Posted by Don-NY on January 06, 2003 at 08:51:31:
Ryan,
If you have not heard of this before you must be a new reader of this site. Look in the archives. Also Before Starting a project like this I would talk to Both Ray Alcorn, and Ernest Tew! Its great to see people brainstorming though.
MHP, with Lonnie Deals to fill the spaces? - Posted by Ryan_MO
Posted by Ryan_MO on January 06, 2003 at 24:33:25:
How does this sound, My partener and I have been looking at building a section 8 MHP with about 70 homes that we would own, and rent out. And it has been highly advised against. But htis idea just came to me, though it wouldnt be a section 8 deal.
Develope a 10-15 acre, 70-100 lot park, and buy mobile homes to fill most of the spaces, perhaps 75% of the lots, and sell them all with owner financing as a means to bring in a substantial income in addition to the lot rent. That way, the revenue could be drastically increased over just renting the lots, and the maintenance issues of the homes wouldn’t be mine as they would be if I owned all the homes in a section 8 park.
I have not heard of this idea before from anybody, but it sounds like good potential. Does anyone see any potential problems with this, and if so what are they and how can they be worked around.
Thanks,
Ryan