All Forum Posts by: Omar C.

Looking for recommendations for purchasing new homes, quality/reviews seems to be all over the board and trying to lock down an Indiana manufacturer to supply me with at least 10 homes this year. Trying to find that balance between price and quality and would rather pay a little extra if that results in better quality. Really would like to find a builder that stands behind their work so that neither my tenant or me will have any issues especially in the first 5 years.

Thanks in advance, sorry if this is duplicate.  Did a quick search and didn't see anything related.

Quick question, all my lots are on 30 day leases and I gave everyone notices that I'm increasing the lot rent with one notice at 60 and one at 30 day.  Lot increase takes effect Oct 1st and I'm wondering if the notices are sufficient or do I need to have them resign an updated copy of the lease or just have them sign off on the notice.  MHP is in Indiana if that makes a difference.

Thanks in advance

Why own the park and deal with all the headaches when you can own rental property for cheap with little to no risk.  

I would figure out a way to purchase the homes from the investor or base the sale on most if not all of them needing to be replaced.  In the end you will work for them and the investor will dictate the terms, if they are not happy they will continue to threaten to take their homes to another park.  I've seen this happen first hand and it didn't end well for the owner of the park.  

In my park lease I don't allow the tenants to own other homes.  

I did as close to possible and I can tell you it's not easy and it's a long process.  Make sure you have lots of capital and patience.  The more capital you have access to the shorter it will take to turn it around.

Always think about it but with having to take days off of work and the January weather I always talk myself out of driving down.  If it was over a weekend I would be more inclined to go.

30 days to comply, be prepared to potentially lose tenants.  What I did was all new tenants can't have dogs larger than 25 lbs and limited to only one.  No dogs allowed on a chain and only on a leash with adult supervision.  

Let me know what you have, I'm looking to move homes into my MHP in LaPorte and/or looking for investors to move their own homes and sell/rent them out.

Try and reach out to other Parks, depending on the year and condition you may be able to find someone to assist in the moving costs.  I provide monetary incentives to investors to move their homes into my park.  That would at least help defer the moving expense and mitigate your losses and provide you with your end goal of rental income.  If that doesn't work offer to sell the home to parks that have multiple vacant pads, you should be able to get close to what you paid and let them worry about moving it.

My park is grandfathered and when I bring in homes as long as they are on the planned lots the city/county can't bother me.  Occasionally I get some new inspector who tries to get me to confirm but a quick call to the county and that person is corrected and I never hear from them again.  I have heard with other types of property if it is sold you do lose any grandfather clauses and going forward must comply with current rules and regulations.  The existing infrastructure stays the same until it needs replacing then you would conform to newer rules and regs.

First attempt to work with the property owner suggesting they have guaranteed rent whether the home is occupied or not.  If that doesn't work offer to sell the home to the owner for a very small profit if any, cut your losses and move on.  If those fail then look to sell the home at the same time see if there is an investor friendly park nearby that will allow you to move the home there.  This will can possibly add a few thousand to the total cost. Don't even bother with owner financing, you suggesting it indicates you haven't done your research on it.  At the end it's a lesson learned and your best bet is to minimize your losses.