Posted by Chuck (AZ) on June 28, 2001 at 24:14:44:
It probably varies from state to state, but in order for a park to maintain it’s 55+ status, a certain percentage of the residents must be of that age or older. I think the average is something like 60% to qualify as a 55+.
Yes, you could convert a park (in either direction), but it would have to be done slowly over time. You couldn’t just boot everyone out at the drop of a hat. The smart way to replace the older trailers is also over time, as they become vacant/sold.
Posted by Chuck (AZ) on June 27, 2001 at 13:54:35:
It’s become apparent to me in the last few days, that there is a ton of confusion or mis-information concerning 55+ parks and Lonnie-deals.
Folks there is no big secret here, save perhaps the fact that those who are working these parks don’t want your competation. Since I already have a 55+ park, I’m gonna straighten you out.
I think the main concern here is that the tentant/owner must be at least 55 years of age. That doesn’t mean that you, as a investor, can’t buy the home because your not at least 55. It simply means that the person you re-sell it to must be. Since your not going to live in it personally, it’s a moot point.
You have to work the PM of a 55+ park just as you do any other. Explain what you do, how it benefits them. The PM’s main concern is still collecting the lot rent and making sure any new tentants don’t disrupt/trash the place (damm unlikely in this age group). He’ll probably want to pre-screen your buyer, let him.
Which brings me to the real benefit of working this market, the prospective buyer is more mature. Seniors are never late with their payments!!
As far as your ads go, just use a header like… “Seller Finance - Nice 55+ Park” then include a short description of the home.
BTW, you’ll find that alot of these folks are cash buyers, which makes for fast cash via flipping. Take the money and do some more Lonnie-deals in the family parks.
