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All Forum Posts by: Samuel Coronado

Samuel Coronado has started 26 posts and replied 272 times.

Post: Mobile home lot rent agreement

Samuel Coronado
Posted
  • Investor
  • Huntsville, AL
  • Posts 273
  • Votes 142

Hi, Nicholas. I used to have one for my property up in Athens, but I need to find it again. It was blessed off by a lawyer in AL, so should be relevant. I am a park investor and mobile home investor around the Huntsville area. Let's check in some time. Birmingham is an easy drive and I've seen some good deals down there, but I don't what's the best areas to avoid neighborhood by neighborhood. I would love some local insight. 

Post: Owensboro, KY Mobile Home Park

Samuel Coronado
Posted
  • Investor
  • Huntsville, AL
  • Posts 273
  • Votes 142

For the water metering- are you doing a sub meter like PUBS or are you putting in direct meters for every home? I looked at putting in meters direct to every home, but they would cost roughly $2,000 per meter if put as direct to tenant, which seems cost prohibitive. Our water bill is below 150/month and even below 100 some months when it's not winter and tenants aren't letting the faucets drip, but overall it's not a nuisance. 

Post: We Need Higher Density & Smaller Homes - Thoughts?

Samuel Coronado
Posted
  • Investor
  • Huntsville, AL
  • Posts 273
  • Votes 142

We are well on our way there. We are everyday approaching a European model where people own less and less of both land and buildings. 

Post: I'm looking to partner or get guidance

Samuel Coronado
Posted
  • Investor
  • Huntsville, AL
  • Posts 273
  • Votes 142
Quote from @Adrian Brown:
Quote from @Samuel Coronado:
Quote from @Adrian Brown:

I have 10 acres of raw rural land and looking to develop a low income mobile home park.

Locations> Fairmont N.C

If I posted under wrong category please guide me. Thanks


 Fairmount is very rural. How big are you looking to make it? 

I am doing something similar in Alabama. I can walk you through it. 

Umm how big I'm trying to make it? I never thought about it, but I don't mind starting out small and adding more as I go. I'm more of a whatever god allows kind of person. And I would be more than glad to get a walk through. Thanks 

Sometimes the government sets hard limits on the number per acre. Sometimes it's more on the side of how well the soil can absorb x amount of waste from a septic system. 
There is a where I am at currently, developers have to have 250 gallons of septic capability per bedroom, which would be like 1000 gallon tank for 2x 2bedrooms. Then you have the leach fields and such. I'd start by checking local restrictions and zoning for that specific plat of land and then getting your land perc tested and then see what the capacity is. In rural NC, I don't imagine it will be too stringent out there. 

Post: I'm looking to partner or get guidance

Samuel Coronado
Posted
  • Investor
  • Huntsville, AL
  • Posts 273
  • Votes 142
Quote from @Adrian Brown:

I have 10 acres of raw rural land and looking to develop a low income mobile home park.

Locations> Fairmont N.C

If I posted under wrong category please guide me. Thanks


 Fairmount is very rural. How big are you looking to make it? 

I am doing something similar in Alabama. I can walk you through it. 

Post: Small Mobile Home Park Financing

Samuel Coronado
Posted
  • Investor
  • Huntsville, AL
  • Posts 273
  • Votes 142
Quote from @Todd Fry:
Well I know it's been a few months but I did want to give an update finally.  I started working with Sal Auciello (he's in this thread above) and we got to the point of doing an appraisal on the house that's part of the park.  It just so happens that a situation came up with family to do a private loan that will work for me at this time so I've paused working with Sal at the moment.  That said, Sal's been great to work with and I recommend him for anyone that may need a commercial type of loan.  You can contact him here on Bigger Pockets if needs be.

 What was the specific rate he was quoting you? 

Post: Mobile Home Park Development

Samuel Coronado
Posted
  • Investor
  • Huntsville, AL
  • Posts 273
  • Votes 142

I can lay some things out for you. 

Post: Purchasing a mobile home/RV Park with seller financing

Samuel Coronado
Posted
  • Investor
  • Huntsville, AL
  • Posts 273
  • Votes 142

What does the monthly P&L look like? 

Post: Refinancing a VA loan from a 6.045% to a 5.125%. Do I wait for later?

Samuel Coronado
Posted
  • Investor
  • Huntsville, AL
  • Posts 273
  • Votes 142

Follow up to this, on the week of closing, Nexa Mortgage through UWM increased the closing cost by a almost $3000. I pulled out and said no. Luckily, rates have fallen again in anticipation of the Fed announcement from last week. I am still looking for a VA IRRRL

Post: How to handle TOH non payment for lot rent

Samuel Coronado
Posted
  • Investor
  • Huntsville, AL
  • Posts 273
  • Votes 142
Quote from @Emory Clayton:
Quote from @Denise Evans:

The remedy is eviction, not ejectment. Eviction is easier and faster. As far as the tenant owning their own mobile home, look at Alabama Code Sections 35-12A-1 through 35-12A-15, which provides the remedies for selling mobile homes that are abandoned. A mobile home is abandoned if the tenant has been evicted from the lot but does not remove their mobile home.


I did not consider a Tennant being evicted from the lot. Thanks for sharing this.
So I looked into 35-12A-1, this seems to deal with Tenants who have abandoned the Mobile Home/Trailer, either TOH or POH, and not with Tenants who are still inhabiting the Mobile Home/Trailer. 


 You evict them first. They get removed from the premises. Chances are if they can't pay the lot rent, they also can't pay the thousands it takes to get the home moved.