Just purchased first my first manufactured home
I managed to purchase a 1982 3 bedroom / 1 bathroom (with jacuzzi tub) home, with all working appliances, w/d, furnace, updated water heater, very large shed, and some updated flooring for 2K. My initial intent was to do some simple painting and add some Allure Ultra flooring from Home Depot, nice white base molding, and then list it on the market as a Seller Financed home. Although, I have also been considering turning it into a rental property.
One of my concerns about renting the MH is that it is a depreciating asset, even though I paid a considerably low amount for a well taken care of MH. The MH park will allow me to rent out the property, which my rental rate would cover the lot rent expense, and I would hold the responsibility of paying that each month. Another concern is the city rental laws and how they would apply to the MH. And of course, a major concern is a focus on the tenants and issues that could stem from renting.
Out of a need to assist my brain with a good decision, would you rent or seller finance this MH? I have 5 single family homes I rent out now, but this is my first attempt at the MH market...I blame and thank John Fedro for being so amazingly AWESOME : )