http://www.mobilehomeuniversity.com/forum/index.phpThu, 17 May 2012 20:30:06 -0500 Phorum 5.2.18 http://www.mobilehomeuniversity.com/forum/read.php?1,9838,9838#msg-9838 http://www.mobilehomeuniversity.com/forum/read.php?1,9838,9838#msg-9838
15 Spaces near Fremont NE

33 spaces plus apartments near Davenport, IA.

if you would like more information on either of them please email me.

Perry
perry@mhps.com]]> Perry Mobile Home UniversityThu, 10 May 2012 15:04:41 -0500 http://www.mobilehomeuniversity.com/forum/read.php?1,9833,9837#msg-9837 http://www.mobilehomeuniversity.com/forum/read.php?1,9833,9837#msg-9837
My understanding is that the school has denied these students enrollment because of charges against them. We believe the 19 year old is just living at home (too old for high school now). We are unclear if the parents are home-schooling the 15 year-old, or just neglecting his education and letting him hang around at home.

If these charges are true, then the school is well-aware that these kids are no good, and no children at the school are at risk. That said, there are children in our community...

-jl-]]> Jefferson Mobile Home UniversitySat, 28 Apr 2012 17:15:14 -0500 http://www.mobilehomeuniversity.com/forum/read.php?1,9833,9836#msg-9836 http://www.mobilehomeuniversity.com/forum/read.php?1,9833,9836#msg-9836 frankrolfe Mobile Home UniversitySat, 28 Apr 2012 16:31:04 -0500 http://www.mobilehomeuniversity.com/forum/read.php?1,9833,9835#msg-9835 http://www.mobilehomeuniversity.com/forum/read.php?1,9833,9835#msg-9835This is a delicate situation because A) there is no actual proof of the incidents B) you are dealing with minors. This really is a matter that the police should be handling. Have you talked to the police to see if they have any info on this family or if such incidents have been reported before. Also, you may want to talk to the school. If they are aware that a child is being molested I would think that they would report it (dont know how schools are these days).

Of course you do not want this in your park but I would not recommend doing anything yourself against this family. If you are wrong this could come back horribly against you. I would talk to the police and see how they would handle these types of situations. Perhaps if they talk to the school and have enough suspicion they could investigate the family.

After they make a determination on the matter then you could address the issue as the park owner. But I would let the police handle the matter initially.

Just my opinion.]]> howardhuang33 Mobile Home UniversitySat, 28 Apr 2012 16:27:48 -0500 http://www.mobilehomeuniversity.com/forum/read.php?1,9833,9833#msg-9833 http://www.mobilehomeuniversity.com/forum/read.php?1,9833,9833#msg-9833
My manager has heard from a teacher/friend at the local public school that one of the families in our community have two children that are sex offenders. They've been molesting a younger brother. None of this shows up on [www.familywatchdog.us] because the kids are 15 and 19 (the 19 y.o. apparently commited his crime 3 years ago when he too was a minor).

We do not allow sex offenders in our community. We'd like to verify this information to be true, but probably no one will go on the record with us because juvenile records are sealed. What are our next steps?

Thank you,

-jl-]]> Jefferson Mobile Home UniversitySat, 28 Apr 2012 15:13:56 -0500 http://www.mobilehomeuniversity.com/forum/read.php?1,9831,9832#msg-9832 http://www.mobilehomeuniversity.com/forum/read.php?1,9831,9832#msg-9832
Another thing to look into is what it would take to get the park out of the floodplain. If all you need is a foot of fill dirt, then maybe you can fix the issue. If it's a 50' earth retaining wall, then probably not.]]> frankrolfe Mobile Home UniversitySat, 28 Apr 2012 12:02:13 -0500 http://www.mobilehomeuniversity.com/forum/read.php?1,9831,9831#msg-9831 http://www.mobilehomeuniversity.com/forum/read.php?1,9831,9831#msg-9831
We are doing due diligence on a MHP located partially in a flood plain. Does anyone have any experience with such properties? What will this mean for our ability to secure financing? What does this mean for the potential to develop the property into anything else?

Many thanks,

-jl-]]> Jefferson Mobile Home UniversitySat, 28 Apr 2012 11:36:55 -0500 http://www.mobilehomeuniversity.com/forum/read.php?1,9828,9830#msg-9830 http://www.mobilehomeuniversity.com/forum/read.php?1,9828,9830#msg-9830
It's no big deal to remove a ramp (in fact, I have left the ramps in the past and the next customer that moves in has no problem with a ramp vs. stairs), but it would be a huge deal to retrofit back to non-handicap styling.]]> frankrolfe Mobile Home UniversityFri, 27 Apr 2012 10:48:51 -0500 http://www.mobilehomeuniversity.com/forum/read.php?1,9819,9829#msg-9829 http://www.mobilehomeuniversity.com/forum/read.php?1,9819,9829#msg-9829* Advertise on CraigsList - generate 5 calls/day (free)
* Advertise in largest local newspaper - generate 2 calls/day ($98/month)
* That's 50/calls/week
* We estimate 10 of those people actually come on-site every week
* Home will RTO or regular-rent within a month ($100/month premium to regular-rent)
* Our record is getting 5 homes occupied in 4 weeks (May or June)
* Only once have we ever been able to fill a home during the month of December

Mobile homes tend to sell them selves in our community. No 'sales people' are involved. Our manger is clean/nice/competent. Our park is clean and well-located. Prospective residents either seem to want the house or not, regardless of how we try to sell them. So we don't. The homes are open 5 days/week for viewing from 7 a.m. - 6 p.m., and people can grab an application off the kitchen counter and apply if they want. Our manager is a 'paperwork processor,' not a 'sales person.' We range between 95% and 100% occupancy every month.

Your mileage may vary,

-jl-]]> Jefferson Mobile Home UniversityFri, 27 Apr 2012 02:11:55 -0500 http://www.mobilehomeuniversity.com/forum/read.php?1,9828,9828#msg-9828 http://www.mobilehomeuniversity.com/forum/read.php?1,9828,9828#msg-9828
We have a few handicapped folks in our community. So far we've accommodated them by building ramps up to their front doors for free. Our experience seems to indicate that such accommodation reduces turnover by about 2/3rds.

Q's:
* Should we be doing more? (Lowering kitchen counter tops, widening doorways, etc.)
* Should we be doing less? (Will handicapped folks install this stuff themselves? Do handicapped folks just not move around as often as fully-abled folks, and maybe we are not reducing turnover at all ...?)
* If such accommodation does reduce turnover, does the impact vary by type of park (e.g. what is the turnover rate of accommodated handicapped folks in an all-ages community vs. in a seniors park?

Thank you,

-jl-]]> Jefferson Mobile Home UniversityFri, 27 Apr 2012 01:42:50 -0500 http://www.mobilehomeuniversity.com/forum/read.php?1,9825,9827#msg-9827 http://www.mobilehomeuniversity.com/forum/read.php?1,9825,9827#msg-9827Thank you very much for being helpful as usual.

Is there an amount of lots that is the minimum one should have before trying?]]> tiomka Mobile Home UniversityFri, 20 Apr 2012 10:08:11 -0500 http://www.mobilehomeuniversity.com/forum/read.php?1,9825,9826#msg-9826 http://www.mobilehomeuniversity.com/forum/read.php?1,9825,9826#msg-9826
Dave Reynolds]]> Dave Reynolds Mobile Home UniversityFri, 20 Apr 2012 10:02:04 -0500 http://www.mobilehomeuniversity.com/forum/read.php?1,9825,9825#msg-9825 http://www.mobilehomeuniversity.com/forum/read.php?1,9825,9825#msg-9825We just acquired a park that is serviced by Cox and are getting ready to make the call. Was just wondering if there is any specific language to refer to or specific person to speak with.

Thanks for the advice!]]> tiomka Mobile Home UniversityFri, 20 Apr 2012 09:05:00 -0500 http://www.mobilehomeuniversity.com/forum/read.php?1,9812,9824#msg-9824 http://www.mobilehomeuniversity.com/forum/read.php?1,9812,9824#msg-9824
Are you looking at virtual bookkeepers too? I could recommend a lot of good employees from this list. You can hire them at a fraction of the cost than hiring from other sources. Best of all, you could test them first before hiring them fully so you would know their potential.

I hope you find the right person for the job!]]> jayleens Mobile Home UniversityFri, 20 Apr 2012 02:15:58 -0500 http://www.mobilehomeuniversity.com/forum/read.php?1,5545,9823#msg-9823 http://www.mobilehomeuniversity.com/forum/read.php?1,5545,9823#msg-9823Vickie were you able to find anything else?

Thanks!]]> tiomka Mobile Home UniversityTue, 17 Apr 2012 13:03:31 -0500 http://www.mobilehomeuniversity.com/forum/read.php?1,9819,9822#msg-9822 http://www.mobilehomeuniversity.com/forum/read.php?1,9819,9822#msg-9822
We are in full compliance with all rules an regs.

We are ramping up the signage and referral program.

What I'm really trying gauge is how well the staff is handling the calls -- are they order takers or sales people? How many homes per month should we be selling based on a consistent call per day 7 days a week?]]> Kento Mobile Home UniversitySat, 07 Apr 2012 23:04:47 -0500 http://www.mobilehomeuniversity.com/forum/read.php?1,9816,9821#msg-9821 http://www.mobilehomeuniversity.com/forum/read.php?1,9816,9821#msg-9821Congratulations on your interest in the business. It can be a great investment if you are educated and prepared for it. As you are giving yourself a year to enter into this business my recommendation is to approach this methodically and with a plan. I do not think working as a park manager is necessary to get started; remember as a park owner you are working ON your business, not IN your business. Here is a suggested plan of attack in relative sequence. Note that I'm not taking into consideration your current investment or business experience.

1. Education: Get the home study course (and go to bootcamp if you can). Focus 100% of your first 2 months on reading the books. Listen to the audio tapes every single day until you can hear Frank and Dave's voice in your sleep. Read every single post on this forum and mobilehomeparkstore.
This step is the MOST important step IMO. If you decide to shortcut your education then every facet of your future park investment will be reflective.

2. Deal Analysis: As Frank says, start reviewing every deal you can. You must become familiar with the various types of parks out there just to get a sense of the different markets, valuations. In very short time you will be able to quickly assess whether a deal is good or not. I'm not talking about looking at 50 deals. My recommendation is to look at every single listing on MHPS.com and loopnet - just do quick deal analysis on them.

3. Define Acquisition Criteria: Please write down your acquisition criteria for your first park plus a short business plan or goals. It will keep you spinning aimlessly when searching for your first park.

4. Identify Strengths/Weaknesses: Many investors think they can do everything - well, they can't. Its important you are very honest about what your strengths and weaknesses are. Is it analysis, people skills, or organization? You will need to think about how to build your team to best offset your weaknesses so that you can do what you do best. This is also very important!

5. Network: One of the things I love about this niche is that people are very open to helping others. Its not dog-eat-dog like the SFR investment world. I have learned so much from others. Try contacting folks, visiting parks and just networking in the business. The people are great and can provide invaluable experiences.


This is exactly what I recommend to new people looking to get started in this business.]]> howardhuang33 Mobile Home UniversitySat, 07 Apr 2012 12:06:20 -0500 http://www.mobilehomeuniversity.com/forum/read.php?1,9819,9820#msg-9820 http://www.mobilehomeuniversity.com/forum/read.php?1,9819,9820#msg-9820
You need to so a exit survey on the paper who do not buy, and find out way. Is it the product? Is it too much per month? Is the deposit too high? Then re-adjust accordingly.

If you have road frontage, a banner would be a great idea. So would offering a referral program.

Make sure you are in compliance with the SAFE Act to the best of your ability. Unless you are SAFE compliant, you shouldn't be selling homes and carrying paper any more. Also make sure you have the appropriate dealer's license.

More important than the conversion of calls to sales would be showings to sales. You need to get the customer on the phone to get into the park to walk the home. There is no stats on showings to closings, because the demand level -- and product level -- is different in every park. But if you are showing a home several times a week, you should be selling it that same week.]]> frankrolfe Mobile Home UniversityFri, 06 Apr 2012 16:07:54 -0500 http://www.mobilehomeuniversity.com/forum/read.php?1,9819,9819#msg-9819 http://www.mobilehomeuniversity.com/forum/read.php?1,9819,9819#msg-9819
Do any owners out there have any idea what their sales conversion ratio is? With 30 calls/month, what is a reasonable number of sales to expect?]]> Kento Mobile Home UniversityFri, 06 Apr 2012 15:00:51 -0500 http://www.mobilehomeuniversity.com/forum/read.php?1,9818,9818#msg-9818 http://www.mobilehomeuniversity.com/forum/read.php?1,9818,9818#msg-9818
Several years ago I started the 'Mobile Home Park Investors' group on LinkedIn. We now have nearly 700 members, including Frank and Dave. I would welcome your participation too.

You'll need a LinkedIn account; then simply search for the group called Mobile Home Park Investors.

To your continued success,

-Jefferson-]]> Jefferson Mobile Home UniversityWed, 04 Apr 2012 17:36:21 -0500 http://www.mobilehomeuniversity.com/forum/read.php?1,9816,9817#msg-9817 http://www.mobilehomeuniversity.com/forum/read.php?1,9816,9817#msg-9817 frankrolfe Mobile Home UniversityWed, 04 Apr 2012 12:19:12 -0500 http://www.mobilehomeuniversity.com/forum/read.php?1,9816,9816#msg-9816 http://www.mobilehomeuniversity.com/forum/read.php?1,9816,9816#msg-9816
Heidi]]> hfawn13 Mobile Home UniversityTue, 03 Apr 2012 20:16:28 -0500 http://www.mobilehomeuniversity.com/forum/read.php?1,9815,9815#msg-9815 http://www.mobilehomeuniversity.com/forum/read.php?1,9815,9815#msg-9815
Short of starting out in this sort of real estate investing by buying an entire MHP, I have been pondering starting with a strategy on a much smaller scale. Specifically:

Find a single home/land package for sale (so most likely not in an established MHP) that is having trouble selling. This could in part be due to potential buyers not being able to be financed for the whole thing. Lets say for example the seller wants $30k for the whole thing, and the home is valued at $10k, with the land $20k. My thought is to go to the seller and tell them that if they can instead find a buyer for the house for $10k, I will simultaneously buy the land for $20k. (Note: I would not be involved in the financing of the home.) And this transaction would be contingent on the buyer of the house entering into a lot rental agreement with me. So basically, in theory at least (and absent the new home owner moving the house out shortly after the sale)....the seller wins as they might be able to sell their whole property sooner, the home buyer wins as they can perhaps get in a house they otherwise wouldn't have been able to, and I win as I now own and rent dirt with a renter from day one (i.e. hard for the renter to damage it, etc.)

That said.....initial thoughts/concerns? I'm also hoping for any advice on what it takes to split an existing land/home into separate pieces (i.e. changes to the taxation, deeds, etc.) Also, to try and minimize the chances of the new home owner immediately moving their home off the lot (which might be unlikely just in general), but is it realistic to try and make the initial lot rental agreement a 12 month agreement (as opposed to monthly)??

Thanks again guys!

Brad]]> MHP821 Mobile Home UniversityWed, 21 Mar 2012 17:30:47 -0500 http://www.mobilehomeuniversity.com/forum/read.php?1,9810,9814#msg-9814 http://www.mobilehomeuniversity.com/forum/read.php?1,9810,9814#msg-9814
Thank you for the response. I appreciate the insight and recommendations. I suppose that wholesaling residential RE might be a better way to build up capital to buy a park in the near future, since I want to eventually own my own park.

I would love to hear any insight, tips or recommendations from other members a swell.

Thank you,
Gabe]]> G-man422 Mobile Home UniversityMon, 19 Mar 2012 15:58:55 -0500 http://www.mobilehomeuniversity.com/forum/read.php?1,9810,9813#msg-9813 http://www.mobilehomeuniversity.com/forum/read.php?1,9810,9813#msg-9813Congrats on your enthusiasm and continued learning. There is lots of great diverse experience from members on this board. Couple thoughts.

Flipping Parks
1. Yes,the purchase contract and assignment of contract should be the only documents you will need. There may be some states that have slightly different requirements so I will leave others to chime in.
2. You will need to add the "....and/or assigns" into the contract as purchaser. This is very common for commercial real estate and should not scare a buyer. You can put your name and/or assigns. Just tell them that ultimately this will need to be purchased by an entity to be formed at a later time prior to close. They should understand.
3. What do other park buyers want? The best thing I can say is to start chatting with other active buyers to see what they are looking for. Every buyer has different criteria from location to size, etc. If you know who the real buyers are and what they want you'll better be armed during contract negotiations.

In general more time and 'outs' will be preferred. The end buyer needs time for DD as well as financing if required. You want to make sure that if the person you are flipping to backs out that you are left with enough 'outs' to back away yourself. One option is to add clauses to allow contract extensions for whatever reason.

It is hard to say how much time another buyer wants. Some seasoned investors can do DD in a week or less. Others may require more time. Make sure that your contract with the buyer has a clause that the contrast start date begins after ALL required due diligence documents are received and approved by you. This way you can hand over the entire package quickly to the potential end buyer. You do not want to keep going back and forth. This causes stress, time and reduces the odds of a successful transaction.

Wholesaling
First, I love parks. However if your goal is to attain quick capital for down payments then I may suggest you also consider wholesaling other types of real estate like SFR or even apartments. The reason I say this is that wholesaling is a game that requires liquidity of product and buyers/investors. Parks are great for cash flow and longer terms hold. However, one of the weaknesses of MHP investment is limited product and fewer buyers - ie far less liquid than other RE. Dont stop looking at parks but I would recommend you look at expanding your wholesaling to other products.]]> howardhuang33 Mobile Home UniversityThu, 15 Mar 2012 11:01:06 -0500 http://www.mobilehomeuniversity.com/forum/read.php?1,9812,9812#msg-9812 http://www.mobilehomeuniversity.com/forum/read.php?1,9812,9812#msg-9812
Do you have a bookkeeper you recommend? We need one that can *think.* By that, we mean someone who would, for instance, question a large $100,000 deposit into our bank account and not necessarily account for it as rent - someone who would notice that the deposit slip was labeled 'APIC' and instead code the deposit to the equity account on our balance sheet. Our new bookkeeper will also need to follow up with our manager every month to tie-out the deposits and make sure that everyone who has not paid has been given a 5-day notice (or evicted) as necessary.

Our needs might best be described as '85% bookkeeper, 15% revenue assurance/inquiry/thinker.'

Thank you so much,

-jl-]]> Jefferson Mobile Home UniversityTue, 13 Mar 2012 18:00:02 -0500 http://www.mobilehomeuniversity.com/forum/read.php?1,9797,9811#msg-9811 http://www.mobilehomeuniversity.com/forum/read.php?1,9797,9811#msg-9811* CraigsList pulls in 2/3rds of our leads and is free
* A basic 3-line ad in our local paper is $98/month and pulls in the other 1/3rd of our leads. Newspaper readers may be slightly older and more responsible than the leads that come in off CL, but pretty similar
* We tried bandit signs and our phone started ringing off the hook. The only problem was these leads were noticeably lower-income and lower credit. We also got a call from the local government saying bandit signs were illegal. So we stopped advertising this way for both of these reasons.
* We've not tried ThriftyNickel or similar publication because, inexplicably, they are not published in our area (Oklahoma). But we hear good things about them where they are available.
* We've had no difficulty keeping 95% - 100% full month after month, so have not ventured into notices on bulletin boards. This also seems like it would require more labor to coordinate driving to grocery stores, etc. to post them. CraigsList is so easy and works so well, there is little incentive for us to try anything else.

Your mileage may vary,

-Jefferson-]]> Jefferson Mobile Home UniversityTue, 13 Mar 2012 17:52:11 -0500 http://www.mobilehomeuniversity.com/forum/read.php?1,9810,9810#msg-9810 http://www.mobilehomeuniversity.com/forum/read.php?1,9810,9810#msg-9810
I just want to say it's a pleasure to be part of this great forum.

I am a young driven real estate entrepreneur who wants to eventually own a park of my own. I currently have read through three different courses (including Frank and Dave's) and listened to many CD's on the subject of mobile homes and mobile home parks. In order to get the money to eventually have my own park, I want to start by flipping some parks. I want to get a park under contract, and then sell the contract. I am good at negotiating and feel I can get good terms and a good price.

Is the "Purchase and Sales Agreement" and the "Assignment of Real Estate Contract" all I really need to do this? Do you have any suggestions for what a buyer of a MHP contract really wants in a contract? I know 60 days due dilligence is good, but should I try to shoot for 90 days so that the potential buyer of the contract has more time? Does the contrat need to say "and or assigns" by my name or is it assignable? Any hints, tips or pointers would be greatly appreciated.


Thank you,
Gabe]]> G-man422 Mobile Home UniversityTue, 13 Mar 2012 17:27:49 -0500 http://www.mobilehomeuniversity.com/forum/read.php?1,9755,9809#msg-9809 http://www.mobilehomeuniversity.com/forum/read.php?1,9755,9809#msg-9809College management software which makes our administration department ease to maintain all records like accounts, inventory, payroll, transport etc. Similarly a project management software can do much more for yours as it is web based and suit you needs, i will recommend you to use it.]]> chancellor Mobile Home UniversityMon, 27 Feb 2012 02:04:58 -0600 http://www.mobilehomeuniversity.com/forum/read.php?1,9797,9808#msg-9808 http://www.mobilehomeuniversity.com/forum/read.php?1,9797,9808#msg-9808
Second best is to ask our best tenants for referrals - anyone who bought a home that they referred gave them 1-months free rent. --One individual gave us 8 people so he received 8-months free lot rent - it was well worth it. He is now Manager of the MHP. The bad residents are not asked for any referrals.

Third in our pecking order is craigslist, although in our market there are not too many who are computer literate.

Thrifty Nickel or Little Nickel weekly paper that is free in front of most dept or grocery stores.

We have also found that in most areas there is a Hispanic population that are looking to buy a home and not just be a renter. We put all the info on an excel spread sheet with price down payment and interest rate we will carry back. There is also a choice of 3-yr, 4-yr, 5-yr financing options with what the monthly payment is and they can choose the one that works for them. The spreadsheet is then posted at the local Spanish Market store and anyone who buys a home the store gets the 1-months lot rent amount paid to them as a referral fee.

We do not allow renters and everyone seems to appreciate that as 9 times out of 10 the problems seem to arise from renters.

Dale]]> Dale Mobile Home UniversityThu, 23 Feb 2012 19:26:27 -0600