All Forum Posts by: Joe Pitrolo

i probably wouldn't offer more than 5k. Looks like 7 to 10 k to move and setup, repair.
You can always ask the park owner for a few months free rent while you repair.
There is another post I started about Mobile home sources and one post mentioned wholesaleing or 3 or 4.

Mike M, you should write a book!

The guy's auto insurance should absolutely pay IMO. He was obviously at fault. Even if your homeowner's paid a claim, they would try to subrogate- get the auto to pay.

Also, shop around. Alot of times you can find cheaper rates. I know I saved a lot by going with ERIE a few years back. It has gone up a bit, but they actually pay REPLACEMENT costs (cost to rebuild), which fewer policies do- only cover a particular $ amount.

Marc and Rachel, Good advice.
I've just made inquiries but not yet bid on properties. It seems they ask high prices and this doesn't take into factor back lot rent. I've talked with the lady at Greentree and she did say the bidding has some security as far as final bids.
Marc, can you find wholesale deals in WV? I have access to a piece of property where 3 homes used to be. I'd be interested in a wholesale package.

Vanderbilt Mortgage has mobile home foreclosures on their site.
Google Vanderbilt and foreclosures.
Also Greentree Mortgage has foreclosures, you have to get on an email list.
Local banks can be a good source. Also, get to know movers in your area. They can be good sources of homes.
Although the best deals I have found have been from individuals and park owners.

Cole,
I follow you now. Where do you find lists of mobile home owners? Can you buy these or do you go to the court house?
When the credit runs out, have you considered collecting 10k with 2 down and financing the rest for a monthly income stream?

just listened to a guy who specializes in Student Housing. He has the parents co-sign and he also makes all tenants jointly and severally liable for damages. I guess this keeps everyone vigilant about keeping the place up.
I think a lot of it may depend on the structure of the building, i.e large rooms, good parking, common areas and a local demand, but definitely have an air tight lease.

There are some Parks that offer free lot rent or credit for moving homes to a park.
Also, get to know some mobile home movers. Sometimes, they have some deals or know of some homes available.
I think a real upscale park would be hard to work in unless you find a distressed seller or move a home in. I would probably concentrate on Parks with more of a need for occupancy.

Cole,

Have you considered subdividing the land and making extra mobile home lots? maximizing the roi?
I can see Scott's point because MH's typically do not gain value like SFH. I know a permanent foundation is important in some states as far as Loaning dollars.

I think you should invest in what you are knowledgeable about and good at. Some people may have a knack for the stock market or may prefer a more passive investment. Just read a headline on AOL about a lady who bought 3 $60 shares of a company she worked for years ago. When she died, they were worth 7 million. I definitely believe in plowing some RE earnings into the market and other investments, if possible.

You might want to notify or call your insurance company also. Typically Med coverage on a LL policy may cover these costs. I would make it a last resort.