Hi! I am looking at a park that is in a primarily rental market and the sellers assert that this is the ONLY way to run this park. (Another park owner in the same area who has 2 parks said the same thing - can only rent here.) They are the original owners who just took it back from a buyer who bought 4 years ago and ran it badly. The sellers will give owner financing AND have offered to be available to help guide us in running it and bringing it back to what it was before they sold it. Assuming that offer is real, having that kind of help would make a big difference which is one of the reasons this looks attractive. It is currently mostly park owned and rented out. In the 10/20 book, Frank and Dave discourage park owned homes and rentals but I am wondering if that strategy has changed at all since MH financing for owners is so much harder now. Basically, here are my questions:
-Are rentals a more acceptable business model right now or would you still avoid them?
-Is it generally a bad idea to START my MHP business with a primarily rental park?
-Any other suggestions?
Thank you very much!