In my park there seem to have been a lot of private sales between residents prior to our takeover. These were $500 handyman specials - and I have been impressed by some of the interior remodels actually. But others - not so much. Is it legal to build in a new lease clause that states the park has the right to enforce minimum safety/code standards when homes change hands - and if the seller will not/cannot bring their home up to spec then their choice is to either keep paying lot rent or sell it to the park for the same price or less they would have gotten from a private party?
My reasoning is if I buy it for $500 I have the capital and the team to rehab the home - and even if I have to rent-to-own the home, I know that this 1970/80/90 home is now good to go structurally for the next 20 years. Whereas if a resident sells it to another one for $500 I have no idea if the buyer will invest the labor and capital to keep the home in great shape for the long run.
I got to thinking about this because this situation is happening to me right now - one resident wants to move in to another home in the park with her boyfriend. She’s found a buyer for her place - but I’ve now heard that her home has mold and soft floor issues. The buyer is qualified - barely. But if I purchased the home and rehabbed it I could both ensure a higher quality home that will stand the test of time - and get a more qualified buyer. Yes I’d be out some capital but I’d be investing in the long term viability of the homes - and thus the revenue stream.