were looking at a park that has 75 occupied. Of those 75, there is one 3rd party lonnie dealer that owns 30 homes. Hes a local in the area, the owners give him a home whenever one becomes available that needs work. hes pays lot rent regardless if the unit is rented or not and it appears he has been great about paying on time every month.
Our concern is #1 - the tenant base is subpar as they are renters and not owners, and #2 - the risk of the owner yanking homes out of the park. Although we believe this to be a small chance since he doesnt have the funds or wherewithal to start pulling homes, nor would it make economic sense for him.
What would you require on purchasing a park like this from the lonnie dealer or current owner? The lonnie dealer isnt interested in selling the homes in a bulk sale unless we paid far more than what the homes are really worth.