All Forum Posts by: Jennifer Fields

Hi Everyone,

Is anyone aware of where I can obtain a referral fee contract? I would like to have a seller sign one which will state that he will pay me a $1000 referral fee should I send a buyer to him that purchases his property. Unless I overlooked it, I did not see it on the BP site under files or forms.

Hi Everyone,

My husband and I own an S-corp company that is not specifically a real estate business. I have read where it is better to purchase property through a company. Should that company specifically be created for real estate, or could I purchase property through our currently owned business if we purchase before we start the real estate company? 

Hi Everyone,

My husband and I own an S-corp company that is not specifically a real estate business. I have read where it is better to purchase property through a company. Should that company specifically be created for real estate, or could I purchase property through our currently owned business if we purchase before we start the real estate company?  

@Account Closed great advice, thank you. It seems like purchasing this home and then wholesaling it is not an option in this case since she said one had to agree to leave it in the park for four years, unless there is something I am misunderstanding. However, you have definitely given me some good ideas going forward. I will private message you with any questions I have. Thanks again.

@John Fedro Thanks for taking the time to list my options at this point. However, I do believe you and @Account Closed are correct. The manager is not showing that she is too open to having me in the park at the present, and therefore, I will search out opportunities elsewhere.

@Don Gouge while doing my research, I did read that MHPs not willing to accept lease purchases could be an issue from time to time. But I will continue to search for the MHP that will. 

@Account Closed thanks for the suggestion. I actually sent her a message shortly after leaving the park to clarify the process and she responded with the following earlier today:

1. The park requires that the person who purchases the home must have it titled and leased in their name. Lease is month to month.

2. An HRC must be signed stating that the home will remain in the community for four years

3. If and when one decides to sell, the person whom purchases the home must be park approved.

4. Taxes must be transferred to the new owner, and once that is done the lease will be put in the new owner's name.

Hi Everyone,

Is anyone familiar with any mobile home parks in the Indianapolis area that allow investors to purchase a mobile home within the park, and then lease to own it to a tenant once any improvements have been made? I was prepared to make an offer on what would be my first mobile home, only to be told that the person that purchases the home must live in it. I mentioned that the tenant would actually own the MH, although a lien would be held on the property until the payments were completed. I also stated that any tenant would be directed to complete the park's application process. The park had several empty lots, so it seems disadvantageous for them to turn away prospective tenants that would be open to purchasing the home.

@Account Closed thanks for the info. A realtor also told me that I could only have one VA loan at a time, and I have been living in my home for years, so the one year time frame wasn't an issue during that conversation. I will check back into it.

Thanks @Mike D'Arrigo. You are correct about the neighborhoods where most MF properties can be found. I have found very few in desirable areas. That being said, I am also researching areas where new development is planned that would make some of the locations more attractive. 

Jennifer