All Forum Posts by: Patrick McKenna

Does anyone have any experience using First Bank as a lender for a new purchase or refi of a manufactured / mobile home community? Considering using them for a refi, but have not got in touch with the right person over there yet. Think it used to be Clayton Bank. Seem to have decent terms. Also seems like they focus on the Southeast, which won't work for me. 

https://www.firstbankonline.com/specialty-lending/...

Thanks!

MHC

mobile home park

trailer park

lender

cash out refi 

Additional expenses I would consider are management fee (either paying someone to do it or allocating an amount for yourself to do it, lawn care / snow plowing, road maintenance (assuming it’s in Michigan the roads probabaly need work after each winter), marketing (to fill the remaining spots), annual permit fee (probabaly small) 

Is the water / sewer one master meter? Submetered? Able to bill back to the tenants? Are the pipes in good shape? No leaks? Winters are tough on old pipes  

All 28 tenants pay on time every month? 

What are lot rents at the other parks in town? 

Is the seller providing financing? 

May I ask where in Ohio and who is the management company? I have a park near Ohio with on site management so wondering if it makes sense for me to talk to them. Thanks. 

It is not about “getting around” the act. The act was put in place partly to protect tenants from unsavory and predatory landlord tactics. There are leasing structures out there that are fair and work for both the tenant and the landlord / owner. I would just search online or even on this site. There’s been plenty written about rent to own, lease option, etc. structures that are legal and fair. 

Can also do it pretty easily in excel. See below. Hopefully the image came through. So the amount is $5,000, I am using 8% as an arbitrary interest rate and 5 years as an arbitrary time period (both can be altered once you have the formula set up) and then the =pmt formula will give you the required monthly payment from the tenant, which is comprised of both principal and interest. 

= pmt(rate, nper, pv)

rate = 8% / 12

nper = 5 years * 12

pv = $5,000

what part of South Carolina? What size park? Park owned homes vs tenant owned homes? 

Absolutely need everyone on leases which will include detailed rules and regulations. If you send me a direct message I can share our lot lease agreement, which I think is pretty comprehensive. Good luck. 

Hello - 

Does anyone have any good references or suggestions for a mobile home / trailer moving or transport company in the Morgantown, WV - Pittsburgh, PA - Stuebenville, OH general area? I have multiple potential tenants that want to move into my mobile home communities but every company I call is either backed up for months or does not work in the desired areas. I have asked other park owners in the area as well. Also checked the WV Manufactured Housing Association and all the companies / numbers on there are out of date. Not having much luck. 

One community is in Reedsville, WV (about 20 miles south of Morgantown) and the other is in Weirton, WV (right in the middle of Pittsburgh and Stuebenville). 

Thanks in advance. 

Thanks all! Very helpful! 

I was just alerted to a potential mold issue at a rental house I have. From the pictures I have seen thus far, the mold seems to be pretty pervasive throughout all of the vents, making me think this may force me to have to redo the entire HVAC system (as opposed to just getting it cleaned and sanitized). I have had a mold specialist out to the property to take an initial look. The actual HVAC unit itself is old (20+ yrs) and the vents / ducts are only somewhat newer, so I knew this was going to have to take place sooner or later. Just wondering if anyone has any experience with mold remediation and HVAC overhauls in single family rental properties that are occupied by tenants?

Thanks.