All Forum Posts by: Janice V.

@Mike Neubauer I'm developing a Food Truck Park in Kahului Harbor and plan on opening mid February 2020. Can I give you some coupons for all the food trucks we have on the park to share with your STR/ Airbnb guests? Its a way for us to promote it but also a good way for you to share with your guest.

I'll be contacting property management who handles short term rental to include us in their gift packets for their guest. Hopefully you'd consider it and hope to meet you all one day on the island. Mahalo!

@Michael Sweet

What @Lane Kawaoka wrote is very insightful. The STR in Hawaii is cracking down recently especially in Honolulu, so far Maui regulation hasn't gotten there yet. I have few Airbnb property in Kihei and I highly suggest that when you buy a property that it is zoned for vacation rental. I also use airdna.com to get some info with Airbnb/HomeAway/VRBO price comparison. Goodluck on your search! We love Kihei and have been a part-time resident since we first visited last year.

@James Park

It is from business lending company who would look at your bank statements in last 3-6 months showing income coming in from your park. You can use the money however you would need to help grow your park.

Shoot me a message I can suggest you a company who can help.

@James Park

Have you look into Short-term Working Capital?

Hi BiggerPocketters!

I understand I would need attorney for this one but I figure those who are local in Texas can give me some inputs and maybe one way or another you’ve had this experience in your years in real estate.

3 days before closing the seller passed away. He had set a “will” and a “Power of attorney” since he knew he’s in his last days. It went to probate and currently we are still waiting til there’s a probate set date is. Almost a month had passed then I received an email from the Broker cancelling the contract and sent me the release form- this is in Texas.

In my understanding anything that’s under contract should be frozen until the judge set an executor for the sellers estate. The broker continuously show the park to other buyer even we have contract set and it’s under escrow. I believe he had found a different buyer and wanted to get rid of me... but it’s in probate??

So, my question.. in Texas real estate broker law- can a broker still continuously show and take offers from buyer even the property is still under contract/probate? And can the broker cancel the contract when the estate is in probate?

I’m so invested into this, time-money. I really appreciate any inputs from local Texas broker, Texas Real Estate lawyer/ attorney.

Thank you so much!

@Donna McArthur

Mobilehomeparkstore.com

Hi Christian!

first of, Congratulations on your park purchase! 

What we we have done for ours was send an Introduction letter to all the tenants stating our ownership of the park, who we are and how open we are to suggestions to making the park better. Then we follow of ways to pay the rent and we include our company rules and regulations. 

We use rent manager in collecting rent. They can pay online with debit or credit card. And or cashpay location nearby the park. Rent Manager software is by far the best management software out there at least for MHP. 

Goodluck and hope this helps you!

:)

Originally posted by @Christian Cardamone:

Hey Bigger Pockets! We are taking over a new park shortly, any advice on the best way to notify all the tenants (beside door posts) to let them know where to pay rent etc so we don't miss a beat, I know this may be a challenge, any example of a good letter saying" there is a new sheriff in town" haha, , and is there any input on new ways to collect rent that have been effective, or new payment methods to investigate? We will never accept cash of course. Thanks in advance!

@Cody Godfrey

You’re doing the right thing for going directly to seller. Brokers most of the time can kill your deal.

@Allen Smith I did my quick valuation. The park is overpriced. That size and being park owned homes with valuation formula it’s coming up with $268k. You’d have a hard time finding a bank or lender to fund that deal. Unless you have a really good relationship with local bank which they typically validate MHP based on lot rent income and not from park owned home income.

@Allen Smith Hi Allen! Welcome to MHP investing. I personally like MHP that are all tenant owned. City water and sewer. You as a park owner is in parking lot business. That’s the best part but not all case are the same. But that’s ideal. So looking at parks those are the things you’d want to consider. My very first park was a 30 lots, 20 are tenant owned and as soon as I took over I gifted the rest of 10 to our tenant. I don’t have to worry about maintenance and repair but also the property tax against that home. Start educating yourself in the business. I highly recommend MHU bootcamp with @Frank Rolfe. Good luck!