All Forum Posts by: Ryan Sajdera

Hey Jordyn, 

I would have a very in depth talk with your bank to make sure that you are both on the same exact page when it comes to MHP's. In my experience, banks really don't like mobile homes...or parks... or anything that rhymes with mobile. I would recommend forming our LLC prior also. This can save you some time and paperwork. Good luck.

Thanks @Ryan Rippinger, i'll check that out!

Ryan 

I just didn't now if there were any legalities associated with it. I didn't know if you can just put up a sign and say this park is now a "55 and older" park

Hey BP! I was wondering if anyone has had any experiences with retirement communities. I am looking to take a MHP and make it a senior living park, but i'm not sure how to go about it if I even can?  Seems like my elderly tenants are always my best tenants and don't bring around problems.. any thoughts on how to go about this without running into any type of discrimination etc? Thanks!

Please, don't add your tenants on facebook. This is a terrible idea. Especially if things go south.

Dating your tenants is like dating your cousin. Its not necessarily illegal but you won't make many friends by doing it.

Bring a lawn chair!

I think its sad really, and I think those people need prayers the most.

@Matthew Wright yes, do not wait to post notices. The legal system in itself takes time and tenants usually see that you are serious when you post a notice. I recently had to deal with a tenant in this regard and i'm still missing back rent because I let it go too long.. take it from me, it was a big lesson learned. They were our neighbors/tenants in a duplex so it was hard to be pushy because we have that "hey we share a wall" relationship. Looking back though, I didn't do him any favors by allowing him to continue to let his own personal finances get out of hand because of lack of prioritization on his part. 

I think you guys bring up some really valid points! One major benefit to partnerships can be access to other networks, however. I've heard it said before that "your network is your net worth" and having access to "people that know people" can be a huge asset that you don't get on the solo side!

@Jay Hinrichs I think you are right about the partners though. I don't know how many non real estate related disagreements I've had with partners on things, I can only imagine what type of issues arise with people that don't share the same common objectives and own a million dollar building together!