I live in Vermont, which I noticed is a state that is not mentioned at all on this forum. The MHPs here are at 100% occupancy, especially in Chittenden County. I owned a MH in the one park in Burlington for a short period of time. It was a 1960 MH that I ended up making some money off from.
I noticed there is a recurring theme here, and I have some ideas that I wanted to share.
Vacant lots: In Chittenden County, VT, there is one major player in selling new and used homes. He also owns his own parks, but because lot space is so hard to find, he buys old homes in different parks, tears them down (or pulls them out), then places a new unit on the lot. He pays the lot rent until it is sold, which is usually pretty quick, because as I have said, open lots in MHPs here is almost impossible to find.
Abandoned units: Times are tough, so what I wonder is why you don’t place an add for scrap metal? So many people are scrapping metal for extra money these day that it would cost you nothing to have them tear down and take away a MH that is beyond repair?
I worked on the financing end of MH deals for a while, and really miss that line of work. There isn’t much opportunity for that here, which is too bad. I noticed that while you all talk about Conseco/Greentree repos and 21st repos, I haven’t seen anything about Greenpoint Financial repos (I loved dealing with them) or Origen (Formerly Dynex). I also know that SouthTrust bank did some loans…
I also noticed that there is a lot of debate over subletting. One issue in the park in Burlington (the largest city in VT) is that the majority of the MHs are owned by one person who rents them out to Section 8. He is a wealthy man, and not only owns those units, but rental apartments as well as his own park in a nearby town. What are your thoughts on Section 8 tenants?
I hope that I have inspired some great ideas