Hello everyone, I've been hanging out, reading and listening to forums since December of last year. My question is would you consider the above mentioned class of properties as "buy and hold" and what type of financing would you seek?
I would not. I'd rather have a no age limited MH park, or MHs in an all age park. Unless there is something "special" about this particular park, I'd pass.
Thanks for the tip David. Where I live there are plenty of those available, but the burning question for me is "why"? I know people move into the nursing home and die. Just trying to figure it out.
The idea of the original development was that retired or near retired people could live there and there would be no children. And also it would be a quiet peaceful place with no rowdiness.
The problem as I see it is that the buying pool is limited, which would make it harder to sell.
Well, couldn't you just include it in some type of ongoing investment to pass on to an heir meaning you would never intend to sell it, but would only use it for perpetual cash flow?
sure you could not sell and kept as either personal, family use or as a rental, as long as everybody who occupied the place was over 55 years old. That age discrimination is the only discrimination sanctioned by Federal law.
Yes, it is discriminatory, but I think it is to allow people in that age group some autonomy, away from the grandkids. However, in today's society many grandparents are raising their grandkids.
If you're comfortable working with this type of clientele, it may be a possibility. I have known others who have pursued this niche and have been successful — they have ventured into areas where others have not. Hope that helps!