All Forum Posts by: Sonny Sonny

For qualified buyers - what are some of the best ways to finance a purchase of a mobile home park?

Included in the financing would be land - water sources - mobile homes - sheds - decks & a cash cow of rental income with very low expense ratio to income - a small all adult mobile home with never a vacancy, & most of the rental income comes from Uncle Sam.

Also when selling something such as this - what is the best way to weed out the tire kickers? Get some sort of deposit in hand before financial s are released? Would like some advice from others who have sold a park recently.

Sonny

Mobile Home Park right now. Expenses are 10% total of gross rent if even that. Park is in a very desirable location. I have depreciated all that I can & because of my current situation tax on them profits will be stinging.

Obviously I could do a crap load of upgrades or even expansion, but park is located over 700 miles away in the heart of the Smoky Mountains.

Never a vacancy & a waiting list if ever 1 old tenant should pass - Senior all Adult Park -

The Real Estate Broker - said SELL SELL - but her formula was 100 - 120 x's the monthly gross rent receipts. I figured that to low, given the fact that there is room for expansion

Course in today's environment finding a all cash buyer will be tough & a trade is not really doable unless of course the property trade is located in my neck of the woods

Thankyou for your reply

Sonny

Is monthly rent x's 12 x's 10 = a good basis for a selling price? Is now the time to be selling a cash cow investment?

Regards

Sonny

Some good sound advice has been given. I suppose I can do a search for my local Hud / VA Housing organizations. Will also start calling the local banks & realtors - ( love them cold calls ) Anyways thank you all for taking your time to help me out, much obliged.

Sonny

In fixing up their properties that are n foreclosure? Doing all repairs - lock changes - board ups - cleanups - maintenance - digital photos etc?
Seems like there should be a need for this type of service that's for sure. Can't believe that these properties are maintained in house. I have skills in all areas & have built many a building from the ground up - including digging the basement laying the block - shingling - plumbing - electrical - framing - everything. Not to many contractors out there can claim skill in all areas - most just specialize in one area, I always found that to boring. Anyways hoping someone may have a few ideas to share.

Thank you

Sonny

Some more info:

The Limited Liability Company (LLC) consists of members rather than partners or corporate officers. All the members can work at the business of the LLC. If the LLC is sued, the liability of the members is limited to that member's capital contribution. In other words, if an LLC were sued, the member's personal financial holdings are not in jeopardy.

I particullary like that last sentence. Just about ready to finalize my LLC forms and send them in. Next step - Website design- . Many thanks to all who took the time to answer my postings , I thank you for your advice.

Sonny

Can anybody Expound on the Liability Issues?

Regards

Sonny

Hoping not to have to use a lawyer. Rather use that money for insurance. I was hoping that someone would respond who has actually formed an LLC.

Regards

Sonny

Hello;

Wondering if someone can shed some light on the personal liability protection when forming an LLC. I am comparing forming an LLC VS forming a Sole Proprietorship.

I believe that forming an LLC protects a person from the business debt of the LLC. A persons home or personal assets could not be touched to pay a debt of the business. My biggest worry would be liability protection - ie if you install say a hot water tank and it floods a persons house is there protection from someone going after your personal assets to collect damages?

If a person forms a Sole Proprietorship, they would of course take out a protecting liability insurance policy. This insurance would cover any type of work failures.

Is it necessary to take out a liability insurance policy if a person forms an LLC? If so than it seems that it would be much easier for a person to just form a Sole Proprietorship if their business is only providing services and would not be running a business that say makes expensive widgets and must keep a large debt owed to suppliers.

Wondering if anyone can shed some light on the Liability Issues of A LLC.

Regards

Sonny