All Forum Posts by: Nikki Closser

@Dustin Mathenia I’ve called several parks that have MH’s for sale and I was told the same thing. So now I’m in the hunt for parks that will allow it. 

@John Jacobus maybe I could hire you to talk to these park managers/owners ;) 

@Travis C. great, thanks!

@David Starke got it, thanks! And then once they pay off their loan to you, you are removed from the lot lease and all further responsibilities?

@Michael Ablan totally get that. So, you screen all renters before allowing an owner to rent to them? I would bring someone to you as my lease to own tenant and you give the OK before they can move in?

Hi! I’m seriously considering buying individual mobile homes and going the lease to own route. My question is about the park rules around this. 

Once the person pays off the mobile home, I’m assuming you want your name off of the lot lease. At what point does the park need to qualify the new owner. What happens if the park says no to the new owner, but they have already paid off the home to you? 

Or, maybe I have this process wrong? Just trying to work out at what point the lot lease is transferred to them and how to make sure the park gives them the OK. 

Thanks for your help!

@Caleb Heimsoth anywhere from 40-400 days. There are some that have sold quicker, but so many just hanging out on the market. 

@Patrick Strain that’s exactly what I was thinking. We do want to do a combination of passive income and appreciation. So maybe this next purchase is our passive income deal and the following will be for appreciation. So many things to think about! What do you think you will do?

Hi! I've been devouring the podcasts and reading blog posts and forum posts to learn as much as possible while we hunt for our second deal. First property was our previous primary home in Seattle (White Center) that grew appreciation like crazy, so we kept it as a rental and now have a HELOC for our next deal.

After everything we have learned, we want to start with BRRRR 2-4 unit MF where we now live in Michigan. I was feeling great about this until seeing how MF units sit on the market here for SO LONG. And I'm watching prices just drop lower and lower. Great for buying!

But, when looking at an exit strategy for when we want to scale up and sell these down the road, it scares me to see this. The last thing we want is to then be stuck and not be able to scale. 

What are your thoughts on this?? Thanks so much!

@Charles Kao thanks for the info! I've had a CPA for many years and we had a good discussion, but he's not a real estate investor and I was curious what other investors do/think. 

@Joshua B. Thanks so much for the info! My photography studio is in downtown Plymouth :) I'm actually not going to use the LLC to buy properties (yet) or to even transfer them. I'll be using the LLC to loan us money to buy properties. So, essentially, the LLC will be our private lender. Curious who you have your umbrella policy through? I have one for my business, but not for me personally!