I have a buyer interested in my park, most all homes are either sold, or under rent credit program. He says he’s afraid of Frank-Dodd act liability.
Anyone else avoiding the RC program for this reason?
The park is in Cocoa, FL and I feel it’s priced right at about an 8 cap, but now he’s nervous.
Thoughts?
We have found in mid Fl. and further south an 8 cap park is a bargain–could be other issues he is not speaking about or maybe there needs to be an update on the legal aspects of the rent credit program (any new information) Most family parks we have noticed have filled vacant sites with the program you mentioned and some buyers have NO interest in such. Like I have say many times WHY are not tenants bring in mobile homes since RVs are filling our spaces with their homes–some new and more expensive than mobile homes.
@Coach62 I don’t care what the hell Dodd Frank says about my mobile home park. I am in the area just contracted on a park in Cocoa and looking for more of the same. Im familiar with most parks over there. Ifyou want to really sell PM me your info and I’ll be right over could have this done by Wednesday.
Thanks to both of you. WTG, PM sent.
Assuming you’re not capping the home rent credit, tell him you’ll keep the notes and he can have the park.
I am interested in your MHP for sale in FL, I already own some and want to buy again PM me and I can give you a offer asap