Once you buy a MHP how do you convert renters?


#1

I was wondering as soon as you buy a MHP how do you go about converting mobile home renters into owners?.

Example: A MHP has 20 lots all are 20 Park owned homes all occupied and each paying $500 per month in rent.
Let’s say the lot rent is $250 per month. What would be the first thing you would do after buying the park to convert these renters that are paying $500 per month into owners paying that would just $250 per month instead?. In this example these renters are on month to month leases.

As soon as I buy the park I really don’t want to fix leaky toilets.


#2

There are a couple of ways, 1 is to ask if they want their rent dropped from $500 to $475 or even $450.
id make lot rent $300 and put the difference on a RTO . So $150 x 24,36 or 48 mos. All maint on them.


#3

can you legally do this to 15 POH’s. at one time?