All Forum Posts by: Ronald Bourgeois

@David Song Take under consideration what your area MHP's offer their park tenants for amenities before considering a rental increase in you park, otherwise you could have a ton of disgruntle lot renters in your park. Apples with apples, Orange's with Oranges.

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@Ken Sullivan @Gulliver R. Foremost Insurance will insure Mobile Homes. Find a Local Agent from the Foremost Web site or contact Local Insurance agencies to see if they Insure thru Foremost. I've provided the link below. I use Foremost they are extremely quick processing claims. I had some water damage, contacted the agent, the field inspector was out within a day, full repair value check all within a week. FYI Most insurance companies will pay for the repairs but not for the cause of damage. In my case they would not pay for the Plumber who repaired the broken pipe, but they did pay for all the damage caused by the leaking pipe. Hope this helps.

http://foremost.com/

1 Vote

Originally posted by @Account Closed:

@Ronald Bourgeois These are subjective but it is a way to convey the quality of the asset. 3-4 star properties in my opinion have little to no deferred maintenance, they are well laid out and well planned, have lots large enough for new home models, etc.

I typically consider a 3 star quality park to be a good fit for most CMBS lenders.

I typically consider a 4-5 star quality park to be a good fit for Agency debt.

Again, the star system is subjective and that is how we typically use it. So, on a scale of 1-5 how nice is the park? I consider parks of a 3 star and up classification to be something a REIT would likely be interested in.

Charlie, Thank you for taking the time to explain the Rating System used.

Best regards,

-ron

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Originally posted by @Account Closed:

@Gulliver R. Andriy hit this concept perfectly. Mobile home parks are a very different animal in that Andriy's scenario is not that uncommon. We have the following under contract now:

122 (120occ) space park in western NY. Lot rents $275 city w/s billed back, purchase price $3.77mm. The market rent there is $505. 4 star community.

95(72occ) space park in MD. Lot rents $240 well/septic, purchase price $1.65mm. The market rent there is $465. 4 star community

90 (81occ) space park in MD. Lot rents $285 city w/septic, purchase price $950k. Market rent is $465 (same market as above). 3+ star community.

Charlie, I've seen many post here at Bigger Pockets rating Mobile Home Park's with the classification of 4 Star, 3+ Star etc. How are these ratings established with regards to MHP today? It would seem to me that they are Subjective. Does anyone know how a Park is given a (Star) rating by today's standard?

thanks,

-ron

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Originally posted by @Sriv Nava:

Instead of worrying that "someone is going to place a paper on the door saying I owe like $50,000", why don't you hire an atorney to do a Title Opinion (in NC it costs about $250-$350) which should give you a definitive answer. Since it "will turn out to be a great deal, even with a complete rehab", the small amount of money spent on Title Opinion will give you peace of mind and you can sleep better ;-)

I totally agree with your above stated comments. If someone is gonna play in this area/field and not consult with an Attorney or Title Company, in my humble opinion, they are PAYING FOR FAILURE. A Title Search is on the top of the list. $250 vs what?

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Originally posted by @Andriy Boychuk:

@Jonathan Jewell here is a quick video on youtube I recorded https://www.youtube.com/watch?v=EUz7Ce1dyHQ

NICE, Thank you for your efforts to share this with us. Truly appreciated.

Thanks

-ron

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@John Fedro

John are you using the Free or one of the Paid services for IFTTT

Thanks,

-ron

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I don't think Park Managers/Owners are keen on this idea. They want Perms not Transients.

Be sure to Ask if this is permissible.

-ron

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@Steven Botts If you decide on Cash for Keys, make sure they meet your criteria. 1) The place must be totally empty of any belongings or trash. 2) Do not front any money until you inspect the property on the agreed upon date. Do a Google search on "Cash for Keys" You will also see some standard forms available.

-ron

1 Vote

All Forum Posts by: Ronald Bourgeois

Ronald Bourgeois has started 2 posts and replied 111 times.

Post: Recently purchased mobile home park - to do list

Post: Recently purchased mobile home park - to do list

Post: Insurance for mobile home parks

Post: Mobile Home Park Valuation please advise

Post: Mobile Home Park Valuation please advise

Post: New Property: What am I missing?

Post: How do you find mobile home park leads?

Post: How do you find mobile home park leads?

Post: Mobile homes & Airbnb

Post: How to remove tenants in a trailer I just won.