Posted by ray@lcorn on November 05, 2000 at 22:45:21:
Jeff,
As soon as you get Lonnie’s book you’ll see that the answer to your question is simple. Sell the homes that are in decent shape with owner financing using Lonnie’s system and forms. They may or may not be sold to their current tenants, (probably better if not) but in any case you’ll have no more rental headaches.
My advice would be to replace the older homes with newer, decent used units. Sell those the same way as above, and keep the rental lots as income producers for a lifetime. Not much goes wrong with dirt.
Your grandfather’s legacy can be the start of a whole new life for you. Keep posting to this site, and we will help you through each step.
New Mobile Home Park Owner - Posted by Jeff McKelvey
Posted by Jeff McKelvey on November 05, 2000 at 22:15:43:
I’ve just discovered this sight and have decided to order Lonnie’s book. I’m sure the book will answer a lot of my questions. I currently inherited a park that my grandfather(who went home to be with the Lord last month) started with 12 units which still has a mortgage.(About 3 more years) I now own the mobile homes and rent for about 250.00 a month. My problem is I don’t really want to deal with all of the tenant problems and maintainance and vacancies. Plus, about four of the homes are in pretty bad shape. Would it be better for me to try and sell each unit and just rent out the lot? Or can I make more money by leaving it like it is . Anyone have any advice?