Any issues with NY?

mobile home university
1

I see lots of parks for sale in NY state. Any issues with tenency laws, regulations, etc I should be aware of? I vaguely remember hearing that NY as not a great state to own a park in, but can’t seem to locate that thread.

Thanks

Ron

2

We don’t own in NY. Hopefully someone in this forum will chime in with first-hand experience from the Empire State.

In the meantime, you might call New York’s Manufactured Housing Association (http://www.nyhousing.org) and ask to speak with someone experienced who can give you the ‘ins’ and ‘outs’ of MHP ownership in that state.

Best,

-jl-

3

I thought I remember Frank saying “If you find a park in New York or California, buy it”

4

At a 10% cap rate, yes.

5

I looked at a par in NY. The state law only allows you to charge a 5% late fee and tenant has ten days to pay rent each month,

Even on 300 per month lot rent there is no incentive to pay on time.

Will create many headaches for a turn around park or out of town owner.