Hi,
Does anyone know any parks that allow Buy and Hold rentals for Manufactured Homes in California? San Diego County?
I know most parks want owner-occupied but I am hoping there is one or two decent parks that will allow rentals to get my feet wet in being a landlord at a low cost and do some affordable rehab.
Does anyone have a relationship with a park and willing to introduce me to the park manager/owner?
Not a doublewide. Not even a single wide. It's a Park Model RV and the owner is asking 120k. Reason being it's about 300 feet from the beach. Anything near the beach you'll pay a premium for. I have a 2008 Silvercrest 24x36 850sf doublewide going for 375,000 and a 2007 2 story hybrid that I designed and built myself. It's 1130sf and I'm asking 575k for that one.
Personally I'd stay away from anything made before June 15, 1976. That's a Pre HUD home and not only are they built like trailers you can't get them financed. Not only that there's lots of caustic and carcinogenic chemicals all thought them.
What is your price point and how big of a home do you want? There's only 1 MH park that I'm aware of and that's on the North San Diego County Coast in the city of Leucadia. It's a small park as are most of them but they offer a long term 25 year lease and do allow for a sub lease. But that's the only one I'm aware of.
Most MHC's don't allow a sub lease for all the obvious reasons the first being the ability for the park owner to maintain direct control over the original tenant. When a tenant starts sub leasing the park owner loses control to some extent and therein lies the problem.
The only other scenarios I'm aware of are in resident owned communities where there are no tenants; only homeowners and the homeowners own the dirt under their home. However, you're dealing with a much higher price point and most of them are senior park community developments that you must be 55 or older to purchase.
Feel free to call me and I'll let you know where the park in Leucadia is located. But do realize that there is only one home for sale presently and they don't come up often.
I'm looking for Double Wide. Pretty good shape. No earlier than the 1975.
20-30 miles away from San Diego so I can easily manage it.
Leucadia is near Encinitas. Are we talking about the same area?
John Arendsen
I understand the park reasons. I happen to live in a Kearney Mesa Lodge community. Easy real estate purchase because I bought the home cash. 2006 manufactured home. Really good modern shape. Value went up almost 40k within the last year. This is why I was thinking it would be good experience to purchase another one and rent it out.
The park wins because it is beautiful on outside, inside, and I rehab the backyard.
We are going to sell and move into a triplex/Quadplex that I am planning to buy and hold within the next year.
For the year of 70's I am researching cost. A family member bought one for 30-40k cash. Rehab it while she lived there. Beautiful community for seniors. This was actually in the Bay Area.
I'm looking at similar price range so I can pay for it cash. I'm saving FHA loans for the bigger stick built purchase. In the meantime, might as well get started with something that achieves my goals and add to the bigger goal.
John Arendsen
My purchase wait time is about 6 months. How much is the one your talking about going for? And is it a double wide? What is the name of the park?
Jo-Ann Lapin
Yes, I will contact you too!
Not a doublewide. Not even a single wide. It's a Park Model RV and the owner is asking 120k. Reason being it's about 300 feet from the beach. Anything near the beach you'll pay a premium for. I have a 2008 Silvercrest 24x36 850sf doublewide going for 375,000 and a 2007 2 story hybrid that I designed and built myself. It's 1130sf and I'm asking 575k for that one.
Personally I'd stay away from anything made before June 15, 1976. That's a Pre HUD home and not only are they built like trailers you can't get them financed. Not only that there's lots of caustic and carcinogenic chemicals all thought them.
John Arendsen Thanks for the info and research! I'm going to pass and keeping searching for opportunities that are lower in cost so I can pay for it as a cash buy.