OK here is the deal thus far.
I am trying to buy a park in Georgia, and it has 26 MH’s with no titles. The present owner seems to get along fine, but I do NOT want to be a MH landlord forever, I want to sell-off the homes and rent the lots out.
HE obviously wants to just sell the entire park and not bother with the titles, as he does not have them, and I suspect he has discovered the difficulty and expense of obtaining them, and the laws concerning abandonment and removal of these homes without proper title. The annual fees on these homes have not been paid in many years.
How difficult can it be to LEGALLY re-sell these homes?
Will I have to pay all the back-taxes for them all? 26 is a lot of homes to fuss over.
THis may not even be worth the effort?
Banjoman
What condition are they in?
See if Georgia law allows you to give the homes away without titles. If that’s the case, then I would give them to the current tenants as opposed to selling them (assuming the homes are old and not very valuable).
On any abandoned homes, take those through abandonment process (you’ll need an attorney to do this correctly) and that should create new titles (but it could take you forever to actually get the titles in hand).
Talk to the Georgiai MHA on dealer/title requirements, and all other issues to make sure that you are 100% in conformance with the law.
Unpaid taxes on the homes must be paid prior to closing. No exceptions. And the taxing authority will not play ball with you at all in reductions (at least that’s been our experience).
As far as it being worth the effort, I don’t know the market or the economics of the deal. If the location is terrific and the numbers are strong, then 26 POHs would not hold me back. However, if the deal is average and the maket so-so then I’d not get involved in it. 26 POHs is a lot of work and you have to have a big reward for tackling that.
Yes, some of these units are tear-downs, and most are in poor shape. They are mostly older units.
I am going to see the marketplace this week and do the diligence. Frankly, if it is marginal, I wouldn’t be excited, and may pass.
Thanks
If you pass, please consider passing it on to me. I like challenges like this one sounds to be.