I was using Google Voice but it does not differentiate on my cell where the numbers are coming from so I never know it is a tenant until I answer.  I guess it does ask if I want to answer the call so maybe I will continue to use it for now until I come up with something better.  I do like the voicemail transcription though.

What is the best and most coist effective 1-800 number service out there.  Please also share your bad experiences with companies as well so I can stay away from them.

At this point it does not look like I will be able to attend @Ken Rishel