All Forum Posts by: Lori Hunter

How would one handle insuring mobile homes that are purchased to resale for payments?
I imagine it is calculated into their monthly payments, and I, as seller maintain responsibly to make the payments(?) I ask because I would be afraid that they would cancel it or not pay for it. Then, I guess we would both be in trouble if it burned down or blew away in a hurricane.

Thanks for jumping in John Fedro. Much appreciated advice! Ive been driving through lots of parks lately, doing my research, and scouring the internet for motivated sellers. Almost ready to make my first offer. I also caught your video about your second favorite way to approach MHP managers but cant find the !st. Any hints would be greatly appreciated!

Excellent advice. It is definitely preferable (and sometimes required) for the buyer to be held responsible for paying the lot rent portion. Less to manage is important, and having the park involved in getting the rent if they stop paying is also a plus. Thank you!

Ok. That definitely makes sense. I was thinking lot rent + loan pmt would total hefty number for a buyer anyway. This way it definitely makes sense for them and there is still a good cash flow. Thanks for helping me understand. And I also see the benefit in pricing it below comparable apartment prices. Thanks for the advice.

I tried to email John Fedro with my question yesterday and today, but I keep getting a BP error message saying that the problem will be fixed shortly. In the meantime, I thought I would bring my question here...

I have been listening to all the John Fedro youtube videos lately and am reading his blogs. I'm a little confused though with one part of the youtube video "What price to sell your mobile home. Part 1"...
From the $750 cash flow/month he calculated (average apartment rent + $50), he subtracted the $400 for lot rent and this figure became the total monthly cash flow. ? Why subtract the lot rent? Is this assuming you, as seller, are paying the lot rent until it is purchased free and clear??

Welcome Gerald! We've been enjoying learning our way around this site also. Great people info on here! Sounds like you definitely have to experience to support this venture!

Mark Kindy I replied to you above, but realized it didnt link it to you properly. I think I've got it now:)

Brian Gibbons
Im reading up on these right now!

Thanks everybody!
@Mark Kindy
Thanks! This is a great place. Yes, the rental is working out great for us right now. We have been fortunate to get some great renters, and after PITI and cycling money back into the property for maintenance/upgrades we still make about $500 a month. I have been paying down the mortgage as much as I can over the years and now have only $19,000 left and about $100,000 in equity. This is where we would like to move forward into another property. We are considering flipping with renting and lease option as exit strategies, but still feel we have a lot to learn because our market here is quite competitive.

Hello all. Lori from Delray Beach Florida here. Im so excited to have found BP and am looking forward to learning and networking on this site. My husband and I own a home here in Delray and also have a second property in Asheville NC that we are renting out. We have built a lot of equity in the rental house and are ready to use this $ to invest in more real estate. At this stage we are educating ourselves for our next step.
So, hello everyone! If you're a neighbor, feel free drop me a line!