We took over a park in January (103 lots, tough turn-around). Evicted 15 residents (drug dealers, trouble-makers, no pays etc). Now I have many 70s / 80s MHs, quite a few without titles. NOTE: It’s illegal to sell a MH without a title here in Ohio.
About half of the homes I am obtaining titles through abandonment. For those I will fix them up and sell. The other half I would rather not try to obtain title, just ‘gift’ them. But at the same time I want the outside to look good.
Can I ‘gift’ a $500 house (with no title) to an applicant, but insist the resident re-pay the cost to paint and re-skirt? I am willing to pay for the paint and re-skirt and be paid back over a year or even 18 months (at cost). I am not trying to even make money on the houses, I just want them to look good from the outside.
My Ohio-specific lease gives me the right to insist that every house looks good. I’m just wondering…
a) If I paint and re-skirt for about $1500 BEFORE they buy, then can I ‘gift it’ (but they must pay back the $1500? over 12 months?)
b) Gift them the house first, THEN insist the house be painted and re-skirted?
I think you see what I am trying to do here. How would you handle my situation without breaking the law? The previous owner let in anyone with a pulse move in and never evicted anyone. I am trying to avoid buyers who get in with very little money then have have no pride of ownership because they never fix up the place.
We are in a good location with a lot of interest from buyers. The place has changed a great deal for the better in six months. We just got into the 21st Mortgage program and will be bringing in brand new homes in 6 months which I believe I can sell IF I FIX UP THE OLDER HOMES. No one will pay for a brand new home if it is next to a beat up unpainted home.