MHP - How do you feel about POHs (Park owned Homes)?
I'm looking at my first MHP deal and hoping for some general advice on POH.
The park I'm looking at now is fairly dominated by mostly older POH (16/24 occupied pads) . All that I have read says to get rid of POH as they essentially seem to be more trouble than they're worth. With that said, these POH rents are more than double the $350 pad rents and add real money to the NOI.
I realize that POH heavy parks are not the business, but with that said, is there some percentage of POH in a park that's OK? I would imagine every investor looks at this slightly differently. Any and all advice or thoughts would be appreciated!
Thanks,
Ben