All Forum Posts by: Logan M.
Logan M. has started 136 posts and replied 728 times.
Post: Onsite Handyman in Mobile Home Parks
- Investor
- Provo, UT
- Posts 737
- Votes 620
Quote from @Roger D Jones:
I have all three versions throughout our parks- free rent, partial rent and a W2 employee. Each park's situation dictates the need. Our W2 maintanance manager is paid very well but is tasked with maintaining 14 POHs and overall care of the park. We have honest conversations about his compensation and how it fits into this park's financials.
Can you go into details on this? I would love to hear about the breakdown.
Post: Expanding a Manufactureed Home Comunity with Septic
- Investor
- Provo, UT
- Posts 737
- Votes 620
Last Tuesday, I went to a Planning and Zoning meeting and received a lot of verbal support for expanding my community. This park is right outside of the more populated area in my county but is a short drive to everything. The downside is that there is no sewer so they are all on septic tanks.
The biggest challenges I am facing are:
1. The number of tanks is one per unit.
2. The size of the drain field.
3. Each home needs to have room for a replacement tank.
I believe I will be able to add some homes but am a little nervous that the septic tank set-up may kill us.
Post: Utah - looking for 2024 local RE market nuances: SLC, Lehi, Orem, Provo etc
- Investor
- Provo, UT
- Posts 737
- Votes 620
I highly suggest reading the Kem Gardener Institute grow trends report, it provides incredible information.
Post: Seller Financing Park Owned Homes
- Investor
- Provo, UT
- Posts 737
- Votes 620
Quote from @Dave Rav:
@Logan M. I just know that generally speaking, a foreclosure takes significantly longer than an eviction. I know the statutes are per-state (and I dont know Utah's), but some states can take as much as 15-20x longer than an eviction. At least this is the case for real estate (not necessarily MHs)
The strategy I have heard used is having in your seller fi agreement that they can't move the home until it is paid off and then if they are not making payments file for them to leave the space since that would still be an eviction. If they can't pay you they can't afford to move their home. In Utah, we can give them a 5 day notice to pay or vacate if they own their own home.
Post: Filling My Mobile Home Park
- Investor
- Provo, UT
- Posts 737
- Votes 620
Quote from @David Bridgman:
Quote from @Logan M.:
I would highly suggest looking into Legacy Homes in Fort Worth. The will finance homes for you to fill your empty spaces.
Hi Logan, I gave them a call last week after seeing your post. Thank you for the suggestion!
A little more expensive for what you get but impossible to beat their terms.
Post: Storage vs. MHPs
- Investor
- Provo, UT
- Posts 737
- Votes 620
Quote from @Henry Clark:
Assuming your market is good for both? And you run your numbers.
Do you own the mobile homes or just rent the lots?
If you are just renting the lots, I would go with the MHP lots.
Storage building costs are really high right now. If your market for a 10x20 is $90 per month or less I wouldn’t do them.
If your storage rental rate is say $130 or higher I would do Selfstorage.
That is great insight Henry. Based on your answer I should pursue the expansion of the park before storage. This location I believe would be better as additional housing.
Post: Storage vs. MHPs
- Investor
- Provo, UT
- Posts 737
- Votes 620
Quote from @Jordan Moorhead:
@Logan M. I don't love storage because there is nothing stopping more from being built
That is a great point
Post: Tips to avoid frozen pipes in your mobile home park
- Investor
- Provo, UT
- Posts 737
- Votes 620
Quote from @Samuel Coronado:
I'd say the biggest and easiest thing is redo the pipes in PEX. PEX can expand way more than copper or PVC pipes, fittings are much cheaper, and you can make very quick patches without having to wait for glue to bond and cure. Just one crimp or clamp and it's done instantly, ready for 180 psi. Glue takes longer to cure under 40 degrees and existing fittings such as elbows and couplings can be weakened with the cold.
That is interesting because as I am thinking about it the homes that I have switched out have not frozen. Great tip!
Post: Storage vs. MHPs
- Investor
- Provo, UT
- Posts 737
- Votes 620
I have the opportunity to expand a mobile home park I own or build storage units on the raw ground.
If I am looking at it as a direct comparison which would be a better play without getting lots in the weeds?
Post: Seller Financing Park Owned Homes
- Investor
- Provo, UT
- Posts 737
- Votes 620
Quote from @Dave Rav:
Though I am in the camp who prefers MHPs with primarily TOHs, I do have some experience with POHs.
You are right, POHs definitely jump your cashflow. In your example above, its that 2-year period of exposure thats concerning where you owned homes built in the 1970s and were responsible for maintanance and repair. That risk involved potentially having to spend more on home repairs than the home is worth.
Also, when whenever we sold mobiles on terms we did so on rent-to-own. If you seller finance and they stop paying, wouldn't you then have to foreclose on them?
I haven't had to go through the process yet but I believe that Utah wouldn't be too difficult for that. You're also right on the 1970s homes needing repairs.