All Forum Posts by: Will Stewart

What is lot rent in the market? What can you sell those homes for (cash)? Who pays utilities?

That is a lot of park owned homes. Find a reliable maintenance person because he’s going to be there weekly, if not daily. 

I always had a great experience with Bryan Ward and O’Donnell Lee in Waterville.  

I’ve done it many times, typically they’ll charge a small loan modification fee ($300 or so) since they do need to record the changes. In my case they’ve always asked I pay the loan down proportionally to the value being released. 

Check with the town— make sure it isn’t seasonal. Will need at a minimum a permit to winterize (maybe) but could also need a variance or special permit, every town is different around here. While you’re there the building inspector will probably have a few referrals for who can do the work. Insulation and heat source, may need to dig water line deeper, etc

Look for a larger property (5+ units). Commercial lenders care much less about your job / job history and more about the performance of the asset. 

Just curious what other folks numbers look like; I’ve been tracking mine more closely recently. I own two MHPs in a strong northeast market.
57% (in terms of # of units) collected on or before the first

97% by the 7th

100% by the 15th (always a few stragglers)

Roughly 60% pay online/PayNearMe, the rest mail checks.

@Nathan Barshinger

Start looking on Loopnet- most of their listings either have financials attached or have access to them through signing an online NDA. Doesn’t need to be in your market, just start absorbing the information and comparing expenses, etc. They don’t vary a ton market to market. Note: most all of them are not deals, but can offer great exposure to the inner workings of parks on some level.

Thanks @Sean Ross seems like it’s a pretty basic question now that I’ve seen it from a few sources and yourself. Definitely need to file the 8824 for 2020, no grey area. 
Appreciate the response!

Hi all 1031 exchange experts or CPAs.... I sold my property in November of 2020 and closed on my replacement property in March of 2021. 

What (if any) are my S-Corp filing requirements for the 2020 tax year- do I need to file a Form 8824?