http://www.mobilehomeparkforum.com/list.php?3Mon, 06 Sep 2010 09:29:57 -0700 Phorum 5.2.9a http://www.mobilehomeparkforum.com/read.php?3,3950,3950#msg-3950 http://www.mobilehomeparkforum.com/read.php?3,3950,3950#msg-3950
This park is located in the western part of Oklahoma, tornado alley. God forbid, what expenses would incur for me if a tornado would hit the park? Of course, if I owned some of the homes, these homes would be covered, but other issues that I might come across that I cannot think of. Any idea, anyone?

Everyone in this forum are so positive, I hate bringing up negative thoughts.]]> Alex4U Mobile Home & Mobile Home Park InvestingMon, 06 Sep 2010 05:17:51 -0700 http://www.mobilehomeparkforum.com/read.php?3,3936,3936#msg-3936 http://www.mobilehomeparkforum.com/read.php?3,3936,3936#msg-3936 mroady Mobile Home & Mobile Home Park InvestingSun, 05 Sep 2010 20:01:56 -0700 http://www.mobilehomeparkforum.com/read.php?3,3934,3934#msg-3934 http://www.mobilehomeparkforum.com/read.php?3,3934,3934#msg-3934 ChrisL Mobile Home & Mobile Home Park InvestingSun, 05 Sep 2010 12:53:29 -0700 http://www.mobilehomeparkforum.com/read.php?3,3920,3920#msg-3920 http://www.mobilehomeparkforum.com/read.php?3,3920,3920#msg-3920
[mandelman.ml-implode.com]]]> shawnsisco Mobile Home & Mobile Home Park InvestingSun, 05 Sep 2010 21:06:43 -0700 http://www.mobilehomeparkforum.com/read.php?3,3908,3908#msg-3908 http://www.mobilehomeparkforum.com/read.php?3,3908,3908#msg-3908
Placed ad in the homes for sale and mobile homes section of two newspapers and had them run for 7 days.
Results - 0 calls

Placed ad in the homes for rent section of the same papers and they ran for 10 days.
Results - 53 voicemails.]]> Perry Mobile Home & Mobile Home Park InvestingFri, 27 Aug 2010 15:17:50 -0700 http://www.mobilehomeparkforum.com/read.php?3,3902,3902#msg-3902 http://www.mobilehomeparkforum.com/read.php?3,3902,3902#msg-3902 texmex Mobile Home & Mobile Home Park InvestingSun, 29 Aug 2010 18:44:27 -0700 http://www.mobilehomeparkforum.com/read.php?3,3892,3892#msg-3892 http://www.mobilehomeparkforum.com/read.php?3,3892,3892#msg-3892
Thanks]]> meyers1996 Mobile Home & Mobile Home Park InvestingWed, 25 Aug 2010 18:49:46 -0700 http://www.mobilehomeparkforum.com/read.php?3,3891,3891#msg-3891 http://www.mobilehomeparkforum.com/read.php?3,3891,3891#msg-3891The owner wants $50K for the property. The 6 lots sit on 0.3 acres. Is that a good price?]]> StoneColdBill Mobile Home & Mobile Home Park InvestingMon, 30 Aug 2010 09:44:16 -0700 http://www.mobilehomeparkforum.com/read.php?3,3887,3887#msg-3887 http://www.mobilehomeparkforum.com/read.php?3,3887,3887#msg-3887
Has anyone found a good online search service?

Thanks]]> Patrick Mobile Home & Mobile Home Park InvestingWed, 25 Aug 2010 05:32:48 -0700 http://www.mobilehomeparkforum.com/read.php?3,3873,3873#msg-3873 http://www.mobilehomeparkforum.com/read.php?3,3873,3873#msg-3873 Northeasterner Mobile Home & Mobile Home Park InvestingMon, 23 Aug 2010 21:07:00 -0700 http://www.mobilehomeparkforum.com/read.php?3,3868,3868#msg-3868 http://www.mobilehomeparkforum.com/read.php?3,3868,3868#msg-38681. The MHP has depreciated over 400,000. If I convert to an S-corp or LLC, will I have to pay the tax on depreciated assets?
2. If I convert to an s-corp and hold on to the property 7-10 years, will the depreciation recapture based on this 400,000 not be due or will I pay yearly on the 400,000 (400.000/7years=57,142/year)? I'm assuming I will pay 15% on this 57,142/year.

Thanks]]> RobinsonVA Mobile Home & Mobile Home Park InvestingFri, 27 Aug 2010 12:17:15 -0700 http://www.mobilehomeparkforum.com/read.php?3,3858,3858#msg-3858 http://www.mobilehomeparkforum.com/read.php?3,3858,3858#msg-3858
My partner and I recently purchased a 42 lot park in NC. So far everything has been moving along quite well with the tenants getting accustomed to our rules and regulations, rent increase notification and general requirements regarding property cleanliness. However, we have this one tenant who subleases her unit for an amount exceeding anything else in the park. The larger problem, though, is she doesn't seem concerned with paying us on time or, in regards to this month, paying us at all. We're filing an eviction notice to let her know we're serious, but, we don't want to put her tenant in a bind since we have no beef with them.

How do you typically handle a subleasor who isn't paying the lot rent without adversely affecting her tenant?

Love this forum!]]> browserguy Mobile Home & Mobile Home Park InvestingThu, 19 Aug 2010 11:32:02 -0700 http://www.mobilehomeparkforum.com/read.php?3,3846,3846#msg-3846 http://www.mobilehomeparkforum.com/read.php?3,3846,3846#msg-3846
She suggests I take over payments of $125/mo rent it out and give her a little money and keep the rest. It would rent for $700 including $260 lot rent. Give her $50/mo and I'm cash flowing $525/mo before expenses. More important it keeps a home in the park. But to me it is like borrowing money to buy a home to fill a lot. Not good. Any ideas on how to keep this home in the park?]]> AndyR Mobile Home & Mobile Home Park InvestingThu, 26 Aug 2010 03:25:01 -0700 http://www.mobilehomeparkforum.com/read.php?3,3842,3842#msg-3842 http://www.mobilehomeparkforum.com/read.php?3,3842,3842#msg-3842
The conventional 30 year mortgage on site built homes; Do you think they will always be with us? Or are they on their way out?

For those 20 and 30 somethings who maybe had never considered these mortgages – there is no organic investor market for this paper, its marketability is totally dependent upon the implied U.S. treasury guaranty, and until sometime in the mid to late 1990’s they were very limited in scope: VA or FHA low income type program, since that time they have become the norm on all but “Jumbo” mortgages.

They have been a game-changer, and not for the betterment of our industry (or any other).

What say you?]]> shawnsisco Mobile Home & Mobile Home Park InvestingThu, 19 Aug 2010 13:34:29 -0700 http://www.mobilehomeparkforum.com/read.php?3,3825,3825#msg-3825 http://www.mobilehomeparkforum.com/read.php?3,3825,3825#msg-3825
I was hoping to get some ideas on how to implement these changes. I have an account set up with a background check service. If I am just running criminal background checks with no credit do I need to have applicants sign a release of any kind? I am in Ohio. Would anyone be willing to share their application process or even sample forms they use? All the samples I find on the net seem to be for credit checks. Do you charge an application fee for each person you run a check on? Thanks in advance. Don't post much here but this forum has been invaluable to me in my mhp education.]]> TomM Mobile Home & Mobile Home Park InvestingTue, 17 Aug 2010 04:14:38 -0700 http://www.mobilehomeparkforum.com/read.php?3,3818,3818#msg-3818 http://www.mobilehomeparkforum.com/read.php?3,3818,3818#msg-3818www.youtube.com]

I figure for around $8.00 per month it is worth a try... Thoughts??]]> remerson1 Mobile Home & Mobile Home Park InvestingMon, 16 Aug 2010 19:48:29 -0700 http://www.mobilehomeparkforum.com/read.php?3,3817,3817#msg-3817 http://www.mobilehomeparkforum.com/read.php?3,3817,3817#msg-3817 remerson1 Mobile Home & Mobile Home Park InvestingWed, 01 Sep 2010 21:36:03 -0700 http://www.mobilehomeparkforum.com/read.php?3,3814,3814#msg-3814 http://www.mobilehomeparkforum.com/read.php?3,3814,3814#msg-3814
"... can you discriminate against a Felon?" are all sex offenders Felons? I am not sure.

We just took a class on Fair Housing - on what you can and can not do. There can be 7 or 9 protected classes depending on the City you are in.

Race
Color
Religion
Sex
National Origin (even if you can't find your birth certificate) just kidding - political joke
Familial Status (children under 18 or being pregnant)
Disability (includes HIV, chronic Alcoholism, Mental Illness, etc).

and in some cities, like our 2 largest cities:

Sexual Orientation (watch it there Frank)
Gender Identity (again, not pertaining to Frank --- at all) - having sex change surgery or having an identity not usually associated with 'one's biological maleness or femaleness' (you really can't make this stuff up).

So according to the class, Federal Housing Law is 4 or more units, KY Fair Housing, 2 or more units (lots of duplexes here). So any investor with this number of units is included.

In other words, every thing else is 'fair game'. If you think about this law as 'stuff people can't help about themselves' - like = I can't help that I am ____.

Issues such as Pets, Criminal Choices, etc are up to you, the landlord.

Interestingly in Kentucky, the #1 class who files the most complaints is Disabled and second in line is Gender Identity.

It was suggested that on your Application, do not ask Gender. ---- and always be consistent.]]> BradSimmons Mobile Home & Mobile Home Park InvestingMon, 16 Aug 2010 16:17:03 -0700 http://www.mobilehomeparkforum.com/read.php?3,3807,3807#msg-3807 http://www.mobilehomeparkforum.com/read.php?3,3807,3807#msg-3807 chuckherman Mobile Home & Mobile Home Park InvestingMon, 16 Aug 2010 14:45:44 -0700 http://www.mobilehomeparkforum.com/read.php?3,3804,3804#msg-3804 http://www.mobilehomeparkforum.com/read.php?3,3804,3804#msg-3804 Perry Mobile Home & Mobile Home Park InvestingMon, 16 Aug 2010 14:43:39 -0700 http://www.mobilehomeparkforum.com/read.php?3,3791,3791#msg-3791 http://www.mobilehomeparkforum.com/read.php?3,3791,3791#msg-3791 Mike Mobile Home & Mobile Home Park InvestingFri, 27 Aug 2010 09:28:47 -0700 http://www.mobilehomeparkforum.com/read.php?3,3783,3783#msg-3783 http://www.mobilehomeparkforum.com/read.php?3,3783,3783#msg-3783over 25,000 lbs of junk. The cost of the clean up was huge. I implemented a space deposit. Any new home owners in the park have to post a $400 space deposit which if they ever leave the park and their space is clear on exit...I give them their $400 back. What do the rest of you do ?

P.S. The amount of junk was actually over 40,000 lbs. The tenant tried to pull his trailer out of the park without removing all the car parts, engines and other treasures...needless to say the trailer didn't even make it out of the space before the frame snapped and the trailer was basically totalled. I got to demo his trailer too.]]> darrellc Mobile Home & Mobile Home Park InvestingMon, 16 Aug 2010 14:52:27 -0700 http://www.mobilehomeparkforum.com/read.php?3,3778,3778#msg-3778 http://www.mobilehomeparkforum.com/read.php?3,3778,3778#msg-3778 Mike Mobile Home & Mobile Home Park InvestingFri, 27 Aug 2010 02:57:46 -0700 http://www.mobilehomeparkforum.com/read.php?3,3776,3776#msg-3776 http://www.mobilehomeparkforum.com/read.php?3,3776,3776#msg-3776 chuckherman Mobile Home & Mobile Home Park InvestingFri, 13 Aug 2010 20:02:14 -0700 http://www.mobilehomeparkforum.com/read.php?3,3772,3772#msg-3772 http://www.mobilehomeparkforum.com/read.php?3,3772,3772#msg-3772thanks in advance for any help you can provide.
matt]]> shoen4u Mobile Home & Mobile Home Park InvestingTue, 17 Aug 2010 08:01:12 -0700 http://www.mobilehomeparkforum.com/read.php?3,3770,3770#msg-3770 http://www.mobilehomeparkforum.com/read.php?3,3770,3770#msg-3770 RobinsonVA Mobile Home & Mobile Home Park InvestingMon, 16 Aug 2010 14:58:31 -0700 http://www.mobilehomeparkforum.com/read.php?3,3767,3767#msg-3767 http://www.mobilehomeparkforum.com/read.php?3,3767,3767#msg-3767I have a Mobile Home Park that I own with a partner. I am an absentee owner, while my partner takes care of the park. We have the park for last six years. We had put 25% down and did not take a dime from the park. All the profit went for extra payments to the bank. We deliberately did that so we would be out of the loan sooner. For last couple of years the city is after us. They feel that the park is an eye sour. They took us to the court without giving much notice. We hired lawyer and basically agreed to all the terms that city wanted. They have made us very hard to bring new homes by putting restriction like “The City has to inspect the home even before bringing the home in the park etc"
People are not paying the rents and when we do eviction notice they either live the house or trash the house and go. City condemns the homes and then we have to take them out which cost $1400-1700. Every time the house becomes empty the city people enter the house (some times even before we know about it) and take some pictures and condemn them. The city lawyer sends us letter with lot of personal attacks in the letters. Last two weeks we towed about 9 homes. The remaining tenants are not paying on time either. So far we have not missed a single bank payment. But right now we do not have and money left. The City is not giving and time slack to improve the image and my partner has come to a point that he cannot handle any more. What should be our next action? We have asked bank to help, but so far they have not. What happens next? Please help.
AB]]> agnostic.boss Mobile Home & Mobile Home Park InvestingSat, 14 Aug 2010 11:22:20 -0700 http://www.mobilehomeparkforum.com/read.php?3,3765,3765#msg-3765 http://www.mobilehomeparkforum.com/read.php?3,3765,3765#msg-3765
Here goes:


(Q1)
Page 14:
"A sample of this proposed park owner agreement is attached as one of the downloadable files."

A sample park owner agreement would be helpful, but I don't find it attached to the eManual, or in any of the download sections of the MobileHomer web site. Will it be made available soon?

(Q2)
Page 19:
I don't understand the concept of a provisionary rent credit as described. Perhaps an example with numbers would help.

(Q3)
Page 40:
Turning a Lonnie Dealer into a Park Owner is an interesting concept, and one I may want to participate in. However, I was unable to verify your Internal Rate of Return. Using your Example 1 on page 40:

MOBILE HOME NOTE:
PV = 14,400
%I = 10
N = 60
Solve for PMT = 305.96

CALCULATE ROI FOR MOBILE HOME NOTE ONLY:
PV = 12,400 (cash invested)
Solve for %I = 16.67 ROI

IF WE ADD THE 50% LOT RENT:
$305.96 PMT + $97.50 ($1170/12) SHARED LOT RENT
PMT = 403.46
Solve for %I = 30.30 ROI

Now, here is where I'm tripped up. How did you place a ROI value of 8.36% (38.66 - 30.30) on the $11,700 Investor buy-out 5 years later at zero interest? If you can show the numbers you plugged into your financial calculator to arrive at 38.66% ROI, that would help me to buy into this idea.

(Q4)
Page 51:
"we... will be putting together some case studies of what is working the best"

Maybe it's too early, but I'd like to know if you have any case studies to publish yet?

(Q5)
Page 51:
"We... will be creating a place for both the park owners and mobile home investors to share ideas"

Is it your intention to create a new forum for this, or have you decided to just use the MobileHomeParkStore.com forum?

(Q6)
Page 80:
"Be sure to look thoroughly at the condition of the home using our spreadsheet. Make sure you've put all the correct numbers in for repairs."

This sounds like a very helpful spreadsheet we can use to estimate our repair costs. I was not able to find this on the MobileHomer web site or in the Download section(s). Will this be made available to us on the MobileHomer web site?

(Q7)
Page 39:
"This program (turning Lonnie Dealers into Park Owners) will be tested on a few of our mobile home parks that we own as well as a few parks that are owned by other investors."
Page 90:
"We are putting our own mobile home parks into the program and will set a standard of how aggressive the park owner can be in working with the mobile home investor."

In the MobileHomer's list of MHP Owners, none of the park owners have included this part of the program as part of their Incentives. When will your own parks set the example and begin to offer this option? (I'm not trying to be ugly here - I just want to know if this part of the program will be started soon.)

(Q8)
In the following pages, you included some very helpful repair costs. However, there were a number of them where you mentioned only the cost of materials, and did not include the labor. It would be helpful if you could say how much the typical labor cost is for these items. I know it varies, but averages would be helpful. I'll list them here.

Page 106: Seal a roof (mats = $60-120. labor= ?)
Page 125: Standard window replacement (mats = $50. Labor = ?)
Page 129: Front/back door replacement (mats = $125. Labor = ?)
Page 148: Kitchen counter replacement (mats = $100+. Labor = ?)
Page 148: Bathroom counter replacement (mats = $50+. Labor = ?)
Page 157: Window heat/air unit installation (mats = $300-$400. Labor = ?)
Page 181: Tub/shower enclosure kit replacement (mats = $300. Labor = ?)
Page 185: Sink replacement (mats = $40. Labor = ?)
Page 185: Faucet & handle replacement (mats = $20. Labor = ?)
Page 186: Fireplace removal (mats = $?. Labor = ?)


MANY THANKS to Dave & Frank for your efforts to get the MobileHomer program off the ground. It appears to be a giant step in the right direction.


Best regards, Mike]]> MikeB_GA Mobile Home & Mobile Home Park InvestingThu, 19 Aug 2010 09:56:37 -0700 http://www.mobilehomeparkforum.com/read.php?3,3761,3761#msg-3761 http://www.mobilehomeparkforum.com/read.php?3,3761,3761#msg-37612bd/2ba homes for $325/mo. ( Late '70's- early 80's) This past year I've been bringing in nicer DW's but I think I'm going to try something different for a while.

I'll admit that there has to be some judicious screening at that price point ....but I did get a several seniors and disabled folk who sounded like they'd be fine. Just my 2 cents.]]> darrellc Mobile Home & Mobile Home Park InvestingThu, 19 Aug 2010 11:23:44 -0700 http://www.mobilehomeparkforum.com/read.php?3,3760,3760#msg-3760 http://www.mobilehomeparkforum.com/read.php?3,3760,3760#msg-3760
Thanks for any help and ideas.

Joh]]> joshM Mobile Home & Mobile Home Park InvestingMon, 09 Aug 2010 18:42:23 -0700