All Forum Posts by: Logan M.

Get it in the leases that if your residents damage the drainfields they pay for it. Also have it noted that when tanks are pumped (we do it on a routine schedule) if inappropriate debris is found the resident pays for the pumping. Condoms, tampons, grease, even the rocks from the bottom of a bunch of fish tanks. We have it in the lease and make them pay for it.

I have it in my lease but I need to be more strict about it.

0 Votes

What is the plan to fill the parK?

0 Votes

Three little known truths about Mobile Home Parks:

1. The cash flow is great, but rent collection is always a challenge. I have at least one tenant per park that I am always fighting with about paying rent.

2. You can make more money by holding onto homes in parks but it creates way more work and I don't believe it is worth it in the long run.

3. In Some of my communities I make more money on seller financing the homes I own than the lot rents.

I will add more of these truths but I find most investors without parks don't know some of this information.

10 Votes

I know people who have passed ARTI first try but Stringham is much better. I think Stringham's test prep is by far superior to anything else you can take in the state of Utah.

1 Vote

Salt Lake City, Utah

Quote from @Bill B.:

You’re going to skip January when they’re working on paying off debts other than yours too right? And then skip February as it’s valentines and they have to spend your money on their loved ones. Maybe you can sneak an eviction in to March before Easter without coming off as the villain? It’s like you’re trying to find the perfect time of the year to break up with your girlfriend you caught cheating on you.

maybe write them each a check for $1,000 for the rent you’ll lose every couple weeks until you feel good about it. And obviously erase any amount they owe you.

I assume they’ll be living rent free way past Christmas and new years. What if you started a month ago, way before Christmas and you were about to actually evict them this week?

Ps. This is all before any actual lying/stealing by the tenant “during Christmas” that would really sit wrong with me.

Good luck and be thankful you can afford to lose a few thousand to feel good. That’s a great place to be.

Pps. As I write that maybe you get these people evicted ASAP then donate those thousands to a shelter for homeless and hungry people who didn’t steal from you?

I love your response!

0 Votes

This year I have felt extra Grinch-like.

The problem is that I created payment plans with two tenants who have flat-out lied to me and based on our procedures we begin the eviction process.

Should I have waited until after the holidays?

1 Vote

Yesterday, I funded and recorded on this beauty.

The general numbers look like this:

Purchase price 300k

Rehab 65k

Hard Money 25k

Engineering 15K

Total: $405,000

Anticipated Sale:

Home $450,000

Raw Land Sale after lot split $130,000

Profit:

About $150,000 after closing fees, I am an agent so I will save a little there.

This was on our MLS originally asking $350,000.

0 Votes

Quote from @Chris Seveney:

Quote from @Logan M.:

After watching hours of YouTube videos on septic tanks I have determined that one of my tanks and the leech lines are full of biomat, a nasty substance made up of fat and grease.

I am considering adding to the drain field while having the current drain field cleaned.

I have heard of people using other remedies and wanted to see what others have done.

This tank has been pumped 3-4 times this year!

if you are pumping 3-4x a year then you have other issues. I would not do this yourself, I would hire a professional company to assess the situation and advise.

The plan is to pump it and then have the system cleaned and expanded. I am hiring it out to a pro.

0 Votes

After watching hours of YouTube videos on septic tanks I have determined that one of my tanks and the leech lines are full of biomat, a nasty substance made up of fat and grease.

I am considering adding to the drain field while having the current drain field cleaned.

I have heard of people using other remedies and wanted to see what others have done.

This tank has been pumped 3-4 times this year!

0 Votes

Quote from @KC Pake:

Quote from @Logan M.:

There is significantly more work when you own the home. If I own homes I work to seller finance them as soon as possible.

I own way too many homes like probably somewhere around 60 units of mobile homes that I own and have to fix constantly.

Hi Logan,

Thank you very much for sharing your experience. This is EXACTLY what I was wondering about. Thinking I know what to focus on now. Much appreciated!

R/
KC

I would buy the right park with park-owned homes but I wouldn't do it unless the numbers were strong.

1 Vote

All Forum Posts by: Logan M.

Logan M. has started 136 posts and replied 728 times.

Post: Septic tanks are full of crap and other less pleasant substances

Post: Private lending for mobile home parks? Would 12-15% interest be fair?

Post: Three little known truths about Mobile Home Parks

Post: Starting out my real estate career.

Post: Eviction Notice the week before Christmas

Post: Eviction Notice the week before Christmas

Post: Single Family Home with a lot split

Post: Septic tanks are full of crap and other less pleasant substances

Post: Septic tanks are full of crap and other less pleasant substances

Post: Seeking Advice: Investing in Mobile Home Parks - Land Rents vs. Owning Mobile Homes