Updated over 6 years ago on . Most recent reply
Buy a park, let the owner keep the homes?
I'm looking at an off market park. It's pretty darn nice in a nice part of town. Many of the mobile homes are 2000 or newer. The owner of the park owns and rents the vast majority of the homes. He want's to sell, but will miss the monthly income. He's interested in owner financing.
My understanding is many park owners end goal is to own the lots and have the tenants own the mobile homes. Does anyone have any thoughts on buying the park and the original owner keep the homes? He would pay me lot rent, and collect rent (and still maintain) the vast majority of the homes. He would get a monthly payment from me to pay off the actual park.
Is this idea crazy? I'd rather own everything and slowly sell off the homes with seller-financing. I imagine I'd want some sort of agreement where I have right of first refusal to buy the homes should the owner ever want to sell. Thoughts?