All Forum Posts by: Sarah Hansen

Sorry, I didn't see your other question on selling them. I'm not sure if the one-per-year rule in Arkansas applies only to a straight buy / sell or if it limits owner financing. If we bought a large amount of mobile homes to fill our park, but then owner financed them, I don't know if they would look at it the same way as a straight sale since we would hold the note and ownership of the mobile home wouldn't pass until the tenant paid off the note. I guess worst case you have park-owned mobile homes that you rent out and slowly turn over to lease-purchase agreements as allowed. But then you need to deal with repairs while they are straight rentals.  

It's up to you. You can start where you're comfortable with a business page and see if you get traction there. It may be all you need. I've noticed most of the mobile home parks in our area don't really set up websites very often, but I'm not sure if it's due to the fact that the owner base is less technologically inclined to put in the marketing effort or there just really isn't much of a need for it. In our area, affordable housing is tough, so the parks stay pretty full. My guess is they just don't need to market very much. 

If you wanted to do a website outside of the business page, there are quite a few platforms. A nice free website platform that is easy to use is wix.com. They allow you to choose a platform and customize it as you wish. You are limited a bit on design flair, but it would definitely get the job done for you if you wanted to go the website route. 

Hi Justin,

We are currently learning this niche as well and have made some offers on parks, but not closed on one yet. Yes, a website and Facebook page will certainly help increase visibility. You're on the right track there. 

Our strategy for a park like this would be to either incentivize people to put their mobile homes there to start collecting lot rents (parks in our area often offer to pay to move the mobile homes to their park if they sign a longer lease); or to find some used mobile homes for a discount, rehab them, move them to the park and then put owner occupants in there paying the lot rents and a mortgage to us that we would owner finance to them. I never want to be called to fix a toilet. That would be included in the agreement - Bank of America doesn't fix your toilet, and Bank of Sarah doesn't either. This would be their home that our LLC would hold the mortgage to and finance to them.

I'm sure there are a lot of more experienced people than me on here, but those are my initial thoughts. Can't wait to hear other responses!

We've had good luck with Advantage Title: http://goadvantagetitle.com/

Hi Jace, Great to meet you! We've had two rehabs so far, one in downtown Bentonville and one in Rogers. We have researched buy and holds, but are still doing flips to build up the active portion of our business. My husband is a realtor, so we watch those investment rentals go by every day. When we build up a bit more capital, we plan to jump into the buy and hold market. Right now, our flips are keeping us busy. NWA is hot right now! Let us know if we can be if any help!

Welcome! There are plenty of great resources here! Let us know if we can help!

Definitely check with your attorney. There are a few ways they can challenge it after the 90-day redemptive period, but they are much less than previously allowed. Thankfully, Arkansas laws were reformed recently to make them more investor friendly. However, we lost one after the redemptive period when we tried to quiet the title and they were alerted that they were losing it. We could have challenged it in court, but the attorney costs may have soon outweighed any value in the land we tried to claim. They didn't challenge the validity of the tax sale (which is what the 90-day redemptive period covers), but they found an older law that allowed them to challenge our claim that our attorney said was still constitutionally binding. Ultimately, it would have been up to a judge to determine the outcome, and we didn't want to pay legal fees to find out which way it would go. They paid us for our initial investment with interest to satisfy the statue, so we weren't out anything. Given the value for the land, it was a smarter decision (for us) to take the payment and walk away than pay attorney costs to fight it. But, to answer your question, you aren't 100% safe after that 90-day period. 

Super inspiring to hear your story! I wish I had gone the real estate route sooner after wasting a decade of my life in the corporate world, but have since corrected the mistake. Congrats on your success! And, like everyone else, I'm dying to know how you funded this... :) 

We got our LLC before we had done a deal yet. We are doing flips, so it helped us get pro accounts for price breaks on materials when we did get our first project. Of course, there's the protection aspect of it as well. We certainly haven't regretted forming the LLC first.

By the way, we are in Northwest Arkansas too! If you find a good project to wholesale to us, hit us up! :) We are currently rehabbing two properties right now and always looking for more. We know about all listed properties, as my husband is a realtor. But, if you find something off market with the margins we are looking for, we'd love to take a look!

Best of luck! 

Welcome Aaron! It sounds like you have some great goals. There's a great group of investors here and a good reia group. We live in Springdale and love the NWA area. 

Let me know if we can be of any help on our investment journey! :)