I know this topic is already covered in extensive detail, but haven’t discussed how to look at it when shaping your deal.
Looking at a Park in a smaller town with lots of anti-MHP ordinances - are saying this non conforming Park cannot freely move homes in - only out. I know this is wrong and could / should be reversed, but for a certain cost and time. There is lots of case law for this stuff in this state.
Has anybody knowingly gone into a deal knowing they would have to address this with the City? Do you make this a contingency for the deal to close and offer using your typical approach - or optionally adjust the offer to get a good deal and work it out later?
I hear sometimes it’s as simple as a $250 phone call between my attorney and the city’s, but what’s the high side look like? How much of a discount would you ask for on a Park like this assuming you would close before working with the City - assuming it makes 50K NOI (and dwindling) for easy reference. Thanks for any thoughts or alternative approaches!