All Forum Posts by: Omar C.

There are many vendors out there, wish there were only a few it would make selecting one easier.  I'm actually also looking for a company and preferrably a single one that will provide all the loans in my park.  Below is a list of lenders that will provide chattel loans:

US Bank

Mountainside Financial

Oxford Bank & Trust

Precision Financial Corp

PNC Financial Services

Triad Financial Services

Let me know what you decide, some have returned my call and some haven't.  So far finding a lender hasn't been easy.

@JimJohnson Thank you for the link on the weather radios.  

@CurtSmith That's a good idea, I'll just purchase a combo plug in and call it a day for all my residents and make sure they sign off on it.

Good story, thankfully you were able to walk away with money in your pocket and hopefully a lot wiser :).  Hopefully next time will go a lot smoother.  

With owner financing make sure to follow the SAFE Act regulations.  

Thanks @Shawn.H I'll post my progress, it's been rough getting to this point but I finally have turned a corner with this property.  If you know of any investors looking for a place to move their mobile homes to my park will be investor friendly.

Hi Jim, is the weather radio requirement only apply to brand new homes or any home that is sold?  I just saw the weather radio requirement for the first time in a report from IDEM. Can you point me in the right direction for the seasons rules and regs for Indiana and the requirements for being posted vs delivered.  I want to make sure that I do everything right the first time around.   

Hi Everyone,

I searched through the threads and couldn't find this topic.

I'm looking for Leases and Rules & Regulations for my Mobile Home Park in Indiana.  I'm in the process of turning it around and currently my tenants don't have a lease and I'm looking for "iron clad" leases and rules and regulations that cover/address 90+% of things that can happen.  I'm hoping to avoid tenants not cutting their grass or leaving non yard items on the lawn.  Any help would be greatly appreciated.

Thanks in advance,

Omar

Hi Everyone,

Is it legal to sell a home without interest and be compliance with Dood-Frank/Safe act.  If I sell a home for $10,000 and don't charge any interest just straight payments for x months would that be legal?  I would rather just build in my interest and profit into the price and sell it without all the hassles.  

Just completed a deal this week, purchased a home that needed work, the new tenant asked for some time to make repairs and I offered two months which was accepted.  Turns out that he has worked in the factories building mobile homes and now I have him looking at homes that I was going to scrap to see if they are salvageable.  

I have also sold many As-Is and what I find is the home only gets repaired to a livable condition and never fully rehab.  The tenants eventually leave after a year or so.

My onsite manager inspects the progress on a weekly basis, if the progress or workmanship is not up to par we notify the prospective tenant.  Forgot to mention that we typically don't have them sign a lease until the home is ready for occupancy.  If after one month the home is not updated to what was agreed to we inform the prospective tenant and inform them we will not be proceeding with them as a potential tenant.  Depending on the quality of work we will sometimes compensate them for their material.  This rarely happens as we are willing to work with the prospective tenant and if we believe they are making a good faith effort we will step in and see how we can assist with labor or material. 

We have everyone who moves into our community fill out an application and we perform our due diligence check of their background, credit....  This is no different than a person trying to rent a home, I'm not going to rent to you if you have a history of non-payment or have been convicted of violent crimes.