Posted by Robert McNeely on March 10, 2000 at 09:44:37:
All parks are not the same, you really just have to get to know the managers. They will typically have written policies and rules for how the park is operated. Some parks may have an age limit on older homes no mater what the condition. I will be looking at 7 Vindale Mobile homes later this morning in great condition. Their problem? over 20 years old! I have a park that has 5 empty spaces and would love to have me move in 5 of them. There can be a silver lining to these situtations, as the prices on these homes are much lower because they have to be moved. When you rent a lot that the home is setting on, you are in a lease arrangement, and the owner has the right to regain his property with the proper notice. If you have developed a good relationship with the manager, you should not get stuck. Ask for a year lease if you think it is necessary. Keep in mind that many managers do not own the parks they manage and owners could make " negative" policy changes beyond the control of the manager. So say you sell a 25 year old home, a year later you end up with it back. If the policy has been changed you may have to move the home. This should be looked at as part of the reason we get +60% yealds on most of our sales, and not as a reason for not doing the deals. There is no sure thing in this business. Good luck, and good investing.