Dear Stephanie: Why exclude rental income from park owned homes in NOI?

Dear Stephanie, I’ve been in the MHP business as a small owner-operator for about a decade, and something that has never quite made sense to me is when calculating how much a park is worth, why do investors and lenders not want to count the rental income from park owned homes in the net operating income? It is an actual cash income, so I would think that it has some value in the calculation and ultimate value of a park. - Perplexed in Pasquotank Dear Perplexed, It seems like it would be, I know. But there is good rationale behind what otherwise seems illogical. That rationale is: lenders are hesitant to use the income from park owned homes because it, in effect, collateralizes the used mob

Spotlight: Whispering Pine Village MHP

Located Fayetteville, North Carolina, the Whispering Pine Village is comprised of 205 spaces with paved roads, boasting 82 park-owned homes, and greater than 96% occupancy. All homes are sub-metered for city water, electric, sewer and trash . The current NOI is $123,454 with a gross potential rent of $257,190. Current cap rate is 7.56%. Whispering Pine Village is one in a three-park portfolio for sale including Carolina Springs and Rosewood, also in North Carolina. Located in Cumberland County, Fayetteville is home to nearby Fort Bragg and Pope Air Force Base, where several military airborne units are stationed. Due to a large military population the city is known as “The World’s First Sanct

HAPPY INDEPENDENCE DAY!

From our home office in downtown Charlotte, North Carolina, The McAnuff Group of Marcus & Millichap wishes you all a safe, festive, and very happy Independence Day, America! Love, The McAnuff Group

Mobile Quarterly, Summer 2014 - Hot off the press!

The kiddos are back in school now and at the time of this writing there are 23 days, 6 hours, 17 minutes and 37 seconds until the first day of fall, which means we are still soaking up the summer after the still-strong memory of the arctic freeze of this past winter and early spring. Here in San Antonio it’s 102-degrees! But, I’m not complaining because even we remember the long thaw. And, during these final 23 days we are pleased to present to you our Summer 2014 issue of Mobile Quarterly, jam-packed with great information all about mobile home park ownership and investing! Please contact us if you would like to be a Mobile Quarterly subscriber, delivered on a quarterly basis to your mail

What if...GODZILLA Attacks My Park? An insurance thriller!

A blasted curse of being an insurance agent is that when I attend movies featuring colossal destruction I can’t help but wonder: who will pay for all that damage? Cars are flung, buildings are crunched, and Earthlings are maimed. While everyone else is enjoying popcorn and on the edge of their seats, I’m gripping mine thinking about insurance coverage and the resulting certainty of litigation. Perhaps the only thing happier than a tornado in a trailer park would be...Godzilla! A cold sweat ensues. I stare off into the distance in the theater imagining how one fine morning at the park, Billy Bob, my maintenance man, is in the tool shed when Godzilla whacked it with his tail 407.5 yards int

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