Re: mh condo lots - Posted by Lonnie
Posted by Lonnie on May 08, 2000 at 08:14:36:
You need to check the Park Association rules and bylaws and see what’s allowed. There are two condo parks in my area, and we own 29 lots in these parks. Even though we own the lots, we still have to follow the park rules regarding tenant/buyers. So it will depend on the rules and regulations of the park.
In my case, there’s been no problem. I sell the home and rent the lot. And I work very closely with the park manager to prevent, and/or eliminate any problems with my tenant/buyer. And even though I pick my tenant/buyer, they are obligated to follow and abide by the park rules. Regardless what kind of park it is, the key is still having a good working relationship with the park manager.
In some ways, owning some of the lots is better than owning the whole park. Since the lots are scattered throughout the park, not many people know I own more than just the one lot they’re renting. If the tenants have any complaints about other tenants, or the way the park is run, I can just tell them to call the manager, it’s out of my hands. The Park Association hires a manager to run the park, so the manager takes the heat from the tenants. It’s the most trouble free rental property I’ve ever dealt in.
Hope this helps,