So this is a little confusing to explain, but I will try. I am trying to fill empty lots at my mobile home park. I have found a mobile home for sale that the owner wants more than I am willing to pay. I would like to pay to move his home into my park and then do a rent credit/rent to own program with it. I have contracts for the rent credit/rent to own part of it, but I am looking for a contract that would allow me to rent out the home and keep the $200 lot rent for myself and give the owner the rest of the rent. I would be responsible for filling the home and collecting rent. He would keep the title until the buyer had rented for 5 years. If the buyer moved out, I would rerent the home for the owner.Does anyone have a contract like this that I could look at?Thanks,
I’d sign one of the rental agreements F&D provide at Bootcamp, and maybe add a line stipulating that you’ll be signing a separate rental agreement with the resident. We sign two rental agreements for all our homes - one for the lot rent, one for the home rent (RC agreement). I think you’ll be fine if your agreement with the seller has a sentence or two calling-out that you’ll be renting the home, and signing separate agreements with the resident. They they sign a lot rent agreement with you, and a house rent agreement with the seller.All that said, this deal gets tricky because you are assuming liability to rent the home. What if the home gets trashed. Who pays for repairs? If you can negotiate such that the seller must cover all such maintenance costs, this deal might make sense. If you might potentially have to rehab the home just to get it rented and get out from underneath your obligation to pay the rent to the seller, I’m not sure I’d do the deal.My 2 cents worth,-jl-
Sirwebbie1, I would not do this deal.I understand your desire to bring in homes to fill your Vacant Spaces.However, if you are going to pay to have the Mobile Home moved into your MHP, then solicit actual Mobile Home Owners who desire to continue to live in the Mobile Home. If you do pay to have a Mobile Home Owner move their Mobile Home into your MHP, make sure that you have them sign an agreement that they must keep the Mobile Home in your MHP for a minimum of 3 years (or some specific amount of time to make your ‘Move Money’ count for you).If I understand your Original Post, you will pay to have a Mobile Home moved that you will not own. However, you will be responsible for renting out the Mobile Home for Rent Credits. You would only be receiving the Lot Rent for all this time and energy.In the above Scenario I would have the following questions:- Will the Original Owner pay your Lot Rent if there is no Renter? - What happens if there needs to be repairs? Who pays? Who arranges the repairs? What if the Original Owner ‘thinks’ that you paid too much for the repairs?- Will the Original Owner expect you to pay him the ‘Mobile Home’ Portion if the Renter moves out?We wish you the very best!