All Forum Posts by: Scott Schaar

@Jordyn Rodriguez Make it super easy. I have a heavy duty lock box next to the mail boxes. It works well for me.

@Manmath D. You’ll see huge returns on the small investment in the course. I was just at the one in Charleston SC. Good class if you’re just starting, or already an owner. The strategies you’ll learn are great. Literally cover everything from A to Z.

I had already bought my first park before attending. I did so following the MHU due diligence manual. It was a great resource for those of us that tackle a MHP with no prior experience.

You should at least do the home study course before looking into this niche.

The networking is great also. I’ve been talking to several of the park owners I met there.

@Steve Emling, replace is what I would do. Cellulose is basically paper they mix with chemicals to give it a fire retardant quality. It can retain moisture and if you had mold in this house it’s an easy decision. Those spores spread to anywhere and everywhere.

If it’s a flip house. When you go to sell, think about inspections. They always note insufficient amount of insulation. Then give the thickness it should be by code. You’ll most likely need to blow more in anyway.

If it’s a buy and hold. Imagine tenants complaining about heating bills and how the upstairs is cold. A happy tenant is a quite tenant. So I always over insulate everything. So what I spend an extra 1000.00 on insulation. It makes both parties happy. Along with when I sell it in ten years the fiberglass will still be good to go.

Good Luck

@Neal Bratton

Welcome to BP, and to Evansville investing. Lots of opportunity in this market.

Good Luck

@Jonathan Cooksey I was in the same situation . When doing diligence I found out the owner had no leases on any of the lots . Me being from the SFH world I was kind of worried . I was wrong about that . It's actually a huge advantage when taking over . If the park is below market rent this simplifies things . You'll need to find out what your state refs are . You can take rents up almost immediately with no recourse. Along with the non-renewal ability on current residents . If you have some that won't clean up the yards or you want out for other reasons . You can simply tell them you are not renewing their lease for the following month . Instead of having to wait until the end of a lease or whatever other stipulation. As long as you put out Park Rules from the get go . Those are stipulation you'll have to follow .

Now that being said . Once you’ve stabilised the park, then start having leases signed . It took me about 6 months to clean up and regulate . You really have no idea the type of resident the old owner was allowing in . You might find out the first month, some aren’t paying exactly like the rent roll said . To me it’s a huge advantage .

Good Luck

@Matt Kauffman every market is different . Some prospects want immediate response, some don’t . You’ll have to make that call yourself . I would put it out there immediately . You’ll want as much feed back as possible . So as to make your decision to either run or gun the deal . Craigslist, Facebook Marketplace and Zillow are my go to online sources . I’ve got a Grasshopper account and setup a seperate number just for this . When you get your results take into account the size of the city and the size of the park . How many spots are you trying to fill? How many POH rentals do you have ? Are you getting responses for lots only or rentals . Don’t think that just because you put lot rent up there . People confuse that with renting an entire trailer . Be really specific in your advertising. I’m no expert, I just listen to what other do and interpret to my market . Good Luck

Going to Mobile Home University next weekend hope I learn some more .

@Matt Kauffman I kept the list of mine during DD . Then two weeks out from closing when everything looks like it’s going to happen . I’d start contacting them and getting their specifics . Most of them were still looking for a place to park up . It worked well since I do all month to month . As soon as we closed we’d already laid the ground work for new residents to move in .

I think I’ve heard of some people giving the info to sellers . When and if the sale falls through .

@Robert Henderson is this a rental, flip, or your house ? Are you a licensed contractor ? I hope before you go in swinging sledges . That you first have someone that knows what they’re doing look at this . One picture and some general description of the ground work won’t work . Way to many factors to consider to be able to make a random guess at this one . Where do you live? Does snow load need to be incorporated . Do you live where hurricane codes need to be followed ? Just because the supporting beam underneath is a foot away doesn’t mean anything . State codes allow supporting beams to be that distance or greater depending on the total load and what it’s made of . The list goes on .

One more reason to consult a pro would be...legally . Say you knock this wall down and nothing happens....shhhew glad the house didn't fall in . With this size wall nothing would happen immediately, it would over time . If something happened after you sold this house to someone else . Guess who's liable for damage . If you rent this out to someone and the same happens....guess who's liable . I'm going to assume since you're taking a wall down it's a flip . Did you Pull a permit for this work ? Even if you didn't, a lawyer has to simply pull pictures of this house before you bought it from the old MLS listing . Even if nothing huge happens any cracks and or sagging could cause alarm to new owners . You'll be responsible for any repairs associated . Please please be a PRO in this and get a real recommendation.

Good Luck

@Christina Potosnak I can't really weigh in on the heat pump debate . It's like comparing apples to apples . However as far as costs of the systems go . I started using the mini-spilt systems in my college SFH rentals years ago . Whenever we add bedrooms on to the houses instead of running duct work and or upgrading the entire furnace . You can buy a mini split system that has three zones that takes care of heating and cooling .

When I took my park over . I had some residents who’s furnaces were going out . I suggested a mini split to them . The ones that have converted love them . They are installed by a local guy for about 2000.00 for a three zone mini . Google, mini split systems . If your handy you can install these yourself . The system only runs about 1200.00 . Anyway just throwing out there .

Good Luck

@Eric Dame if and when you get to the point of being a 100% on buying . Try get the notice of rent increase out ASAP . See if you can talk the seller into it . This will leave less wait time after closing . Like everyone said also, make sure you follow state guideline on length of notice .

Good Luck