MH park sale - Posted by ace

Posted by ace on September 23, 2004 at 21:01:12:

Exactly! Spoken with experience- I can tell you have worked in parks as I do. Park tenants can and do everything bad to the dirt- pour motor oil on it, crap
in it, dump toxic waste in it, and destroy the utility
connections coming out of the ground below.
Don’t forget all of the social issues that can bring a good park to its knees in a very short time- layoffs, unemployment, illegal activities, and bad weather. Parks are wiped out from tornadoes and even very bad hailstorms I saw this summer. It takes deep pockets and the desire to be a social worker, sheriff, banker, politician, and clergyman to own a park longterm.
Ace

MH park sale - Posted by ace

Posted by ace on September 18, 2004 at 23:17:41:

What would you do as a dealer-buy&sell mobiles- if a park you had been working in for a while and you hold several liens as mortgages on mobiles in this park and guess what?

The park has been sold to a housing development for the land
and all mobiles have to be moved out. What happens to the homeowners, what happens to the mobiles, and what happens to
your m.h.paper? I know this has happened in the past, but what is the outcome? That could easily wipe out years of work in a park the way I see it.

The way land values have risen in metro areas, this is a real concern to me as several parks I work in are now in the gunsights of stickbuilt housing. Ace

Re: MH park sale - Posted by The55+GuyFromAZ

Posted by The55+GuyFromAZ on September 19, 2004 at 13:09:03:

In every previous instance (to my knowledge) where this has happened, the “residents” were given one-year to relocate their homes.

Such a “sale” has absolutely no effect whatsoever on your “paper”, unless of course, the buyer defaults.

i.e - just because they sold the park and the homes have to go, it doesn’t relieve your buyer of their obligation on the loan they owe to you… that debt remains, regardless of where the home is located… until paid-in-full or otherwise satisfied.

Re: MH park sale - Posted by ace

Posted by ace on September 19, 2004 at 21:28:21:

Thanks for the solid reply, and I agree. However the reality is that mobile owners don’t have the 2-3 grand to move to another park. Also, I mainly deal in older mobiles that most parks won’t allow to be moved into.
I am very much convinced that if parks I work in are sold for the land value, my mobile home paper will become toilet paper. Ace

Re: MH park sale - Posted by Skip (CA)

Posted by Skip (CA) on September 20, 2004 at 09:49:54:

Ace:

If you have enough in MH paper, why not look for a small park and use the paper as the down or full purchase price? You could then have the homes being disposessed moved to your park and continue on from there. Just a thought.

Skip

Re: MH park sale - Posted by ace

Posted by ace on September 20, 2004 at 20:00:47:

When I first started the m.h. paper business, it was only to be temporary as I thought I really wanted to buy my own park or some small ones. But after seeing the problems parks have after working in small and very large ones, there is no way in hell I would buy one. The risk of losing paper if a park is sold and scraped we will live with, as properly financed used mobiles and monthly checks feel pretty good. Thanks for the input. Ace

Re: MH park sale - Posted by Marty

Posted by Marty on September 20, 2004 at 23:54:56:

Ace,

Could you please elaborate on what problems you have seen…" But after seeing the problems parks have after working in small and very large ones, there is no way in hell I would buy one." I am interested in buying a small park and I would like to hear your input.

Thank you
Marty

Re: MH park sale - Posted by ace

Posted by ace on September 21, 2004 at 23:11:49:

Most existing mh parks are at least 15-20 years old and usually older. I do lots of deals in a 500 space park built in 1970. The problems are always the same stuff even in the small ones- mainly infrastrusture. Water, sewer, electric, cable, phone, gas. Then you have city and county changing regulations and rules about everything from age of mobiles to setbacks to new setup rules, etc. Then you have social issues that I don’t have time to address. I have quit being a landlord long ago and find that being a park owner would be just as bad or worse, and maybe more expensive. Ace

Re: MH park sale - Posted by thoughtgang

Posted by thoughtgang on September 23, 2004 at 18:56:53:

I have to disagree about problems with parks. my in laws now live 2,000 miles from their parks and probably spend 10 hours a month on issues. mind you, both parks are within city limits and the sewers, plumbing etc. are handled by the city. remember, the advantage of having a park is your tenants can’t do much to dirt!

can’t do much to dirt - Posted by Steve-WA

Posted by Steve-WA on September 23, 2004 at 19:33:07:

except not pay for it, park junk cars on it, not mow it, let their dogs sh|t on it, pile their garbage on it, . . .

if only it were as easy as that . . .