All Forum Posts by: Robert Hudson

since others have done some research maybe the price is a bit high. Are there a lot of homes in the area for rent? Could be a supply/demand situation. As a landlord you need to be have rules and be firm but you don't need to shove them in people's faces. This is in no way a knock on you because I don't know you or insinuate that you are this way but I will tell you what  people are thinking when they read your ad. They think: this guy is an *** with too many rules and is going to be a pain. I will just go down the street and rent this other house.

If you want an unsecured business line of credit why would your personal credit score matter?

When the cost of the house plus the cost of the foundation repair exceeds the price of a similar house without foundation problems

I think it's a very unethical practice but few will agree with me.

@Shannon Smith First tell us the rough financials on the park. Asking price, amount of lot rent,  type of utilities, age of homes, neighboring lot rent. Get back with those and maybe we can help you. It has been my experience in the industry that the guys that really know the biz laugh at using comp rates.

A rent to own would technically be a sublease. Buying a mobile home on a private lot and renting it out can work well

It's very common for the plumbing to fail in the HUD PCR. Often it can be something as simple as a leaky faucet. Have you considered using hard money for purchase and rehab and then refinancing out?

EVERYTHING!

Just crunching the numbers this appears to be a very good deal. One thing I have noticed is that, based upon your numbers, the mobile homes have a value of zero. Actually, in some ways, they have a negative value because they will have to be removed. Your biggest challenge is going to be replacing these old units with newer ones. Good used homes are much more difficult to obtain now than they were a few years ago. Replacing these trailers could cost you as much as 600k. Of course you will get your money back through rental income but acquiring the capital to purchase these can be tricky. This park does seem to have the potential to be quite profitable but you will earn every penny.

That pic doesn't look quite as bad as I expected. What are your numbers? ARV and asking price? What makes this house desirable?