Posted by Tony Colella on August 04, 2008 at 04:54:53:
One quick suggestion is that you follow the course more closely. Driving through the parks we typically only see the mobile homes for sale that are retail priced.
The deals are found in the homes that are often never advertised or no sign is in the window. When I did Lonnie deals I found the exact same experience you did when just driving through.
Then I talked to the park manager and found more deals than I needed. Nearly all, if not all, had no sign in the window. I focused my business on those that needed cash today so that they could move. Most owed the park several months lot rent and were facing eviction from the Sheriff within days. Rather than have an abandoned home in the park, the park managers were willing to work with me to get that home sold and their lot rent coming in.
If you are buying homes in parks you should avoid many of the infrastructure requirements as they are owned by the park, not the mobile home owner but it is still a good idea to make a trip down to your local zoning department, department of environmental health (or similar named septic type agency), permit divisions etc.
Knowing more about the codes etc. can only help you and the whole process should only take a few hours tops.
I’m in Louisiana and just finishing the DOW Study Course. I drove thru 8 parks this week and saw about 800 MH. Only found 1 MH for $27,000. A little disappointed. Also called 2 classified ads but MH had to be moved.
My question is who do I call or where can I look online to learn about any possible permits, requirements or regulations in my state pertaining to MH purchase and resale?
I am a bit concerned I could run into a surprise because last year we bought a home to rehab and when I called to have the electric turned on they told me I had to have a new septic system installed first. That cost $3000. Granted I shouldn’t have a septic problem in a MHP but I rather know what costly surprises I might expect prior to buying.
Also I need a source for determining Louisiana lending laws as they pertain to default and late payment fees, etc. doing deals the Lonnie way. (I don’t think I can declare abandonment after 10 days.)
Hope my questions aren’t too elementary. Looks like a lot of good advice on this board. I am a grandmother who just started in RE investing last year to help my husband retire in the next year or two. He’s 62 and does construction work and that’s hard work at any age. Please can someone help?