MHP - Posted by Rick

Posted by Ernest Tew on February 28, 2002 at 04:54:46:

Rick, you might find that a 13 space park wouldn’t be very economical when you have to drive six hours each time you visit. It is too small to support a capable manager and the time and cost of doing it yourself might be too much.

Why not consider a larger park and, if needed, get one or two other people to invest in it with you? It would be even better if one of the investors has park experience.

Ideally, you might get the other people to buy the park and net lease it to you with an option to buy. If the option is held in a Roth IRA, all the gain would be tax-free when you resell.

If you would like to have my article which explains the Roth IRA, send me an e-mail.

MHP - Posted by Rick

Posted by Rick on February 27, 2002 at 11:23:45:

Is anyone familiar with owning MHPs in Iowa. Are there hindrances in state or county laws which would make it difficult to hold paper on MHs in park owned by holder of paper. I am looking at a small (13 space) park, and trying to decide if purchase is worth my driving time. Gross income of about 21,000/y with expenses leaving approx $400 net per month after debt service. My downpayment would be about $11,000 so cash on cash looks okay. The problem would be my driving time, about 3 hours each way. I feel the real benefit long-term would be carrying paper, and the potential of doing Lonnie deals. Any thoughts?