Updated over 7 years ago on . Most recent reply
Mobile Home Park Houses
Hello buying a mobile home park. It comes with homes that is are not worth much. Seller is recommending to get new homes but he puts a value on them from 2-4k each home. He rents them from 350-475 each including lot rent. I dont want to own the homes and sell them and only collect lot rent. My question is Do i sell the homes As is or fix them up then sell them? they are all occupied. i am not paying extra for the homes. Another question is some of the homes are still on leases. How do you recommend on trying to get out leases working with tenants so they can own the homes instead? Side note i really dont care on making money on the sale of the homes but since its there already why not. Thanks
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#2 General Landlording & Rental Properties Contributor
The price you sell the home for will determine the quality of tenant you will have. If you sell homes for $1500 and $3500 what you will get are tenants that will live there , not spend a penny on repairs and allow the home to fall down around them. What you will have in 10 years is a park full of condemned empty homes. That is why/how communities die.
If it were me I would be renovating each one and selling it at a high enough price to attract quality tenants that will take pride in ownership and actually maintain their homes. To do that you must attract tenants with jobs. I would not be selling to anyone on welfare. They will not maintaine their homes.