Posted by Tony Colella on June 12, 2007 at 08:45:03:
As your second response indicates a great deal more info and understanding of due diligence, it is easy to see that our concerns were likely quite misguided. I am sure you can understand that it is hard to tell from one post just how well the person understands this investment vehicle. I always try and err on the side of caution in the hopes that if the poster is very new and do not yet know “what they don’t know” that they don’t jump first then look second.
You don’t have to be here long to see posts that all but ask, “what’s this property worth” with little or no other info provided. This is like me asking “which color looks better on my house” without providing any further info.
Sorry if we cut you short on the response and glad you seemed to have managed to gather the info you wanted just the same.
I’m new to this, so forgive what may seem a stupid question. I have the opportunity to purchase two 65 x 100 lots. The homes currently in place are singlewides in major disrepair. Would those lots be big enough for small doublewide trailers, or am I limited to singlewides? (I know that measurements aside, I would also need to see if the septic systems will support larger homes.)
Actually, my question is a bit more basic than that. Before I even look into zoning/legal issues, I’m trying to determine whether it’s appropriate from a rental perspective to put a small doublewide on a lot that size (65x100). In other words, is it common to find doublewides on lots this size? (If not, I suspect it would be a bit more difficult to find tenants for such spaces.)
Because Jen seems to be a bit irritated with me, perhaps someone else would be kind enough to respond.
Posted by Tony Colella on June 12, 2007 at 05:26:19:
Yes I have doublewides on lots this size or smaller. Double wides in parks are often on lots like this. Does this mean you can do it in your area? No.
Although you think Jen was curt with you, she was correct. Only the local authorities can tell you for certain and buying it before finding out from them could prove disasterous.
The reason Jen may have come across the way she did is we do get similar questions here a lot and there is no way for anyone to give an accurate answer unless they lived and did this in your county. It always worries me a bit when I see questions answered that no one really can answer accurately unless they have talked to your local authorties. Too often people come back and post here how upset they are that now that they bought a property they are not allowed to do what they had intended with it and they now realize they paid too much since their exit is no longer available to them. They then ask for a magic bullet from people here in the hopes that they can not only save their investments but also make them money as well.
The money is discovered only through the homework.
I understand and appreciate your concerns. However, my question was not offered in an attempt to forego due diligence. Your book and others that I have read make clear that a variety of ugly problems can arise if one fails to investigate appropriate laws and regulations. Moreover, as a litigation attorney, I have had more than one client seek my help in trying to extricate themselves from situations in which they failed to perform adequate due diligence.
As my prior post attempted to clarify, my post was based on economic concerns rather than legal ones. In other words, I didn’t want to spend time and resources speaking with zoning authorities, engineers, etc. regarding legal compliance if the project didn’t make sense from a rental perspective. I have learned many things might be legal but do not make sense economically, so I like to address economic feasibility concerns upfront.
I am new to the mobile home market and didn’t know if placing a doublewide on a 65 x 100 lot was a common practice. Now that you and others have indicated that size does not pose a problem from a rental standpoint, I will perform the due diligence necessary to ensure I can utilize the property appropriately.
I apologize–any confusion or misunderstandings have resulted from my failure to properly communicate and articulate my question properly. I know that you spend a lot of time answering questions based on your experience, all without compensation, and your efforts are greatly appreciated. I didn’t mean to cause any problems. I hope to continue to learn from you and others on this board (including Jen), and again, I apologize for any miscommunication on my part.