All Forum Posts by: Ryan Groene

contact a lawyer....and/or get that in writing from them

how many rentals that he owns? utilities set up...water, sewer, gas/propane, electic?  who pays what? park or tenants?

size of lots?  what are age of homes?

besides these technical questions you want to knwo the whoel story are how they got to own it, etc. really create a bond with the seller

Also, unless this park is really close to you...within 3 hours, you will have to pay a property manager whom lives on site for sure.  I live in Ohio, please Private message me and maybe i can help you out

Money pit, your better buying an apartment with maybe less units but for the same price in that college town, and you will end up managing it less/same because you still own the units, just like the MHP.  MHP's are really only efficient in that number of lots if they are either really high lots rent(great than 350 a month) and/or you run it like a horizontal apartment and just accept it as is.  

for MHP's, there really is a far gap between actual professional property management companies like there is in the apartment world.  Finding a deal is hard as we all know, but you can't just turn it over to a property management team and expect great results in the MHP world.  The real conduit for a successful park is the park manager that you have either live on site or very close.  you essentially will manage them to run the park.  They are the property manager, but they get paid closer to $10-$15 an occupied lot, depending on the nature of their duties.  

Exception, on larger parks/nicer parks, you can afford to maybe higher out the property management services, it is becoming ever more popular, but it is still a long way off from the apartment world.

if you okay with an owning a horizontal apartment building, this is what you would be buying and all the benefits that goes along with owning a mobile home park disapear with all park owned homes.  Not to say this method is wrong, but just be aware that this is going to run like an apartment and your cash flow will probbaly be okay if your willing to put in more mangement and cost per home.  your exit from the property will be limited because of all POH's and it being really small number of lots.  

But you can make this work if you feel that this meets your investment criteria

its happening and becoming more popular in cities around the world and USA, but agreed first stop is your building department to see if theyll allow it

call your insurance company. Have them come inspect the property. Any tree that is not dead and falls is an act of god and Therefor is normally covered. If it’s dead, then insurance does not apply normally 

Unfortunately this is a money pit and your better off buying soembting else. Unless this was like on the Malibu beAch or in aspen. This is unfortunately not a good deal because of the lagoon system. Really small parks have to be most of the time on direct billed city utilities in order for the deal to work. 

@Gulliver R. ---not legal advice as im not a lawyer----but anything that is/could be disguised as a mortgage could violate the safe act compliance....that is where some people do rent credit...your familiar with this correct?

anything that is a single family residence/mobile home the safe act/DF applies to it.

look up Ohio's ruling of the mobile home's and renting to own/lease option contracts