Posted by Kevin Wells on May 01, 1999 at 09:55:27:
Dirk,
I believe I read somewhere that you can rent a MH in an all owner park, but you have to give the renter a small piece of ownership (say 1%). That way the renter is, on paper, an owner of the MH. Of course, you would have to include some wording which gives you ownership back if the renter leaves. You are correct though, Lonnie’s seem to make more sense than renting.
Later!
Kevin(OK)
Advice needed - Posted by cris
Posted by cris on May 01, 1999 at 01:42:35:
Can anyone give me advice on Rent-to-Own leases? Has anyone tried this with a MH? Would like some advise as to how to the wording or if someone may know where I could get a copy of a Rent-to-Own Lease for a MH would be greately appreciated.
cc
just wondering… - Posted by Dirk Roach
Posted by Dirk Roach on May 01, 1999 at 06:23:21:
Hi Cris,
It seems like, from reading your post, that you plan on renting your mobile home. I was wondering if it is on a private lot, or in a park. In my market an outside investor would have a lot of problems trying to get a mobile park to allow such a thing. Due to the rental parks rent everything out themselves.
However I have seen several parks in the midwest were the “rent to own” statagy has been implemented, but by the park.
Personally I find a lot of benifits in the classic Lonnie method of selling the home with owner finacing, as it avoids landlord headaches etc.
I do know several people who do rent out mobile homes, but they also own the park. They “funnel” their, less than desirable homes into their rental park. As it is more difficult to mix the two, buyers and renters, in the same park.
Anyhow just wondering.
Dirk
just wondering… - Posted by Dirk Roach
Posted by Dirk Roach on May 01, 1999 at 06:23:21:
Hi Cris,
It seems like, from reading your post, that you plan on renting your mobile home. I was wondering if it is on a private lot, or in a park. In my market an outside investor would have a lot of problems trying to get a mobile park to allow such a thing. Due to the rental parks rent everything out themselves.
However I have seen several parks in the midwest were the “rent to own” statagy has been implemented, but by the park.
Personally I find a lot of benifits in the classic Lonnie method of selling the home with owner finacing, as it avoids landlord headaches etc.
I do know several people who do rent out mobile homes, but they also own the park. They “funnel” their, less than desirable homes into their rental park. As it is more difficult to mix the two, buyers and renters, in the same park.
Anyhow just wondering.
Dirk
Re: just wondering… - Posted by Kevin Wells
Posted by Kevin Wells on May 01, 1999 at 09:55:27:
Dirk,
I believe I read somewhere that you can rent a MH in an all owner park, but you have to give the renter a small piece of ownership (say 1%). That way the renter is, on paper, an owner of the MH. Of course, you would have to include some wording which gives you ownership back if the renter leaves. You are correct though, Lonnie’s seem to make more sense than renting.
Later!
Kevin(OK)