All Forum Posts by: Paul Sofia

On the surface, it looks like garbage.  If this is going to be your first park, move along.  There is a ton you need to know about parks prior to jumping in.   No lender would touch this.  Seller is looking for a sucker, unfortunately.

Info?  There's a ton you need to know MHP's.

@Jeshua Patrick, you are spot on. Most investors don't have a clue about this. .

I would suggest you look into MHU-

https://www.mobilehomeuniversi...

Just make sure you contact planning and zoning as well as environmental health for the septic as well as water testing.  You want to make sure when you place a value on the park, use the pad rents only.  I have a due diligence check list I can send you, if you wish.

Currently most all pending foreclosures are currently frozen.  Besides the ones in default, there are countless others under the "moratorium" classification.  That's just on the residential side of things.  Commercial properties are another story.  When the moratoriums are lifted along with the forbearances, we will see a shi# storm like we have never witnessed.   These mortgages are backed by something...like people's 401ks.  2008, 2009 was bad enough.  When this bomb goes off, it will be much worse.  This is easy Math folks.  I have been in this game a long time.  Don't know when it will happen especially when these governors put these unlawful oeders in place.  

I would suggest checking out the real economy prior to diving in. The bubble will burst in the near future.

If you have 8 separate lots, it is not a MHP.  

I would unload it....

It is really sad and unfortunate that these governors are issuing lawless mandates.  Unfortunately the court system will not follow laws.  Nobody is looking out for you except for your attorney(s) for a price.   The commercial crash is going to be huge, followed by the residential collapse.  The courts will be backlogged.  Let's not forget the individual and commercial bankruptcies to boot.