Possible deal - Posted by SteveOH

Posted by Talia FL on June 08, 2006 at 22:33:57:

If some of the deals have faded, skim through the books again…I do this on occasion so that I make sure I don’t run into deals I should not be in just for the sake of “having done my first deal”. Good luck!

Possible deal - Posted by SteveOH

Posted by SteveOH on June 08, 2006 at 10:20:51:

Doublewide, good condition, about 13 years old, asking $6000.
Lot rent is $255. Located about 30 minutes from a major city. What other due diligence questions do I need to ask? Thanks!

Yearly personal property taxes on MH - Posted by Dr. B. (OH)

Posted by Dr. B. (OH) on June 09, 2006 at 11:25:12:

Park Managers (PMs) frequently do deals in their parks but they also help sellers sell. Sometimes they collect commisions, etc. You MUST talk to the PM to establish a relationship. It is scary when you first try this but there is no other choice. If you don’t kiss your MoHo investing in parks goodbye.

Happy Trail(er)s,
Steve

Re: Possible deal - Posted by Dr. B. (OH)

Posted by Dr. B. (OH) on June 08, 2006 at 12:30:58:

Steve,

Sounds good so far. Check with PM if you can do deals in their park and if you can get reduced or free lot rent until sold.

Any back lot rent owed?

Any taxes owed? Call the county treasurer with full name of seller to find out what it will cost to get it into your name. I’ve had to pay as much as $1200 in back taxes, glad I called first.

Check for a working furnace and A/C, age of water heater, no leaking plumbing under the sinks, etc. I hope you’ve read DOW.

Good Luck,
Happy Trail(er)s,
Steve

Re: Possible deal - Posted by SteveOH

Posted by SteveOH on June 08, 2006 at 21:34:56:

What kind of back taxes would there be on a MH? I drove the park and there’s about 5 for sale. One singlewide
had $5000 on the sign. Two of them said “call office”. Would this indicate that the park owner is trying to make
some money? Also, how do you ask the manager if it’s ok to buy and finance in his park? I read DOW a while
ago so some of the details have faded. Thanks!

Re: Possible deal - Posted by Brian (OH)

Posted by Brian (OH) on June 09, 2006 at 14:32:59:

In Ohio the owner is supposed to pay property tax every year. But the county doesn’t seem to enforce it until you go to transfer title. So depending on how long they’ve owned it, they could owe several years back taxes. In November, I called on one that had over $1000 in back taxes.