All Forum Posts by: Chad C.

Why only five homes a year? It seems like that would be your main priority to maximize the space that you have, maximize your returns.

Ask a real estate attorney in your area. There so much speculation about that huge law. The real estate attorneys in your area are doing these every day. See how they're doing it. In my state we don't have to do it we operate by Napoleonanic law, and if two people agree to it then it is so.

David Marsceau

That's crazy high lot rent, does that include electricity? Many places around the country rent around 150 and include water and garbage. I have some that rent for 800-900 and lot rent is 300. My only expenses are $35 for insurance.

I'm Confused. Your gonna rent it out for 700 then pay someone 500 for lot rent?

It's hard enough to get a loan on a MH, but may be even harder to get a heloc, especially on someone else's land. It's not a bad plan, but you should be able to buy one in a park for closer to 15-20. Not 30. What's the lot rent for your example? Don't worry about depreciation, a MH will always be worth 1-2 years rent.

I always hear mention of this 40%, and it seems excessive. Does this include debt service? If he has 40% expenses and then after debt services he will have barely anything left. What will he be spending $25,000 a year on? If he is going to net 36K before debt services this is just a 8.6 cap?

Agent told me today that you can only have a personal umbrella and/ or business umbrella, they don't co mingle. Are properties in business name or personal? But yea a 1mm policy is $2-300 a year

The advantages are that you can get better tenants that pay more, and it's easier to fill when not in the park. It's also easier to acquire the smaller deals, then it is $1 million park. The disadvantage is really depend on your local municipalities requirements.

John D. Do you have much experience in South Carolina? I imagine it's a lot different than Ca., which I hear has some of the strictest laws in the country regarding mobile homes, tenants, and real estate in general. Here in Louisiana, there's no such restrictions. There's not even a required inspection to see how it's attached. Appraisal yes, inspection no. I know that there is a affidavit in Louisiana that states that the mobile home is now immobilized. I'm not sure what the point is or even if you have to do it, but I think it makes property taxes slightly differently.