All Forum Posts by: Scott F.

Replacement furnace: what do you use & why?

We end up replacing several furnaces every year, part due to failure and part because it’s at the end of its useful life. (This may vary due to your location but):

I happen to like Goodman and Amana hi-efficiency furnaces (95-97% - natural gas) and so does my HVAC guy Dave, those are our go to lines.

What furnace do you use and why?

We were doing an eviction, opened a shoe box on the closet shelf – dead squirrel, next to that a hand gun. 

We’ve found lots of swords, a cat skeleton, and a big stain of blood under ruined carpet. The Police Forensics team said it was animal blood – It’s hard to figure out what some people are thinking!

Many years ago - roaches, mice, bats and rats... now-a-days those are all but gone, we hardly have any issues with any of those.

25 years ago, I was working under a sink on my back with roaches dropping in my face, just another day of livin the dream!

@Patrick Philip

I'm assuming you're asking me that question: 

It would depend on the size of the deal, I could do either. I prefer cash but as we all know that can run out quicker than you would like.

@Joel Owens,

Thanks for the input, I know this is a small topic with very specific buyers and owners. I have a friend that has over 800 pads and does very well, my former partner had a few smaller parks in the past but has since sold them.

Although our partnership worked excellent for several years – AND were still friends, I'm not big on JV or partners but I appreciate the idea.

I just thought I’d toss this out to see what’s going on in the Mobile Home Park world. They seem to be quite scarce or priced so high that it doesn’t make any sense at least to me.

Thanks!

Mobile Home Park – what to look for?

I’m interested in acquiring a mobile home park in Michigan. I’ve owned plenty of residential, commercial and industrial properties, but never a Mobile Home Park. So I’m looking for some direction from those that currently or formerly have OWNED one or MANAGED one please.

What am I looking for, how many pads are better (more vs less), what to stay away from, cold climate vs warm climate, rural vs city sites, can it be run without an onsite manager – (probably depending on the number of pads)?

Any good books on parks I should be reading (recommendations)?

My target would be 100 or less pads per site. In the past all I’ve looked at are either really old – built the day after the earth cooled or too new to make sense from a cash flow point of view.

Looking for input from an experienced operator, prefer parks in Michigan.

Thanks!

@Bill Exeter

Hi Bill,

Wow, I've never heard of the 1033, I thought @Peter B. simply made a typo - you learn something new everyday, thanks!

@Peter B.

Glad to hear the family won in the end also. But the 1031 was brilliant on your part, most folks wouldn’t think about that. 

It’s been a while since doing one myself (we’re permanent hold) but I did a 1031 exchange with a 2 family for a 12 unit, then five minutes later purchased the 2 family right back – win – win!

I’ve been very blessed:

I had two fires back in the 80’s, both from smoking, both were simply a couch / chair caught on fire and did minimal fire damage. 

The smoke from the fire did the majority of the damage - on one the Fire Department caused more damage to the property than the actual fire.

@Kim Meredith Hampton,

Wow sorry to hear about that one, I'm glad all turned out well. We always recommend renters insurance but you have a great rule of having it and naming us / you on their policy! 

Looks like OUR policy just changed :o)

Thank you!

Insurance: what’s your “it saved me” success story?

We’ve all heard the horror stories and know the illogical thinking behind not having property insurance.

However; In reviewing all of our property insurance with my EXCELLENT agent Julie I wondered what is your “It saved me” story with your property insurance?