Hey BP Mobile Home Investors,
I found a good deal on mobile home that's in a 55+ community. Do I need to get permission from the community manager in order to buy AND SELL the property?
...incase it was unclear, I am not 55 :P
I would not buy a home in a park without speaking with the manager first. How will you know if the lot rent is paid up? Have you bought a mobile home before?
Buying a mobile home without speaking with the community manager would be like taking over someone else's lease without talking to the owner/property manager. Do you have a rental property? What would you do if your tenant moved out without you knowing and let another set of people move in? What if you just drove by your house one day and there was an entire different family in there? Would you shrug your shoulders?
I know (hope) you are not planning on living in the home, but the concept is the same.
I don't see why you couldn't buy it and move it if that makes sense. And 55+ parks need to have a certain percentage of owners 55 or over. You may be able to talk a manager into letting you rent(the lot) from them, especially if they know you'll be reselling the home.
If you leave the home in the park, you'll need to get permission to rent the lot. And your buyer will need to be acceptable by the park.
Even if you buy it to move it, you still need to speak to the manager to make sure the lot rent is current.
I don't see anything wrong with buying and reselling the home itself. I just think you should speak with the manager before doing so. Question. Why would you not want to speak to the manager?
I do own a rental, but have never done a mobile home before. I've just been getting so many leads who live in 55+ that want to sell who. I don't have a problem with talking to the manager, I just wasn't sure if I could buy the place since I'm not 55+
Manly I focus on SFR that I can just get under contract that aren't in communities. In this case I would be ONLY BUYING the property, not living in/renting it, and reselling using an agent.
You can buy and move a mobile. Just make sure you can move it somewhere else. Some cities and counties restrict by age, size, etc.
You can buy and sell in a 55+ park. Just clear with park management as mentioned above.
Some investors don't like 55+ parks. I am in my 60s so I like 55+ parks. I fit in easier and older buyers tend to have cash.
Besides past due rent, some parks have exterior requirements upon sale, for homes staying in the park. i.e. new deck, fencing, other upgrades. Current owners aren't affected but upon sale certain things need to be done.
i.e. I bought one in a park and the park owner gave me an exterior inspection. After I purchased and began work, she added a new roof, ad hoc. Since it wasn't on the original inspection, I challenged her on it and things became tense between us.
Word to the wise and good luck.
You can buy it and, if allowed, rent it. Or buy it and sell it. The challenge is you can not reside in it- though there is a bit of slack in that as well. While I am not a scholar in this segment of the market, to hold the 'senior' designation there is a % of the residents that need to be over 55... and it is not 100%...
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