Owner Occupied Restrictions MH Park

[Chad Raggio]

Are there any known strategies to work with a park owner or manager that only allows Owner Occupied? I would like to purchase a mobile home that is in a nice park but they will not allow renters. Is there a way to partner with my new buyer/renter/occupant so they become the "owner" - but I'm still maintain control and monthly income? Maybe I "become the bank" and loan the $ to purchase the MH?
Any ideas?
Thanks - Chad

[Tom Goans]

Chad Raggio,

I have a long and successful history of investing in manufactured homes in parks. I embrace this segment of cash flow as a largely untapped superior investment opportunity.

I have not pursued spending time trying to develop ways to invest where there are known restrictions of ownership – in this case, renting the property. The value of time. From what I have discovered, many parks with an owner-occupied restriction have owners that own numerous homes within the park that they rent. You would be their competition. Therefore, the elimination of the competition by imposing the owner-occupied rule.

I doubt there is a way to convenience the owner to allow you to become a partner or part of the competition. A well run park is a cash cow. The owner probably does not need your money. Should he desire a loan, the owner probably has the ability to quickly borrow from his favorite lender.