All Forum Posts by: Rob Chamberlain

Thank you, everyone for your responses!

I am in a due diligence period on a park which cashflow-wise is a great deal. The current owner acquired the property through a lien and only has owned it for a few months and before that it was bank owned for about 5 years.

All of the homes are owner occupied by lower income people with a mix of them receiving public assistance. Some homes that have been bought and sold without the new owners signing leases. Apparently during the time it was bank owned it basically was not managed at all.

If a tenant that hasn't signed a lease and stops paying rent, will I be able to evict since there is not a lease? Also I have heard that most of the home sales have been very informal and little if any paperwork has been officially signed.

Any Advice would be much appreciated! (I am meeting with an attorney soon to get their opintion)

Rob

The mobilehomeuniversity.com ebook that they give away for free provides the follow formula for a rough estimate. 

(# of occupied sites X Lot rent X 70 ) + value of park owned mobile homes = Rough estimate

(20 sites X $300 rent X 70) + $20,000 park owned homes = $440,000

I am not sure where the 70 comes from exactly. I am new in the MHP space so I have not validated this formula. 

I am not terribly experienced in MHP, but found some deals on Craigslist. Also there seems to be a few brokers, at least in the Midwest, that handle a large percentage of MHP listings.  

Hello everyone, 

I am interested in advice on a mixed use property that I am looking at where there is a restaurant on the 1st floor and apartments on the 2nd and 3rd levels. Originally the two upper levels were office space that were converted an unknown number of years ago. It is zoned as a commercial property in the state of Wisconsin and I want to ensure that this isn't an issue that could cause problems should I pursue acquiring the property. 

Thank you for your help!

Rob

My family is planning on moving to Madison, WI in the Spring and I am looking to get any local investors take on the market. We currently have 3 unit multi-family in Washington DC that we will probably keep, but I am interested in increasing my RE holdings. The plan is to pull some equity out of the current property to fiance others in a less expensive market. (we are moving because my wife wants to be near her family and not because its a less expensive market.)

I have started researching online but would greatly appreciate any insight to the market. Thanks!