All Forum Posts by: Gulliver R.

That’s a lot. Most likely you’ll have to buy used MHs from various sources. You can cash out refi and use that money to buy some MHs. 

How many vacant lots do you have?

Generally speaking this project may be too expensive relative to your potential return (if any). Or you will see good/great returns but won’t see it for a while. Just my two cents. 

Call the county treasurer and/or the county tax assessor and ask them how you can go about getting the titles transferred over to you after the sale. You may also want to call the state BMV (bureau of motor vehicle) and ask them too. 

Call the county treasurer and/or the county tax assessor and ask them how you can go about getting the titles transferred over to you after the sale. You may also want to call the state BMV (bureau of motor vehicle) and ask them too. 

I do the same as @Chris F. - we have our tenants pay at a near by bank. And we can check online if they paid or not

It would depend on the state and the laws in that state. But generally speaking what I would do is on the rental ageement i’d write up the conditions for them to be responsible for maintenance and repairs of that portion of the pole/power as well as the electricity bills. Have them read, agree, and sign it. Then you should be set. I’m not an attorney. So this is not legal advise. Just my two cents. Hope that helps! 

I would get bank financing and put 25% down, this way you get a higher cash in cash return, have money reserved for cap ex and when stuff hits the fan, and use some of that money to make improvements to the MHP and any POHs. 

I personally would repair the homes (for as cheap as possible), fill the vacancies using RTO, charge $1000 down/deposit to have them with skin in the game, and strictly/consistently enforce park rules and No Pay No Stay.

Isn’t Metro on the pricier side? 

@John Jacobus @Ryan Groene