All Forum Posts by: Derek Robinson

I currently have 5 parks, and a contact on a 6th.  All my parks send me some kind of certified funds (money order, certified check, etc.) to my P.O. Box.  I've looked into various ways to pay, but this is the only one that seems to work across the board with every tenant.  A few might slightly complain when I first by the park, but they are fine with it.  I'm sure it can get lost in the mail, but in 3 years I've never had this problem, and they can stop payment if it does get lost in the mail and send a new check. 

All my parks are in the south (North and South Carolina).  I'm not sure about other markets, but some tenants are too old to use an online system to pay, or too "backwoods" to even use the internet.  I think another good option are systems that let you pay at a Dollar General or Walmart.  I've talked with multiple park owners that use these systems with success.

I have a 3 lot park that is in my state, but 4 hours away.  I manage with one from a distance, but there isn't much to manage.  Each tenant has their own power, city water, city sewer, and maintains their own grass.  I drove there once to look at it 2 years ago and haven't been back since.  Checks come in every month with no problem.  My other parks are an hour away, and I self manage the lot rentals on those as well...again, not much to manage.  I own a few trailers in a few of my parks and I have a local property manager handle these because I don't want to get a call about a leaky pipe or whatnot.  I'm negotiating a 40 lot park currently and even though it's just lot rent only, it's 3 hours away, so I'm thinking about a property manager for this one.

Chase Furnace Property Management is awesome!  I've been with them for several years and totally trust them with my 8 doors in Spartanburg.  I'm a full time investor with property in multiple areas, Chase is by far my favorite.  They always place good tenants and are available to talk with me, usually within minutes of me writing an email.

@Paul Sofia, I wonder how the folks at ibts supply you with the missing data if you have nothing to go on?

Yes, it still has the original siding

I had this same issue about 3 years ago.  I had my mortgage broker shop around.  He found a lender that would finance the house with a normal 30yr mortgage and count the trailer as "outbuilding" or something like that, basically giving it no value.  The company was Roundpoint Mortgage.  I've shopped around with some commercial lenders to refi, most will finance at 30yr traditional mortgage, but won't count the trailer as having value or add it's rent in as income.

I'm closing on a piece of property this week.  It has two single wides currently.  One has the VIN and other info on a sticker in the master closet, so I'm good on that one.  The other has been "remodeled".  All interior cabinets and closets are ripped out, so no manufacturer info panel.  I looked on the front I beam and can barely see some letters and numbers scratched in, but too faint to make out.  Plus, it doesn't seem like there are enough characters to make a full VIN.  Owner of property purchased 8 years ago from a realtor who bought it at a tax sale, so tracking down an owner seems out of the question.

Do I have any options here?  My plan is to subdivide the land into three parcels, bring in a third trailer, and sell the 3 individually (I have a bank in the area that will finance single wides on land).  I guess I could keep the trailer with no title and rent it out, but I would prefer to flip.  The bank won't finance without title or VIN.  Maybe I owner finance it and collect my proceeds over time plus interest?  Maybe take it out and get a used trailer with title in it's place?

Hey Max!

I've been in Asheville for around 13 years and a full time investor for 2.  I'd love to offer any advise or answer any questions you might have.  I'd also like to pick your brain on direct mailing, as I've never done it but plan to this year.

Welcome!

@Ramsey Blankenship I'd say the economic drivers are much stronger in Spartanburg than in Hickory/Lenoir.  I invest in SFHs in Spartanburg, but I'm investing in mobile home parks in Lenoir/Hickory.  I haven't researched much in SFHs in Hickory/Lenoir.  That being said, yes, the area was big in furniture in the hay day, then took a down turn.  Google actually has a large data storage facility in the area, plus there is a fiber optic cable manufacturer that produces the most fiber optic cable in the eastern US.  It's in an upswing, but I doubt it will blow up, certainly not as much as Asheville.

@Ramsey Blankenship I'm in Spartanburg, SC and Hickory/Lenoir, NC.  You can pick up some nice cashflow deals in Spartanburg right now with good potential for long term appreciation.  They've put a lot of effort into revitalizing the downtown area and it's pretty nice.  20 mins outside of downtown are the suburbs which are nice.  The area between downtown and suburbs is where I'm investing.  You have to drive the neighborhoods yourself though.  One block might be decent with long term homeowners and the next be methlabs and people just hanging out all day (no jobs).  It's really tricky, but I've gotten good tenants and inherited good tenants.  I can usually buy a decent house for around 20k and rent it for $550.

Hello all! I'm a full time investor dealing in SFH, multifamily, commercial, and mobile homes. I'm at the point where I need to hire some admin help, and probably 6 months down the road a manager of sorts. I'm open to any advise, but also looking for recommendations on books and material to help build strong teams.

Thanks in advance!

@Ramsey Blankenship I've lived in Asheville for 12 years and have been investing here for around 5 or 6.  I've slowly been liquidating my property here to buy elsewhere though.  You are right about prices being high around downtown, but outlying areas have also started picking up in the last few years.  I'd say there are no "deals" within 45 mins or more from Asheville.  I know a lot of investors around here, and most have moved into completely different markets, or they are buying raw land and building for resale.  I'd say this market is tapped out, unless you just have a load of cash you are looking to park somewhere.  Now that the cat is out of the bag about Asheville, most people are coming in and buying single family, multifamily, and commercial with cash as a place to park their money, enjoying some monthly income while they hope for more appreciation.