Selling MHP owned trailers to tenants

I have a 12 unit MHP in Durham NC, with all park owned homes from the 70’s. I’m thinking about selling the units to the current tenants, but have no idea what the end result will be.

What is your experience?
Did tenants take better care of the place?
Did interactions with tenants go down to just rent payments?
What about evictions? Was the process longer or harder?
What did you sell the units for and how much for lot rent? If you have a $650/mn rental situation now, what did the sale/finance and lot rent break down come out to?
What would you do differently?

I have looked at and tried using a Property Manager. Mine sucked and all I saw was another expense with not much value. So want to be able to be out of touch for a month without catastrophe happening.

1 Like

Hi I have two parks in NC and have sold homes from anywhere from 3k-10k depending on the condition and if I have the title or not. I mainly sold them because I am an out of state owner and really wanted to cut back on expenses and management. I would figure out market lot rent and reset them to market lot rent so if youre renting at $650 and market is $400 then I would try to get some cash and get them to 400 lot rent. Let me know if you have more quetions, I can jump on a call with you.