Posted by Lyal on January 15, 2003 at 13:24:32:
Briton,
Have you read Doug O’s 4 part article in the “money ideas” section of this site? The title is something like “Turning Trailer Courts into Communities…”. If you haven’t read it, you should. It’ll give you some good ideas of what’s necessary to “polish” your park.
All the best, Lyal
I think this bad thing is good? - Posted by Briton
Posted by Briton on January 14, 2003 at 10:35:34:
I own a park, and just bought a 1965 mobile home is descent condition for 600$, 2 days later i have an offer from some young guy that has 700$. Now I am 90% sure this guy will live in this home for a few month max. He did not even look at the home that well! He just said i want to move out of my moms house asap! So should i sell it too him? At the point i got his 700$ down payment i will be ahead, not to mention any of his payments i recieve! I think i will do it, just wanted to know of any things you guys think. O and by the way i was thinkin of sellin it for 3500$ considering he does not even ask what the principle will be, hehe, Briton
Re: I think this is a bad thing ! - Posted by Bob(OH)
Posted by Bob(OH) on January 15, 2003 at 02:22:37:
OK, I have tried and tried but, I cant hold back no longer.
Let me ask you, What are your intentions with this “park” ? Is this an investment or a life long career for you ? Now, this is an important question because your answer can affect the outcome of the whole situation.
Are you looking to just fill the lots so you have income from rent ? If thats the case, I feel bad news down the road. You are going to have problems beyond your imagination.
I am big on park revitalization and (now dont take this wrong) I can see a future you are building that five years from now, your park will have a high eviction rate, high crime rate and a value that could be half of what you paid for it. And I think you’ll take it just to get rid of the thing.
You know the saying about food…you are what you eat…or…you get out of what you put in…Parks are the same way. If you put trash in, you’ll be paying the trash man to take it away.
My goal is to build communities, not scum infested trailer parks.
Bob(OH)
Re: I think this bad thing is good? - Posted by Don-NY
Posted by Don-NY on January 14, 2003 at 14:17:03:
Do not sell it to him. Lease option it, that way you can have him out in 3-5 weeks if he defaults. If you sell it you may have to take him to small claims court. Check the laws in your state. Otherwise it looks like you are doing great.
Re: I think this bad thing is good? - Posted by Indiana Bob
Posted by Indiana Bob on January 14, 2003 at 11:57:22:
Briton,
I don’t own or manage a mobile home park, so this is just advice upon looking at your situation.
If I owned a park, I would be somewhat selective about who was admitted to the park. If he gives you $700 down and $3500 financed, that may be appealing in the short term. In the long term, however, you may want to take a closer look and consider what type of tenant he will be in your park.
Keep in mind that if he has a very bad background, there could be costs incurred by you for trying to manage any problems caused by the new tenant, and also for court costs associated with a future eviction if he does not leave when asked.
Finally, keep in mind that you are not only selling this one, older trailer. As a park owner, I would think that the most important thing you want to get going is a good reputation for your park. If your park gets a good reputation, there will always be people who want to live there. If not, then any trailer, old or new, will be a hard sell. Will this young man help or hurt your park’s reputation?
All of that said, I hope it all works out, but I wouldn’t just jump into it to recover your money. Congratulations on being lucky enough to own a park. I would like to reach that stage someday. Good luck with the home.
Bob
Re: I think this bad thing is good? - Posted by Eddie
Posted by Eddie on January 14, 2003 at 11:27:23:
I hope this home wasnt paying lot rent at the time you purchased it for 600.
thank you, and a few thoughts - Posted by Briton
Posted by Briton on January 15, 2003 at 09:19:58:
Thank you and you are right, but there are a few things that hold me back from gettting really good tenants all the time. One is that the lots are old and small, so its hard to get nice homes, therefore its hard to get good tenants. The second thing is that that parks history is bad. I just bought the park, and its a place known by the police. I have to try to change that, you are right. But its hard to get good people in old, small homes. see where i am cumming from? Dont get me wrong, i want good people, and there is no way i am goin to let this guy in the park, i just wanted to see what others had to say about it, so i may get some ideas. I have been slowly looking for and getting better homes, but finding nice 12x60 homes to fit on a small lot, and getting them moved is a slow proccess, and i have only owned the park 2 weeks! thank you for your time, Briton
Re: I think this bad thing is good? - Posted by Briton
Posted by Briton on January 18, 2003 at 16:28:08:
Eddie i am proud to say i sold that home about 1 hour ago, for 1500$ cash, and did not loose any lot rent. Please do not advise people or things when you dont know that whole story. I have bought 2 homes in my park, and have made a few thousand dollars, while only loosing 205$ in lot rent. Have a nice day, Briton
Re: thank you, and a few thoughts - Posted by Allan (SATX)
Posted by Allan (SATX) on January 17, 2003 at 02:11:59:
Have you taken a look at “Park Model” RV’s?
They’re available in 11, 12 and 8.5 ft (with pop-outs).
Not exactly a Lonnie Deal but may be a way to populate a small park with new trailers.
Search google.com for park model to find more info.
Allan