All Forum Posts by: Kevin Schulte

besides the university they also have the "academy" and the guys who do that have a podcast. Then you have the park street partners podcast and john fedros podcast (the last is for lonnie dealers but it does have useful info for park owners as we do buy and sell the units)

Search "mobile home park" on sticher or one of the other podcast apps

Bookwise you really cant go wrong with the mobile home park university course.

i would just centralize the payments via mail. So if renta due on the first you send out letters with amount due on the 15th (giving them 2 weeks) , take the manager out of the equatiom completely.

But if they are actually collecting then maybe implement a little bonus incentive

Also for late fees just have it be a one time ding , otherwise youll spend more time adding days and arguing with tenants about when the checks were post marked and itll just be a huge headache

Also never take cash. If you do have a manager collecting consider a dropbox cemented in the ground and maybe back away from site (back of the park next to the managers unit) - less folks knocking on the managers door the same time every month

no , you might consider a small bo ys for 95%+ rent collected on time but you should presume youll be hiring someone incompetent and who will be a liability to you legally.

Free lot rent is a given , salary not hourly. I dont think anyone even pays 20k (including the value of the lot rent) until youre at 100 spaces

Dont double dip and have them do maintenance or anything unless they actually have the skill - hire that out.

They should be greeters and if possible salesmen (although if they arent good with people its best if youre the point of contact for that) and yes , eyes on the park.

"we have yet to find a property on the MLS that meets the 70% rule"

I would say yes, just using the MLS is a no go (kudos on looking into REO's and hitting auctions though)

I'f i'm not mistkane you can use listsource and target properties with lots of equity , so IMO a direct mail campaign would be the next step (or looking in different markets)

Welcome to the boards jay!

 I'd say do that while still hunting but I suppose if you're comfortable enough with the entire valuation / purchase process it could wait , one big thing is that you can go overboard with rules that wont help anyone - keep it focused but give yourself room in the lease , you'll have folks on month to month anyway so its not going to be hard evicting bad tenants but if you start nitpicking you'll evict yourself into the poorhouse (depending on the market of course)

If the tenants paying and they aren't bothering anyone else let it slide (in most cases) 

Welcome germaine!

make sure to hit the phoenix meet!

https://www.biggerpockets.com/forums/521-events-and-happenings

keep us updated!

Trevor you're talking about whats called "lonnie deals" 

site for this - http://www.mobilehomeinvesting.net/

great podcast (not that many episodes yet)

You can get the lonnie scruggs books that break down the nitty gritty for a I think...50 bucks for all 3? - you'll probably also want mobile home repair books just so you have an idea (even if you do contract out the work)

You'll buy at x and sell for x+ profit and have a "note" so once they pay it off you sign over the mobile home to them.

One big thing is that on top of any payments made to you these folks are going to have move in and down payment fees so you have to think about that - do the people in this market / who would live in this park have that kind of money up front + a down payment to you?

Worst case you'll want to have whatever you're into the thing paid off by them in 10 months or less (thats the rule of thumb i've heard, not sure if its based on statistics of people trashing the things and running off) , 6 months is better and of course up front is best.

So if you got the thing for 2k and they pay you 200 a month for it that works great (sell it to them for say...5k) , but you'll run into trouble if it takes longer than 10 months to get your money back out of the deal (again, just the rule of thumb i've always heard)

Welcome to the boards Adan!