Changing from park owned to lot rental
Hello all,
I am looking at an 11 unit MHP in North GA right now, waiting on my offer to be accepted. The homes on it are very old ranging from 1959-1985. I can replace existing homes with a like kind property, but was wondering since the Dodd-Frank act, how would I go about updating the area, and having more of a pride of ownership tenant?
It will be fairly cash intensive to replace the existing ones, and I would have to do so slowly.
Would it be better to move and destroy the existing homes as I go along and market for just the lots, or buy existing homes and move them on site and then lease to own? I will be speaking with a Real Estate attorney about this, but would like current MHP owners advice as well.
Thank you for any help!