Posted by Tony-VA on March 29, 2001 at 09:31:40:
Lonnie is holding his pre-convention workshop today in Atlanta.
As for your six homes. Your dad may want to reflect upon the amount of maintenance, repairs etc. these homes have cost him (both in time and cash).
The advantage of selling the homes to these people is that he will no longer be responsible for the upkeep of the homes. He can concentrate upon the park.
He should require the homeowners to have their own insurance that lists your dad (or company) as the loss payee.
I think the decision to sell should be based upon your dad’s goals. Does he want to try and reduce the time he spends fixing the homes?
Lonnie’s books discusss his transition to buying the (condo) lots and selling the homes. Renting the dirt only can be a lot less work (headache) but as the park owner, your dad will still have the park maintenance and collection responsibilities. Read through Lonnie’s books and perhaps even ask Ray Alcorn over at the commercial forum (here at this site). Ray’s family and companies have invested in mobile home parks for many years. (He too is at the convention this weeken).