All Forum Posts by: Scott Schaar

@Jamin Olds banks will loan on smaller amounts . I’ve financed one for 175k . It’s like any other deal when you buy commercial . If the financials are good on the park . Finding a lender should be easier . Don’t get me wrong though, there’s always a pause on the phone . When the words mobile home park are said . You’ll know you’re talking to the right lender . When you say mobile home park, and they immediately say yes . They have one in their portfolio already or have heard about the returns they can offer . Once I found a lender for the first park, the second went much easier.

I hope you’ve bought the Due Diligence Manual . I highly recommend it. Great information about the ins and outs of buying. I have recently signed up for MHU boot camp as well . You should visit the site . They have some free information for investors .

Good Luck.

@David J Lepard I've got a local scrap guy I use for this . I found him on Craigslist . Works great, he keeps money from scrap and throws the rest in a dumpster he provides .

If you go this route . Have them sign a contract . That first of all protects you from the liability of his injuries . Second covers the demo it's self . No scrap metal is allowed to leave the site until all non metal debris is removed . They will just throw all the metal they can take off in and day, which is the shell and leave the rest . Hasn't happened to me but it has the park next to mine .

@James Gleeson If you go commercial you don't have to "season" . I closed on refi 3weeks after I moved my first tenant into the property . If your using your LLC, that's the way You have to go anyway .

@Jose Lira at the moment you don't really have a park . What you have is a piece of raw ground that has four MHs on it . The guy selling has subdivided the land hoping that somebody wants to buy it for a subdivision for SFH . A MHP does not need subdivided lots . The entire property is owned by one entity and lots are leased in a MHP . If you're trying to develop a new park out of this . Your in an uphill battle . All the infrastructure that's needed would be three times the cost of the raw ground . Just to fill up half of that acreage . Roads electric, water and septics are expensive . I wouldn't value this anymore then a rundown quad in a C- neighborhood . The valuation you gave it is about right . If you were thinking about development. I would reach out to an experienced investor first. Just a thought .

@Ray Van welcome to the area . Lots of houses in that price range . Just becareful of which side of the street you buy on in some neighborhoods . Big difference between area north of Washington Ave. and south of Washington Ave. Good Luck

@Alex Gordon I can do some electrical work myself but I wouldn’t tackle this . I simply would forward those pictures to three contractors and get three quotes . Think legality and resale . If this came up on your inspection to buy . Then it only makes since it will come up again if you ever go to sell . Do it right the first time and it’ll save you money later .

If anything ever happened if this is a rental . There’s now documentation of faulty wiring in this structure . Although highly unlikely it would cause issues . You or the inspector would be court ordered to supply this report in a law suit . As I mentioned above I can do some electrical . Every house I buy, I have an inspection and every house shows up some small issues . I give that list to an electrician to fix everything on that list . Even if it is just a couple of GFCIs .Have to cover all the bases .

@Martin Zavala just leave it as a three . All new dryers can be wired either way . Your house was built in 52, so the wiring doesn’t support it . You’d have to run the wiring required for a four prong . All in all you’d spend a couple hundred dollars for no gain . Save the money

Start with a smaller room . If you get into a pickle in the middle of a big room as far as spacing, lines and uneven tiles . You would get frustrated and stop . I’d start in a small mud room or anything . You’ll want to get your feet wet on how wet you like the mortar and many other things . Then there is grouting, it’s a big task on it’s own in a big room . Buy some really good knee pads . Good luck

@Kellen Driscoll that's is going to be tuff . POH are always fun .

I'll send you company to try . No promises though

@Jon Dorsey shouldn’t take them more then a few hours . Depending on your current setup . I had them go ahead and do 3 lots while they were there . Should be about 100.00 dollars in parts, labor charge might be different then in my area .

On an off subject subject . I do a three month minimum for these RV sites . All my sites are directly billed from utilities to residents . I don’t want them in my name at all . I know of another park that would charge a higher monthly rate for RVs and would include utilities . You would be surprised how much electricity they can use . If you charged 350.00 a month to them you’d be upside down . Three months is long enough to have the utilities in there name and they don’t think it’s a hassle. I do charge a higher monthly rent for them though . They’re normally paying at least 30.00 a day at a camp site . Mine go for 250.00 which is a deal for them . Plus the extra time I have meeting them and helping them setup gets compensated . I advertise on my Sign for it also, you’d be surprised how much it helps .

Check your Laws also . My state and local laws have no limitations except pop up campers are not allowed .