How many do a separate lot rent only along with a Rent/Credit Agreement when selling a POH?
Although I am not in that situation you should have two separate contracts as you would when a tenant rents both the home and the lot. Two separate agreements exist, one as monthly contributions toward purchase of the home the other to rent the lot.
That’s the way the previous owner did it. Just wanted to make sure…Thanks Greg.
If buy a park out of state with all POH, who would just “give” the homes to the tenants for $1-100 to save on the management headache and turnover? Creating a rent credit system where homes already exist seems like you’re just asking for more headaches due to the fact you have to handle repair costs etc untli the tenant owns the home.
KyleandTiffanyinvest, if you desire to turn over the POHs to the Tenants for $1-$100, Frank would most certainly agree with your strategy in order to become a Lot Rent only Park.I can understand your desire to not want to deal with Home Repairs that would arise when you live in another state.Thus, if you desire to sell the Homes for $1 - $100, I would make one suggestion.After you get ownership of the MHP wait at least 6 months to see if you really want those existing ‘Renters’ to become actual Homeowners in your MHP. There will probably be some bad seeds that you do not even want in your MHP…let alone owning one of your homes.There are a lot of good, hard-working people out there who desire home ownership. Just make sure that you have this Tenant Base first before giving away your homes.When we first purchased our second MHP, we desired to give away our POHs. However, thankfully we first figured out that some of those Tenants were people we did not even want in our Park.We wish you the very best!