All Forum Posts by: Timothy W Hanson

Hello BP! 

I am looking to move in about 10 homes into empty lots in my park. I know just Moving the homes into the park will cost a good amount (trucking them in). 

And I'm wondering if anyone has found a good method to find bulk amount of homes/while staying affordable/etc. 

I do work in the insurance industry for commercial truckers, so I have a few connections with Mobile Home Moving trucking companies, and one trucking company even said they move all mobile homes deemed total losses by claims departments in the area,  "which aren't that bad actually if you have someone willing to do slight repairs". 

Thank you for any thoughts/experience you have! The vacant 10 lots at my park would be a lot cooler with homes!

Tim Hanson

Here is the language: 

Sec. 3. Response to Public Health Risks of Evictions and Foreclosures. (a) The Secretary of Health and Human Services and the Director of CDC shall consider whether any measures temporarily halting residential evictions of any tenants for failure to pay rent are reasonably necessary to prevent the further spread of COVID-19 from one State or possession into any other State or possession.

(b) The Secretary of the Treasury and the Secretary of Housing and Urban Development shall identify any and all available Federal funds to provide temporary financial assistance to renters and homeowners who, as a result of the financial hardships caused by COVID-19, are struggling to meet their monthly rental or mortgage obligations.

(c) The Secretary of Housing and Urban Development shall take action, as appropriate and consistent with applicable law, to promote the ability of renters and homeowners to avoid eviction or foreclosure resulting from financial hardships caused by COVID-19. Such action may include encouraging and providing assistance to public housing authorities, affordable housing owners, landlords, and recipients of Federal grant funds in minimizing evictions and foreclosures.

(d) In consultation with the Secretary of the Treasury, the Director of FHFA shall review all existing authorities and resources that may be used to prevent evictions and foreclosures for renters and homeowners resulting from hardships caused by COVID-19.

Sec. 4. General Provisions. (a) Nothing in this order shall be construed to impair or otherwise affect:

(i) the authority granted by law to an executive department or agency, or the head thereof; or

(ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

(b) This order shall be implemented consistent with applicable law and subject to the availability of appropriations.

(c) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

C'mon Man! You know the thing! 

It depends, and is anyone's guess. He could legislate much like he did with Obama from 2008-2016, or he could be pushed left and legislate for lower rents. Ilhan Omar in Minneapolis wants free housing. The best way to Biden-Proof the portfolio is to stay away from Democrat states and cities! 

Hello everyone!

My on-site park manager gets free lot rent, and also sends me a timecard every month. The timecard logs the hours he spent mowing community areas / shoveling snow in the winter / taking care of trees or picking up trash. These are things I authorize him to do. Typically this adds up to $350-$400 per month or less at $15 per hour.

Would you be willing to pay him cash? He is good honest worker, and an asset here in my business. So I wouldn't mind doing what I can to setup this up beneficially for him (legally), and I understand why he would prefer cash if possible. He said if I need to log this as a 1099 he would understand. Have you guys come across this and found the best solution for your business? I don't have any employees currently, but this is starting to feel like that and I'd prefer it doesn't turn into that. Should I ask him to form an LLC for property management and pay him through this? That's a thought I came up with while typing this.
 

Thank you BP so much!

Thank you @Nathan Gesner that's nice of you to say! I will work hard to be sure it is successful!

This looks great. Obviously nice profits and a nice looking home. Congratulations! 

Investment Info:

Mobile home buy & hold investment in Rhinelander.

Purchase price: $900,000
Cash invested: $120,000

For my second real estate investment I purchased a mobile home park, my first Mobile Home Park! There are 50 lots on 41 acres of land. 39 of the current 41 homes are tenant-owned, and all tenants pay monthly site rent by automatic ACH bank withdrawal. Monthly rents are $13,595.

Currently, after all expenses (including mortgage, insurance, maintenance fund, tax fund, etc.) there is a true cash flow of $5000 per month or $60,000 per year. Wish me luck, thanks BP!

Has anyone installed vending machines / soda machines at your trailer parks? 

I know there are other value-add additions you can add to a trailer park. Interested in hearing your experiences! 

@Shane Jeanfreau I hope you're having good luck. I extended closing to April 30th for time to shop the loan around. 

One bank I contacted is offering me better terms, but it is all preliminary at this point from them so we will see.

@Frank Rolfe

Thanks for the reply Frank. You may be right, I think I will just push the details over to a different lender and ask him to build a proposal. Not cut ties with the current lender all together! That's a good point. The loan will be under $1m (Loan of about $710,000). You're right, a shorter amortization comes with benefits. I just want to be certain I am taking advantage of everything I can, and as I hear them cutting interest rates to zero today, I want in!! Or at least the lowest interest possible. But maybe the 5% is pretty good all things considered. Thank you again for the advice here, I bet you have more experience than I do (first commercial loan here)