I am a real estate investor. I live in Denver, CO. I have been searching to buy a mobile home park for awhile now. I just found out about this website, and I am very excited to join this forum. I am looking forward to networking and learning from everyone.
I would love to own my own park; however, as of now, opportunities in Denver area seem to be very limited. So, there is one thing I am wondering, if I buy a mobile home with land, can I use the same concept as with the mobile home park, where I would do rent-to-own for the tenant, then once they are pay off the note, I can collect lot rent from that one mobile home land? Does this work? Any suggestions/ideas? Of course since this is just one mobile home with the land, the cashflow will be much lower than owning the whole park, but I am wondering if this would work if I use the same concept? Also, does anyone know about rules and regulations on carrying a note in Colorado? I would really like to do rent-to-own for my tenants, but I don’t know the legality of how this can be done, because it will involve checking credit scores, getting social security numbers for my tenants…and can I do this? I would really appreciate any suggestions you can give me.
Thank you very much.