Don`t feel depressed! These are other peoples problems but they may be your opportunity.I would develop some a relationship with the PM and ask him if there are problems with the collecting of rent and turnover of tenants and other negative factors. If all these people are paying I would guess that the park is not likely to go under. No matter size of the write off nobody wants to take a monetary loss for a tax gain. If nothing else perhaps this is enough of an aggravation that he wants to sell it to you. You already own 25% of the homes in the park.If he is as well placed as you imply, he might carry some paper for you. Hope you are over your depression now.
Park owner and manager who don’t seem to care! - Posted by RD Investors
Posted by RD Investors on April 25, 2006 at 13:37:40:
I have now aquired 6 mobile homes (since Sept 05) in a small park of about 25. 4 are rentable and working on the 2. I can’t quite get over the feeling that something will happen to my investment of $10k (6 mobiles which I think is an o.k. deal) where the park goes under because of bad managment and an owner who I’ve heard write’s this park off as a loss that goes against his many other parks. There are some good people living in the park but along with that there are some who the cops visit nightly…Any suggestions. Feeling depressed about mobile homes!!!
Posted by Karl (Oh) on April 25, 2006 at 22:18:44:
A quick cure for your depression is to go do a new deal in a park that gives you better vibes. My suggestion…find another park in your area, and stop doing deals in the downer park. Put a dozen deals together in another park, and those six homes won’t get you down so much.
Of course I’m making the assumption that you want to do more Lonnie Deals. After all, who in there right mind doesn’t?
Re: Park owner and manager who don’t seem to care! - Posted by Tony Colella
Posted by Tony Colella on April 25, 2006 at 18:01:44:
Not sure if you are facing this scenario or simply wondering “what if.”
For what its worth, after doing Lonnie deals for several years, I branched out into land/home deals and small mobile home parks. In both of those investments I was able to control the entire deal and use all the same exits but more importantly the ownership of the land provided me with better tax treatment and long term wealth.
Starting out with Lonnie deals is the best education you can buy (and yet it pays so well!).