My main sticking point is, well, I am not 55 years old. Assuming you are under age 55, how do you get around the age 55 restrictions as a buyer?
Thank you for the reply Jefferson,
As always good comments from Jefferson about being transparent with the park managers andowners. However, because this is your first MH deal I would highly advise you being cautious and really consider purchasing in this park.
My 2 cents Air Max Ice Blue
As I am searching for mobile homes, I am finding great deals in 55+ communities. I think these would be great to buy with cash, fix up a little, then turn around and sell on owner financing terms. It would be affordable monthly payments to an elderly person who is likely to take good care of it, not flake out and vacate, but can't have rent increases because he/she might be on fixed social security income. Basically, I would be the bank.
It is my strong opinion that you get to know many local park managers (both family and senior parks) and make your first few mhs purchases in park be clean3 bedroom mobile homes in family parks that you know you will make your money back within 12 months (max) or less plus 4 9 more years of monthly payments.
Ellis San Jose, Real Estate Group 360 The Note GuysTelephone: (805) 852 7418Website: http://E. San Jose
Dodd Frank is a big deal with this so I am glad you are aware of that.
Looking to start my Real Estate investing career, and it seems the best bet (as far as profit margins go) are in mobile homes.
OK, so that a long winded way of saying "just go ahead and buy it, but I still think you be better off being very above board with the park owner about what you are doing." Who knows, you may find the park owner points you to a few other good deals in the community or to another community they own with similar homes.
First off congratulations on being ready to take action and jump into R/E investing. Also, welcome to theBP family.
resell for as a Move In amount and monthly, number of bedrooms, bathrooms, what else is for sale in the park, local park inventory for sale, etc?
Mobile homes in senior parks can be profitable and they can often times be purchased for typically a lower price than homes located in family parks. Jefferson was right for sure about you Air Max Sneakers
As regards Dodd Frank and SAFE: I believe everyone is allowed one of these sales per year without being subject to the burden of becoming an official Mortgage Originator. Further, structuring your deal as a Rent Credit agreement (similar to RTO) is generally regarded as being not a Air Max Light Blue mortgage, and hence is not subject to Dodd Frank or SAFE. Finally, HR1779 is making its way through Congress and if passed, it will specifically exempt manufactured housing.
Hi KC and group,
One other thought: many MHPs that say they are age restricted, aren They are just practicing age discrimination without knowing it. To be a legal 55+ MHP requires certification from HUD. Ask your park for a copy if their certification to be an age restricted community. If they can produce it, they are likely not really a seniors park. In which case, you could put anyone of any age in your home. But again, it best not to ruffle the feathers of the park owner; work with them, not against them.
One issue I just realized is Dodd Frank. I would have to figure out a way to comply with Dodd Frank on this transaction.
In fact, we would welcome someone like you working in our parks in Kansas and Oklahoma. Let me know if you might like to have a discussion about that.
My main issue here was buying homes in 55+ age restricted communities as stated above.
I just speak with the owner or manager of of the park tell them that I am not planning to occupy the property. I just want to fix it up, financing to the a55+ buyer.
You did not mention the size of the home, age condition, lot rent fee, amount you can Nike Air Max 95 Og Amazon
I don believe your youth can be held against you. Laws regulating the age of mobile home park residents are just that they place restrictions on who can actually live in the mobile home. You not be living in the mobile home, so you are free to purchase it. Heck, once you own it, you could haul it out to some other MHP or put it on your own land. I do not have exhaustive knowledge of age restrictions in all 50 states, but I do have extensive experience with one of my consulting clients here in California one of the most regulated states. And the restrictions are on actual residents of the mobile homes, not the owners.
Buying a mobile home in a 55
What I am interested in doing is not subletting. I would buy the mobile home with cash. Sign a new lease at the mobile home park. Then turn around and sell the mobile home with owner financing options. Washington State (not sure if other states have this law as well) has Chapter 59.20 RCW which allows tenants to assign their lease in a mobile home park if they sell their mobile during the lease. This is clearly written in law.
being "allowed" to invest in a senior park "if" the park manager or owners allow it. You may also have to be approved by a park community committee of residents, this is not common but it does happen. Additionally a park may not want you to be there even though they know you will not be living there, if this is the case then you don't want to be there either.
worth, and good luck with your new adventure in mobile home investing,
I say be cautious because when reselling a mobile home in a senior park you are eliminating much of your buying demographic. Depending on the inventory of the park and other local parks you may have a hard time selling the home versus reselling it in a family park. With that said you could have a easy time selling it too. Make sure there is a strong amount of senior buyers in your area and know what they will pay for a 2 and 3 bedroom Mh in this area. I see you have many senior parks around you perhaps seniors are flocking to this area and a sale will be quick, but make sure you know versus just assuming there is a good demand. It should takes days or weeks to sell, not months. Additionally, senior buyers will have a more difficult time making repairs (if the home needs repairs at the time of sale) AND some senor buyers are just as flaky as their 30 year old counterparts (so do not assume that seniors will always pay on time due to gov't money).
The mayask youto pay rentaccordingtoa"warehouse agreement" vs. a "lease to occupy".
I have some cash on hand, so I am looking to buy a mobile home for cash in a Mobile Home Park. Put a little lipstick on it, then turn around and either rent it or sell it with owner financing.
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