All Forum Posts by: Janene Tompkins

You could offer to buy the home for the taxes owed and then either rent it back to them or re-rent it to another tenant. Just a thought 

I agree with the previous comments. I tried the used home route. The hassle and out of pocket wound up being more of a pain. Legacy Homes has a decent community program and financing. I haven’t tried the Cash program yet, but it seems like a good option.

I have had luck obtaining homes from a higher-end mobile home community in my area. They even gave me one for “free”! Budget at least $2000-3000 for moving and set up of the home and at least $4000-5000 for rehab depending on the condition of the home. Add on another $2000+ for HVAC. And hook ups to electrical, water, sewer, that will be at least $1000, probably more if you have to repair water leaks or update wiring. Also, costs for steps and skirting and permits So, maybe a budget of $10-15k for a rehab? You can also buy new homes from Legacy and they will finance them for you. Their 3/2’s run around $28-30k and come with all appliances, including HVAC, it could be worth looking at their program. 

Good Luck!

you mentioned these are POH's, is the $650 Lot Rent JUST the Lot Rent? Or is it Lot and Home? I would separate out the lot only rent from the total rent on the POH's. What are the annual expenses of the property? I always base my offer on NOI of the Lot Rent only plus a shell value for the homes. Here, you have some extra stuff with the SFR's and storage units. What kind of condition are they in? Will you need to factor in some CapEx? In summary, get the NOI, apply your cap rate, figure out what CapEx is needed and take that off your offer. I'd love to hear what other folks think. Good luck!

I have been to MHU Bootcamp twice! It is absolutely worth the time. If you are going to expand to MHP’s, the Bootcamp is a necessity. Good luck!

Could be worth a look then. I hope it’s not in Flint, MI though!

What is the size of the MSA? I, too, would be concerned about a 20% decline in the population. If there is more than 100,000 people in the immediate area and there are jobs, it might be worth a look. Or not...

Ditto about contacting a CPA well-versed in MHP’s. Here is a question I have, you purchased the homes as rentals, so they are your (or your business’s) homes. Are you paying the sales tax as the purchaser, like you would if you were purchasing a car? If so, it seems to me that you are filing these as taxes paid by you as a business deduction. From your post, it sounded like the SCDOR and your CPA are treating your situation as though you are selling the homes. It could be worth reposing the situation to them and make sure they understand that you are buying, not selling the homes.

Excellent point @Andrew S. !

I forgot to add. If you have kept good records about who you paid, when, what for, etc. that could be considered a receipt. It’s okay to pay cash if you keep good records.