All Forum Posts by: Thomas Gardner

I had one of my HVAC guys give me a quote on putting a unit in and they came in a lot higher than i expected. He was recommending an oversized unit that could have cooled a 1200-1500 sq ft home. Justifying it with never having to worry about any future issues the smaller unit not being able to keep up with Virginia heat and humidity & the lesser R value of a mobile home vs. a traditional home. I would imagine SC would be in a similar situation. 

Wow @Aman S. i never really thought about that, and it has not happened yet. Thanks though, I think I'll research that a little more.

Someone on one of the forums told me about the “TellUs” app. I’ve downloaded it and set it up, but haven’t used it yet. I also just set up a PayPal account for the company and use the PayPal Me link they provide. Seems to work fine, be secure and reliable. Not to mention everyone has heard of PayPal so it eliminates that fear curve. I guess you still need the crafty letter and a drop box for all the old-school payers. I’m moving as many as possible to the on line on demand instant payment world. Hope this helps a little.

Sounds like you're on the right track & I'd ditto Scott above. Also are you really saying the 27 acres is subdivided? Or are we just looking at a county plan that will allow for 88 MH lots on it? Either way you're looking at a horrifying cost to get the infrastructure done. Your sellers valuation sounds more like a "Highest and best use" assessment than a realistic asking price. Unless you can carry this for some time with zero income and a huge capital outlay or have a developer in mind you cal flip this thing to and put a mini mall in there on the surface i'd say steer clear. Or a real low-ball offer that could make the place profitable with the lot rent only from the homes on it now. Sometimes the best deals are the ones you walk away from.

Anyone have a good alternative to joining one of the big 3 bureaus for getting good quality credit and background checks? I have a multi tenant office building I manage myself and can't really justify a monthly membership fee + the per report cost. Just looking for a group than can do a report here or there.

Thanks,

Tom

Would love to get some clarity on this topic. I’ve heard everything from “no problem, you’re just selling an asset that you own and agreeing to take payments on it” all the way to “you’re classified as a fully regulated lender”. Not looking to get in any trouble and will get full blown legal advice

I have a commercial office building in Henrico Co, VA and the rear entrance concrete slab has cracked. Need to get a couple quotes for insurance. Any assistance would be much appreciated. Thanks!!!

Doesn’t sound like a horrible deal at first glance. I’d need to know what the terms are though. How much down, is the seller holding the note & a Class C area is a little concerning. I’d want to have a good feel for how the city / county is looking at parks like this in the area as well.

Most of the park owners I work with are interested in LOT RENT. Not maintenance headaches. They work with someone like me if they can’t get the rental units flipped into resident owned. Group like mine comes in gets the homes up to snuff then sells them but finances them internally. Then we get the cash flow from the note and the park owner gets the revenue from lot rent. Ideally you can do this yourself, get them flipped and paying you on a note but they own the home. Pride of ownership = better maintained homes. If they default, just repo and do it all over again.

I'm in it for the cashflow. I've got a couple tenants in my commercial office building that pay 6 months at a time, but I'd not want that from all of them.