Hi,MHRCP is the Mobile Home Rent Credit Program. I know Dave & Frank use the MHRCP program with legacy housing. Having gone to their bootcamp have access to their agreements. Understand this is the only way you can make the tenants think like an owner than a renter and not mess up the mobile home. As well as be in compliance with Dodd & Frank. How successful has this program been with your tenants and if you made any changes to the program for your needs?Thank you.
We have modified F&D’s agreement as follows:1. Include a section calling-out their down payment as a purchase of rent credits. I’m not sure that F&D take down payments anymore. I’ll let Frank address that. But we always want $1,000 down on 1980’s-and-older homes, and $2,000 down on 1990s-and-newer homes, and we want our residents to understand that that money is going toward purchasing the home.2. Slightly modified the one sentence whereby F&D only give the residents 50% credit for each home payment. We give 100%. We make enough money on the home business and we felt it was the right way to treat people.Our 2 cents worth,-jl-
These are nice changes. We currently have implemented similar downpayment amounts. Also like the 100% home payments going towards the purchase of the house as we want the residents to be home owners quickly. Also, one thing we are doing in our parks is not up-charging much for the homes and giving them at a lower percentage rate than the competition. This will also help residents become home owners faster and we explain it to them when we write the contract.