Sale of park owned homes to tenants

If you buy a park with say 20 POH that are tenant occupied, how difficult or easy is it to sell them to the tenants on a rent-to-own? And why wouldn’t the previous owner have already done this?
Or do you have to get rid of the renters and find buyers?

You cannot sell on a rent-to-own basis unless you become SAFE Act registered and compliant. Otherwise you have to rent them or sell them for cash. The previous owner probably did not try to sell the homes because he thought that renting homes is a great business (which it’s not). Many moms and pops look at rental homes as all income, while a smart person knows you have to take out the “opportunity cost” of the lot rent, which makes the home rental marginally profitable at best. If the homes are old and not that great, you might consider simply “giving” them to the tenants, just to focus on lot rent only. In any event, check on the laws in your state on “dealership” status, as you may need to get your dealer’s license to sell more than a home or two a year.In answer to your first question, we have extremely high conversion rates of people who are renting who really want to buy. But if those tenants are low quality and can’t even pay their rent every month (which moms and pops sometimes harbor by refusing to evict people) then you may have to kick them out and start over.

Thank you

I agree with Frank to check with your State concerning how many Mobile Homes that you can sell for Cash without a Mobile Home Dealer’s License.In South Carolina you can sell two Mobile Homes for Cash without a Mobile Home Dealer’s License.  My Husband is in the process of obtaining his Mobile Home Dealer’s License.  This is a multiple step process (such as taking a course, taking a test, reviewed financials, references).We wish you the very best!