Hi, I am a new user here and also new to MHP investing. I am considering a park in urban area in Texas. This park is fully occupied and there are no park owned homes. The income coming in seems to be good and there is a good potential for land value to increase as this is in a very matured urban area.
This park has mostly single wides that seem quite old. My initial research indicate that city does not allow new MHPs and also do not permit a new mobile home to be brought in if a home is destroyed or if a home does not pass inspection for existing home. Can this be true? What would be the scenario if some homes are destroyed in fire and there is no way for anyone (by park or individual) to bring in a new home. Can the City restrict a home owner or park to bring in a new home? I am not sure if this is real but what to check with experts here. I would also like to know if insurance covers income loss and for how long?
Thanks for you response!