Looking for Advice


#1

My wife and I live in Missouri where were are going to be taking over a family owned MHP. We are going to be putting the land, assets, and park in our name and start getting it back into shape. Her family still lives in the main home (surrounded by the mobile homes) so should we re-platt the land to keep that home separate from the rest of the park land for protection in the event of a crazy lawsuit, etc? My plan is to create an LLC for the park and the land separately from their home. We do not own any of the homes on the property, they are all tenant owned and we just collect lot rent.

My 2nd question is, due to a previous family member not taking care of things properly, their is a fairly large sewer bill judgement (30-40k I believe) against two members of the family from 5 years ago that has never been further addressed by the family or local officials…will this prohibit signing things over to us or will we be able to work out a plan to repay that overtime?

Lastly, will we need “mobile home park” insurance if we just own the land, etc (I assume so), and if so does anyone know who I should call for that in Missouri and what it runs ?


#2
  1. Yes, I personally would subdivide stick built home from the business and own in different entities
  2. Be very friendly to the city and see if they’re amenable to working something out. Sell your grandiose turnaround plan and how much they need you.
  3. Kurt Kelley at Mobile Insurance

#3

Great. I appreciate the thoughts! Please excuse my ignorance, but to subdivide the entities do I need to hire a surveyor and work it up that way or is there a more cost effective way to accomplish it?


#4

Subdivide the parcels. Speak to city assessor/zoning and get their thoughts. And yes you would need to get survey I’m assuming.


#5

The County or City typically specify the procedures to subdivide. If the City is the subdividing authority and they hold the judgement for the sewer they may not let you proceed until this is paid. If the County makes the rules they just check your taxes are paid up.


#6

I appreciate the thoughts and info, guys! I will check into all of this asap.


#7

To be clear, would everyone here still suggest MHP insurance despite not owning any of the homes? The property consists of 19 lots, maintained gravel road, and that’s really about it. Would MHP insurance be if like a tree fell on a tenants home, etc? Do I insure the property normally in addition to the MHP insurance (as if I just had 5 acres of farm land as a private owner?)


#8

Call @KurtKelley at Mobile Insurance. He knows the ins and outs of the liability side.


#9

Yes,things like electrical pedestals , signs, fences, talk with Mobile as erik said. And most importantly general liability!! loss of business if its available on this size park as well.