Transition from Park owned to tenant owned homes


#1

Frank/Dave

I recently took an option on a lowly 60 unit park in Arkansas with 20 tenants and 40 vacants all but one home is park owned, older homes. We have to take transfer ownership to tenants asap. Would you sell the homes for one dollar and lower the payment per the advice in your book? Currently rent is $325, my plan is to lower their payment to $205/month and give them ownership for $1 so I can be out of the maintenance business. I’m concerned that if they only have $1 in their home that they’ll trash it and not take pride in ownership and behave poorly. I also need to advertise for new tenants/owners of these homes would you just use the local paper classifieds? How would you word the ad? Finally I bought your park management manual, I plan to include a purchase agreement for the home, lease agreement for the lot, what other disclosures/documents should be included? Should I have a local attorney review as well?

I want this campaign to be successful and go smoothly so I really appreciate your inputs!

Evan