Advice On MHP's?
How does one determine the star rating of a MHP?
Since the mobile itself is a depreciating item, how does that influence your purchase price, if at all? How do you account for that in you financial analysis?
At what point do you just junk a mobile vs. repair it? Is there a particular age you consider a mobile to be obsolete?
Does anyone have a 100% financing source in FL ? I've seen this offered in other states.
Any other tips/advice you would have on how to purchase a park wisely?
Quote:
On 2004-08-09 23:19, 64Ford wrote:
How does one determine the star rating of a MHP?
Can't help you there although if you know Ray Alcorn, he could probably answer that one. I really wouldn't worry about that one.
Since the mobile itself is a depreciating item, how does that influence your purchase price, if at all? How do you account for that in you financial analysis?
Depends on if you are buying the mobiles as well as the ground. I look at the entire asset and it's cashflow to determine a value.
At what point do you just junk a mobile vs. repair it? Is there a particular age you consider a mobile to be obsolete?
Haven't discarded one yet and I have some that are 1940's versions. Again, personal choice.
Does anyone have a 100% financing source in FL ? I've seen this offered in other states.
The only 100% financing I know of is just like any other RE venture. Use the seller and/or CC or partner to accomplish this.
Any other tips/advice you would have on how to purchase a park wisely?
Make sure that you prepare for a lot of people of blue collar variety that live in very close proximity with one another.
Good Luck,
Shawn(OH)
Five-star park
Five-star parks are the finest. They should be nearly impossible to improve. In addition to the requirements for one-star, two-star, three-star and four-star parks, a five-star park must have the following:
A. Well-planned and laid out. Spacious appearance.
B. Good location in regard to accessibility and desirable neighborhood.
In some locations park should be enclosed by high hedges or ornamental fence.
C. Wide paved streets in perfect condition. Curbs or lawns edged to street, sidewalks, street lights, street signs.
D. Homes set back from the street.
E. Exceptionally attractive entrance and park sign.
F. Patios at least 8 x 30 ft. (Except double-wide units.)
G. Paved off-street parking such as carports or planned parking.
H. All homes skirted.
I. All hitches concealed. Any existing tanks concealed.
J. Recreation, some or all of the following: swimming pool (except areas with long, cold winters), shuffleboards, horseshoe pitching, golf course, hobby shop, hobby classes, games, potlucks, dances, or natural recreation facilities.
K. Beautifully equipped recreation hall with kitchen. Room for community gatherings. Tiled restrooms, etc.
L. Uniform storage shed or central storage facilities.
M. All late model homes in excellent condition.
N. At least 60% occupancy in order to judge quality of residents which indicates park's ability to maintain a five-star rating between inspections.
O. All empty lots grassed, graveled, or otherwise well maintained.
P. If pets or children allowed, there must be a place for them to run and play without cluttering the streets and yards. Most five-star parks are for adults only.
Q. Superior management interested in comfort of residents and maintenance of park.