One of my tenants has relatives who just came into town looking for a place to live. I have no vacancies now but was trying to help them. One small park in my area had a beautiful mh for sale for 240 days, obviously because nobody could obtain financing. I considered making a low cash offer & renting to these folks. The numbers looked very good but I checked with the park owner to be sure I could rent it. He is a major player in this area with tons of properties.
Bad news. In addition to no rentals (except his of course), the park rules state that when a mh older than 15 years is sold, it must be moved out of the park. So even though this mh is gorgeous, it is 12 years old & nobody with sense will buy it because they won’t be able to resell it in 3 years. As an investor I understand the logic of not having too many old homes in a park, but this seems a bit severe. Most parks say that incoming homes can’t be older than 10 years or so but do not restrict existing mh.
Has anyone encountered this before?