Updated almost 11 years ago on . Most recent reply
What are the options for Mobile Home Parks with Owner Occupant Only Policy?
I had call today from executor of estate in need of selling her father's mobile home. I originally considered the option of buying it for a rental, but the park has an owner occupant only policy and lot Rent of $600/mn. Rent, (if I could rent it) would be around $850/mn. So not sure if it's worth the hassle or if there are options that work well for owner occupant only communities.
Any suggestions?
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Sell an undivided interest to the tenant with a revisionary agreement, collect rents on that interest not conveyed and the lot rent. Get a new title with the names of the owners on it, then the home will be owner occupied. Put yourself down as a lien holder but don't finance any transaction, if the rents aren't paid the revisionary agreement allows you to buy back the interest and retitle it. If you're a lien holder, no lender in their right mind would encumber title with just one party on the title. Take the title to the park manager if they need proof. Thank you, my bill is in the mail..... LOL
See your attorney!