All Forum Posts by: Brandon Cravens

Will do, thank you. I value your experience and willingness to help us little guys!  

How much are you paying per park for liability insurance? What carriers do you recommend? 

I was paying around $950 per year for 42 unit park, it just went up to $1,100 does that seem about right? 

Do y'all carry insurance on the park and an umbrella? 

Unless there is a leak, and there has been several, I am averaging $50 per door per month for water and sewer.  In the town in which my park is located, submetering of any multifamily water and sewer is not done by the city. We are allowed to submeter ourselves but apparently they got tired of people not paying. I have been investigating the how best to submeter the place ever since I bought it. 

@Jen Bastian What would concern me the most is the septic system.  Anecdotally, I have had problems with every home I have lived in that had a septic/aerobic system.  Of course the money you save by not paying sewage fees may offset the cost future problems/repairs I would, at the very least, have a thorough inspection of the septics and make sure they are sized appropriately for the load they handle and that they are operating correctly. Secondarily, it sounds like the demographics in that area may be trending down. In response to your question, with the birds eye view you provided, I would pass. Parks with private utilities are automatically excluded in my search. I have only bought one, so I am not a veteran.  Not a complete newb having owned mine for 2 years but an actively learning MHP journeyman. @Jack Martin is right on IMO.  Remember terms can sometimes make or break a deal.  If the seller offers financing with generous terms that may mitigate your risk. 

@Femi Ibrahim, did you close at title company and get title insurance? Doesn't it protect against building encroachments, etc?

I just got my new LLC. I am planning on filing my paperwork tomorrow to get the Dealer's License. In MO it isn't difficult.

 Try 21st mortgage. I am currently working through through getting enrolled in their partnership program where I can sell new or used mobiles to the end consumer on my vacant lots and 21st century provides the loan.  I am just in the beginning stages so no feedback yet but seems exciting! 

 Do you own the park? I have rehabbed a few in my park and owner financed them. 

Some will list the actual tax bill. I know WA does. Here in Texas they list the tax rate and assessed value. MO has a multilayered and complex system of valuation and millage rate. 

Simple answer, it varies. What state are you looking at? 

 Right again @Jim Johnson she mentioned I need to do that as well. I am disappointed that I have owned this park for nearly a year, struggling to buy, move, rehab, and sell homes on my own without knowing about this. I am very thankful you pointed me in the right direction.