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Rent-to-own agreement

Rent-to-own agreement _________, hereby agrees to sell to _________ one mini home set-up on lot: _________ under the following conditions, on a rent to own basis; 1. To make _________ monthly instalments of _________ property tax interest rate at 10%. This total does not include fire insurance and monthly lot rent. 2. Down payment required in the amount of _________. First instalment due on _________. 3. Total sale price _________. Purchaser to maintain fire insurance for at least the amount of the unit with loss payable to: _________. 4. Purchaser to pay when due all taxes relating to the above home. 5. Purchaser is responsible to keep lot rents paid on time on the 1st day of each month. 6. Purchaser to leave home in _________ until paid in full. 7. Purchaser to maintain home in good condition at all times except normal wear. 8. On receipt of the last instalment, ownership of the above home will be transferred to purchaser free and clear. 9. Purchaser to understand and a...
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Investment strategy & long term plan

Why invest in smaller parks? - Lower risk - More diversification - Economies of scale => if collecting rents electronically => try to concentrate in one state (or use holding company from Delaware?) => no "1 roof" or "1 boiler" rule - Easier to convince the vendor to hold papers: difficult to find financing Long term plan Sell / 1031 Exchange and purchase a 1M park
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Other set of Park Rules (focus on trailer appearence)

Schedule A __________ Park STANDARD RULES AND REGULATIONS  FORMING PART OF THE LEASE BETWEEN Landlord and Tenant(s) of __________ Park 1. HOMES All homes shall be Canadian Standards Association (CSA) approved and shall be erected and installed in a proper workmanlike manner and in accordance with plans, specifications and site locations approved by the landlord in writing and no building, baby-barn, deck, or other erection, outbuilding or structure shall be constructed or placed on the lot otherwise than in conformity with such plans, specifications and site plans. 2. PROPOSED ADDITIONS AND ALTERATIONS Any proposed addition to alteration to the home or other structure erected on any lot such as deck, fences or baby-barns, must be in accordance with the specifications, dimensions and standards including exterior siding as determined by the landlord and must first be approved by the landlord in writing. Metal outbuildings and or fixed carports and garages are not...
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1031 Exchange for foreign nationals (non Americans)

One of the big tax advantages for real estate investors in the US is the 1031 Exchange: it allows an investor to sell an asset and not pay capital gains tax on the sold asset, provided they use the proceeds from the sale to purchase another asset within 6 months. The question arises if foreign nationals also qualify for such an advantageous deal. Foreign nationals  qualify for a  1031   exchange  no matter where they are from - including Canada - provided they are selling US real estate and buying US real estate.  They save approximately 25-30% in capital gains tax. There is only one restriction for foreign nationals: the IRS holds 15% in escrow if the sale amount is over $300,000, which is called  "firpta" (Foreign Investment in Real Property Tax Act). They receive the amount back when filling their tax return and the tax return to fill out is not a full tax return. Please see this link for more information. One of the important elements to co...
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Park rules

We are happy that you are part of the Crammond Court community. The following rules will be enforced for the well-being of all residents and so that everybody can take pride in being part of the Crammond Court community. Lot maintenance The grass should be cut regularly All cars must be operable No garbage bags lying around Being good neighbours No late partying. As stated by Miramichi by-laws, no noise past Pets have to be quiet and one dog and or one cat is considered as a maximum of pet allowed per household on the park. If you need assistance with the upkeep, we are happy to look into a cost efficient solution with you. If you want to make any suggestions regarding those rules, feel free to contact us Sewer lines: do NOT flush paper towels, disposable diapers or liners, sanitary napkins, etc. Any repairs due to such articles will be charged to the resident. Coffee grounds, grease, and food particle should NOT be flushed down kitchen or bath d...
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Lending

madison group lends local banks inside of their market adrianne@phinancecap.com As we discussed, we are ready to identify lenders for you when the next opportunity presents itself. In the meantime, below are a few things the three of you could start putting together and would be required by any lender or traditional bank in the states. If you begin working on these items, it will save you time later. 3 years tax returns for each 20% or greater member in the LLC Articles of Organization once they are filed EIN (Employee Identification Number) – usually filed for with the IRS after the LLC articles are approved Brief description of each of the investors with any experience you have with investing in these types of properties or property management in general (this can be as simple as a Word document with a few bullet points for each investor) Please don’t hesitate to reach out if you have questions regarding any of the above. You should also plan on needing to put abo...
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What to do with an abandoned trailer

Trailer abandoned 1. Give notice to vacate Then apply for eviction Then through the rentalsman, bring the sheriff who puts a lock Then after 2-3 months, rentalsman will consider it an abandoned chattel Tear it down = $2,500-$3,000 Once torn down, debris to dump Bring in new one and do rent-to-own 2. Ask them to sell it to someone else 3. Wait for tax sale
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