Hello all, I am regular reader of the MHWeekly newsletter but I just discovered the forums tonight and have been reading the last couple months worth of posts…great stuff. Thanks to all you pros for sharing your wisdom and experience. I am a young guy still learning the ins-and-outs of the mobile home park business but I have been around it my entire life. It is my family’s business and I am on site manager of our 92 unit park in Southern Ohio.
I have a tenant who we have evicted but have given 30 days to try to make arrangements to get the home moved before I execute the writ. Of course he cannot afford his back lot rent so he cannot afford to move the home. He wants to sell us the home for his back rent + legal fees, taxes and enough to rent a U-Haul and go to Florida. Likely around $2,500-$3,000 + whatever repairs are necessary (looking at the interior tomorrow, I am not optimistic judging by the state of his lot) when it is all said and done. It is an 88 3BR 1BA with a fireplace and an electric furnace and an ok awning. It could have potential if the inside isn’t completely trashed.
I was just wondering if anyone has found this sort of deal to be a more effective way of getting a lot generating cash again that would otherwise sit abandoned and be an eyesore until we could legally take possession of it for next to nothing THEN start the repair and marketing process and possibly lose out on a couple years lot rent but make more on the sale.
Any advice appreciated.