Buying Trailor Park In MS
As I posted in another thread husband and I are putting an offer on paper today. 16 space trailor park, 5 long term renters(900.00 total) and alot of property rehab on 4 acres. two storage building(we looked at the one building and it is actually a house, brick front,etc)3 trailors need either SEROUS rehab or trash them! trailors are 60's and 70's models.
Now for my questions:
what would be the best way to move the trashy trailors that would require the least amount of money? We know where we could take them but they have to be whole trailors and we can get cash!
Also, how can we get cash for improvements? Its in a rural area, owner 100% finance(no preexsisting financing) owner will do no money down and pay our share of closing costs(owner out of state and desperatly needs to sell).
I know about security deposits,last months rents, unused taxes, etc.....What else can we get?
Thanks for your help!
overbeyro
offering 35,000 
if the trailers are any way usable you could put an add in the paper "free trailer if you move.".....kenmax[ Edited by kenmax on Date 07/09/2004 ]
Thanks for replying,
Yes I have thought of that. We might have to wait and see. We will be using some of the stuff off the trashy trailors(believe it or not most of the windows are in tact,etc) to fix up the others.
overbeyro :-D
OVERBEYRO --
Here is quote of part of your posting:
"Also, how can we get cash for improvements? Its in a rural area, owner 100% finance(no preexsisting financing) owner will do no money down and pay our share of closing costs(owner out of state and desperatly needs to sell).
I know about security deposits,last months rents, unused taxes, etc.....What else can we get?"
Good for you !!
100% owner financing, seller pays your closing cost, and you are still looking for ways to receive credits from seller at closing !!
You will need to get:
1) Insurance and have seller as lien holder, prepay 1 year in advance.
2) Prepaid 1 year taxes ahead. Some counties require you as a buyer to prepay 1 year taxes ahead. Title companies will collect the taxes in escrow.
3) Pay business license at county and state agencies to operate a mobile home park in your name.
4) Transfer the 4 mobile homes into your name and make sure the registration is paid current. The title company will confirm and collect the registration fees .
Cheryl Lopez
[ Edited by cheryllopez on Date 07/09/2004 ][ Edited by cheryllopez on Date 07/09/2004 ]
[quote]
On 2004-07-09 14:35, cheryllopez wrote:
OVERBEYRO --
Here is quote of part of your posting:
100% owner financing, seller pays your closing cost, and you are still looking for ways to receive credits from seller at closing !!
You will need to get:
1) Insurance and have seller as lien holder, prepay 1 year in advance.
2) Prepaid 1 year taxes ahead. Some counties require you as a buyer to prepay 1 year taxes ahead. Title companies will collect the taxes in escrow.
3) Pay business license at county and state agencies to operate a mobile home park in your name.
4) Transfer the 4 mobile homes into your name and make sure the registration is paid current. The title company will confirm and collect the registration fees .
Cheryl Lopez
<font size=-1>[ Edited by cheryllopez on Date 07/09/2004 ]</font>
<font size=-1>[ Edited by cheryllopez on Date 07/09/2004 ]</font>
[/quote
Thank you for your response,
Not just monies from the seller but possibly other resorces.
We are already shopping around for insurance, possibly just transfer excisting insurance.
already know about taxes, credits will be provided and as far as I know all taxes are payed in advance.
I didnt think we were dealing with a title company.
there are 16 trailors on the property, 5 are rented out. are older model trailors subject to registration? In the state of MS are they considered vehicles?
thank you for your info.
overbeyro
How are you transfering ownership title of the property and having it recorded with the county? Using an attorney?
Cheryl Lopez
we are using an attorney for a title search I believe thats how we will transfer title, I assume!
Got me....Owner finance, so far just the RE agent is the only person we have delt with.
overbeyro
Then you need to start talking to this real estate agent with questions.
The "title search" is for the mobile homes. Or do you also me "title search" for the land and property? There is title search. That is usually what ttile and escrow companies are for. Unless MS does it different and the attorney does everything.
Good Luck,
Cheryl Lopez
title search from attorney on EVERYTHING!
overbeyro
Great.
Start using your real estate agent and put that agent to work for you. That is exactly what that agent is getting paid for.
Good Luck and enjoy your small park.
We she might be our agent after the fact but the only reason why we are dealing with her now is because they are the company that is handeling the property. Oh I have asked questions...Still have more!
Thank you
also, you need a business license in MS to run a trailor park? Nobody has said anything to us about this.
Again I really appreciate your help!