Hey all - here’s a question I hope someone can answer. Years ago I read Lonnie Scrugg’s Deals on Wheels. In his book he spoke about buying the lot under a mobile home he owned whenever he could - that way, once the home was paid off, he would still get a check for the lot rent! My questions is, how do you approach MH park owners with this inquiry? How do you evaluate the value of a single MH lot and what is the deed of conveyance? Do attorneys need to be involved or can this all be between me, the owner and the title company?
You approach this deal like any other real estate investment. Based on numbers.
Look at comparable sales for similar lots in that area. You’re buying land so this community is governed by an association of which you will become a member once you purchase the lot.
There may be either a monthly, quarterly or yearly fee that you will pay the association once you become an owner.
I assume you will move a mobile home onto the land then rent it or lease it with an option to buy the house.
A deed of conveyance is a legal document that is used to prove ownership in a piece of property. This deed can also be a Trustee’s Deed - Warranty Deed - Special Warranty Deed depending how the ownership is transferred.