Thoughts on MHC with smaller MHs. Currently have 12x45’ 70/80s homes. I’m concerned about finding tenants, though it’s a bigger metropolitan area, and replacing units in the future. I don’t believe there’s enough room to bring in 60+ footers down the road.
Looking for advice before going forward.
It would be ideal to be able to replace them . It think have heard that there are 50 foot homes… Is your market real strong for affordable housing? Are they all TOH or any POH ? I think it would be better to stay out of the home loop on older smaller POH but in the better markets with TOH, i would consider looking more at this. You are right, have a good understanding on the ability to replace and along with the limitation on the lot sizes and when you go to sell as well if it will be a consideration in the valuation.
I was looking at a similar type park in a great metro where the city did not look favorably upon the park. The fire inspector basically insinuated he would thin out the density of the park when it sold.
I would want to emphasize the importance of proper due diligence on deals like this.
Check with fire inspector and appropriate attorney if need be.
Good luck,
Ken Lavoie
Marvel: thanks
Loiuie: thanks for reminder on fire marshal
Anyone have luck in renting out these 1br smaller units? I assume there’s still a market but what do you use as lotvrent comparable? Still 1/2 2br apt? I think I know of some FEMA trailers that are this small but anyone know of other options?
If you’re selling, I’m a buyer for 1980’s small mobile homes (under 50’). My parks have small lots and I’ve been buying new 14 X 46’ homes and having no problems renting. Seems like there is a strong demand by single tenants who only need a small place. Are these homes located anywhere near MI?
Sorry. Trying to figure out how to price a MHC I’m looking at and vetting concerns. Good to hear you haven’t had any issues with the smaller units.