Posted by Tony Colella on July 11, 2011 at 08:14:12:
Most of your questions and more will be addressed in Lonnie Scruggs book “Deals on Wheels,” for sale here for something like $30. Well worth the money. That book is how most of us got started.
As for the 30 day notice, this most be some specific park rule and is not a general rule, nor one I ever ran into. 55 and over parks are a unique niche and I am sure some have had success but it may not be for everyone.
The bread and butter deals are in family parks. Families that are working but just don’t have enough cash to buy the home outright. Our profit is in the spread.
Whatever park you work in you need to establish yourself not as a tenant but as an investor who can help the park keep their lots rented (which is the parks goal) and avoid vacancies, help them to get rid of slow/non-paying or bad tenants if you are able to buy those homes and resell them on payments.
I will admit that I never thought I would be interested in buying a mobile home, but in the past 2 days of reading about this I am hooked. I have 2 homes, and have been looking for other areas to invest in. Unable to tap into some equity I have, without selling my rental, I’d like to use the cash I have in savings instead. I see mobile homes as a good way to continue my portfolio, and create a nice return at the same time. I don’t understand one thing though, and I don’t see it talked about. Maybe I am searching in the wrong spot? If a tennant in a park has to give at least a 30 day notice of intent to sell or leave, how does that work for me since I don’t intend to live in the park? If I have to apply to become a tennant in the park, how is the mgr. going to feel when I go in and say I’m already selling after 30 days?
Also, if I am younger than 55, does that disqualify me from purchacing homes in these parks?
Re: park rules and regulations - Posted by Dr. B. (OH)
Posted by Dr. B. (OH) on July 11, 2011 at 19:17:01:
Phil,
You must read “Deals on Wheels” first, then read recent archives here on keeping homes in a park, etc. In general, the “over 55” parks do not need our help.