All Forum Posts by: Omar C.

One of my customers many years ago used to be one of the larger companies that own many of the parking garages in Chicago and one thing to be aware of is the high taxes and insurance that are associated with parking spaces within Chicago.  Also, not sure if there is a strong market for them in Chicago as it is in New York or Boston. 

@Natalie Kolodij 

You can't do any type of owner financing even if you do it at 0%.  Dodd Frank killed any possibility of doing so.  The only option is to sell it outright or via a lease option to buy.

As Bill mentioned you need to read up on Dodd-Frank Act, this killed the ability for owner financing on mobile homes without the involvement of a MLO.

Seems really high, I had a realtor/appraiser complete mine a few years ago and he charged $850.   

Be careful, I hired one for my MHP and it was the worst decision I made.  They got paid and I didn't, you might be better off looking for a strong onsite manager and offer lot/home rent and a small stipend.

Hi @Harold Anderson , a park can stipulate in the rules and regs they only want owner occupied units.  Some of the local parks around me do not allow any investors and parks like myself are very investor friendly.  I would be wary but if you get it in writing that you will be allowed to rent out the home for x years I would say go for it.  Sounds like the return is there.

Hi @Ken Rishel  , I'm located in Chicago but my park is in Indiana which I believe still allows lease-option.  

Hi @Curt Smith , can you share more details on how the rent-credit works.  I'm exploring leasing options but not entirely thrilled with it.  TIA

Welcome Bob, are you buying and holding in your area or closer to the city?

Let us know your thoughts and how relevant it is in 2014.  Also, from what I was told by an Attorney the laws can vary concerning Dodd/Frank state to state.  Not sure how this book takes that into account.