All Forum Posts by: Janene Tompkins

Thanks. I may have to make the drive after all!

Louisville is hard to get to from Raleigh, NC... no non-stop flights. Or an 8 hour drive. Any consideration of moving it to Nashville in the future? 

What you are describing does not necessarily fall under housing laws, but gift tax laws. If the gift is less than $14,000 of value, then there should be no FEDERAL gift tax due. For 2017, an individual can give another individual gifts up to $14,000 of value and not owe gift taxes. If your sister is married, she and her spouse can give you up to $28,000 worth of gifts. Money cannot  change hands to be considered a gift. I do not know about California gift and transfer tax laws.  You should consult with a CPA in your state for a definitive answer regarding CA transfer and gift taxes. Here is a link to the IRS website regarding federal gift taxes: https://www.irs.gov/businesses/small-businesses-se...

I hope that helps!

Hi Alex,

If you have not checked out MobileHomeUniversity, please do. Their bootcamps and books are well worth the time and money. I cant speak for or against Fayetteville, but you want to be in an area with a shortage of affordable housing. It is recommended that you look in MSA's with 100,000+ population and a median home price of at least $100k. I bought a MHP in the Triad and the trailers came with it. I did not want own the homes, but have found it easier to control my tenant base by owning the homes. The extra cash flow is not bad either. I hope that helps!

@Michael Farrugia I own a MHP in Thomasville, NC. As soon as I update my Craigslist ad, the phone starts ringing. Let me know if there is anything you would like to know about the area.

I am not an attorney, just a CFP(r) who works a lot in estate planning. Please contact an attorney. Power of Atty is only valid while someone is alive. Once the person dies, the will, trust or state laws if intestacy take over. If this  woman's children are are her only heirs, they should open probate with the local clerk of court. There are other steps, but once the court approves someone as executor, the home can be sold as part of the estate. The MHP will need to file as a creditor to receive funds from the settlement of the estate. To sum things up, the family needs to start the estate settlement process before the home can be sold.

wow! This is very helpful info. What do you now say in your contracts?

John, This is a really cool project. How much does a renovation like this cost?

Elizabeth, I am an investor in Durham too. I highly recommend Liz Dean at Peak,Swirles&Cavalito. Liz is a Durham native and knows the area extremely well. She will do a great job and connect you with good contractors and trades people. Good Luck! Janene Tompkins

what is the average rent for a 2 or 3 bedroom apartment in the area? If I s over $600, you probably have room to rate the rents to at least $225. If this park is in NC, a lot of towns go from $200-$275 per lot. It looks like a good deal to me. Make sure to do your due diligence on the water lines and pipes, etc. mobilehomeuniversity is a great resource. Good luck!