All Forum Posts by: Reid Hanley

@Nicky Reader and @Nathan G.  I got a lot out of both of your viewpoints. Thanks for ending it on a civil note. Nothing wrong with friendly disagreement. Shows that people's experiences can be very geographically and socially different.

@Account Closed I like that system.  Especially the double deposit.  I've been thinking about this for a while.  Although they are generally quiet and easy tenants, a couple have recently just moved out without notice of any kind.  The one I did get in touch with said 'keep my deposit for the rent'.  No clue that cleaning and repairs more than eats up a single month deposit.

I have been receiving a lot of interest in some of my rental mobile homes from Hispanic people that have recently moved to the U.S. from various Latin American countries (Central America and Mexico mostly).  Most of these potential tenants have ID's issued from their native country, but very few have any form of ID that was issued here in the U.S.   I use Cozy currently, but without a SS# or a state issued ID, I don't expect to find much on them.  Are there any resources out there that could provide some screening of these persons for things like criminal records,...etc?  

I just received my Real Estate Property Tax for 2019 and found that it jumped almost 60% from the previous year. I was told by the Tax Assessor office that the big increase was due to the fact that all of the mobile homes in the park were each being assessed a Fire Protection Tax of approx $143. In yeas past the Tax Office only recognized the single family home on the property and therefore the Fire Protection portion was only $143. At this time I own 20 of the 21 units in the park. I have recently sold one of the POHs to the tenant and have no intention of paying tax to protect that unit from any peril.

Has anyone dealt with this situation in the past? Any input on fighting back on this assessment is greatly appreciated.

Thanks.

I agree with @Rachel H completely. The offer has to be based on what the business is doing now. Not what it could be doing once you take on the financial risk and effort to improve it. I see a lot of sellers wanting there to be significant financial value in the fact that they have a lot of room to improve operations and NOI. There is none! It takes a lot of hard, expensive work and risk to bring a park with this much 'upside' to it's maximum income generating ability.

I have my first two POH under contract to become TOH and need to get a Park Rules document put together.  Can anyone share what they are using to operate their parks?  Not sure if there are statutory requirements or specific language for certain provisions that have to be in the park rules in Florida?  Any direction is greatly appreciated.

Thanks BP!

I own two MHPs with all POHs. Like all of us POH gluttons for punishment, I like the revenue, but have all the vacancy (usually in the middle of the night) and maintenance headaches that the TOH proponents want to avoid. I'm looking at another all POH acquisition, but it's much larger park and purchase price than my other two. I want to know what percentage of revenue do you all normally deduct for Vacancy and Maintenance when trying to estimate NOI?

@Mark Fries Thanks a ton! I'll reach out to her on Monday.

@Mark Fries Is the $1800 cost and 45 to 90 days from personal experience? I have been told that the quiet title process can take much longer and cost much more. Like 2X - 3X more.

@Wayne Brooks does that mean prior errors could still affect us getting good title after 4 years have passed? Or does the 4 year passage trump all prior deed errors, liens,...etc?