‘CASH Program’ = Just an additional thought on bringing in New Mobile Homes (‘CASH Program’) versus Old Mobile Homes
When we first purchased our ‘Turn-Around Mobile Home Park’, we had visions of New Homes lined up in our Vacant Lots.
However, we then listened to Frank state that it is better to have Older, ‘Paid Off’ Mobile Homes versus New, 'Mortgaged ’ Mobile Homes.
When we first purchased our "Turn-Around Mobile Home Park’, we ‘inherited’ Older, ‘Shelter’ Mobile Homes. We selected to renovate these Mobile Homes and sell or rent them.
For the past 5 years we have rented our:
- 1966 Mobile Home
- 2016=Renovated With New Metal Roof
- 12 x 46
- 2 Bedroom
- 1 Bathroom
We are now in the process of doing some repairs and selling the Mobile Home.
During our past 5 years we have had 1 New, Singlewide Mobile Home (2017) move into our Mobile Home Park.
During our past 5 years we have had 1 Mobile Home receive a notice concerning a Late Mortgage Payment. It was our New, Mobile Home (2017).
Thankfully, thus far the couple has been able to catch up their Mortgage Payments for their New, Mobile Home (2017) and keep them current.
However, on the Older, Mobile Homes neither MH Owner nor Park Owner need to worry about Mortgage Payments…just Lot Payments .
The ‘Good’ Part is that both the Older, (1966) Mobile Home and the New, (2017) Mobile Home pay the ‘Exact Same Lot Rent’.
Is the 2017 prettier than the 1966? - Yes
Do both the 2017 & 1966 Mobile Homes provide ‘Shelter’ to a family? - Yes
For our Park we are happy with the Older, Paid off Mobile Homes.
We wish you the very best!