Help with a PM on a "Lonnie Deal" - Posted by James (AL)

Real Estate Investing
1

Posted by James (AL) on March 09, 2000 at 16:55:03:

The road expasion is just entry into park. The trailer occupies the only area possible to widen entry.

thanks

james

2

Help with a PM on a “Lonnie Deal” - Posted by James (AL)

Posted by James (AL) on March 09, 2000 at 16:04:52:

I am working on a three MH purchase to rent out:
70? 12 x 60 -$1800
70? 12 x 60 -$2700
80? 14 x 70 -$4700
Total $9000
all are 2 bedroom 1 bath - recently rental units and partially furnished.

The PM is the owner of the park and these units. She says she wants to only rent the lots and plans to expand the park.

Lot rent is 135/mo.

One trailer with have to be moved 12 feet due to road
expansion. The trailers are rough on the outside,
livable on the inside and could be rented for 300-400/mo including lot rent.

The trailers would pay for themselves in a year and can remain in the park.

I haven’t asked the owner if she would finance, but plan to. Also plan to ask her “what least she will take. And is that the best you can do?”

But plan to see if she Owner Finance.

Any advice, input, or warnings from anyone.

Thanks
james tackett
florence, AL

3

Re: Help with a PM on a “Lonnie Deal” - Posted by Tim (Atlanta)

Posted by Tim (Atlanta) on March 10, 2000 at 08:02:59:

One warning :
People can be very abusive to rental property. Especially mobile homes. Many of the experts in the MH industry do not rent mobile homes because of this. How much more abuse can a 197? mobile home take? Of course, if you have past success in renting mobile homes, you would have a better idea than I about what kind of damage can be done.

I would recommend that you buy these mobile homes for cash (get a discount) then sell them with owner financing. Very good returns, and no tenants and toilets.

Just my .02

4

mobile home (MH) & park manager (PM) & new freeway - Posted by RR Smith (not an expert)

Posted by RR Smith (not an expert) on March 09, 2000 at 16:35:53:

Is the new road going in soooo big that it would create a noise issue, like an airport (INcurable physical defect?), or just for the people on that side of the park? Are there any bushes or walls to cut the noise down?