Updated over 9 years ago on . Most recent reply
First MH deal, 55+
I have the opportunity to get an older mobile home in a small park that's on a river. It's 55+ community. The Mobile Home is close to average for the park. It's a 1/1 and needs some LTC and window AC unit. There's coin laundry on site. I can get this MH for $500, lot rent is $350 a month. I believe it can sell for $10,000. Plan is to put $3,000 TLC and sell for $8,000-$10,000 with financing. (We will have someone over 55 as the owner)
My biggest concern is the 55+ community because I have never done anything in this market. Any words of advice is very welcomed....
Most Popular Reply
Howdy Adrian
Good job on your deal!
You may know a lot of this but since you asked...
Points to watch in 55+ parks:
1 - Make sure YOU can buy and sell in there... Sometimes parks will require YOU to be 55+ to buy, fix and sell.
2 - Most parks have a requirement that buyers must be approved by the park to buy. They may not qualify YOU but you could get a partner over 55 to help you do the deal. Local REIA club or parents could help. Give them a fee for doing it. ie $500 or a %age.
3 - Of course you could buy it... BUT the park manager could impede your new buyer from buying, to punish you for going around them by sticking you with rent for awhile. It happened to me.
4 - In your area there are many seasonal parks, especially 55+. Gotta watch getting stuck over the summer paying rent if you can't sell it quickly.
Yell if you have other questions and good luck!
Bill