Posted by phil fernandez on December 04, 1999 at 09:06:27:
Don,
The fact that these parks do not allow mobile homes to be rented will work in your favor when doing Lonnie deals. The owners of older mobiles have a hard time selling for cash because most banks will not loan on them because of age. And if the owners are prohibited from renting them, that takes away another of their options. You come along and offer all cash at a low price and turn around selling the mobile with a low down, holding the financing at a higher price.
When you offer the financing you are not renting to a tenant, you are the finance company that is loaning the money through owner financing to the buyer of the mobile so he may purchase the home.