Why so MHPs for sale in New York

I see so many MHPs for sale in New York state. Why is this the case?

I realize it is a blue state, but CO is blue as well, and yet CO MHPs are hot properties.

Am I missing something? Are their laws that are unique to New York that make owning a MHP unwise?

Thanks!
Eric

I suspect it’s a combo of the regulations you stated and the location of the properties. NY is a big state with a lot of very rural and low income places. State level demos are obviously very skewed because of NYC when in reality there are very few parks in that metro area. Just my two cents…
Let me know if you have any you’re interested in let’s talk and maybe we can figure something out.

NYS has a rent control cap of 3 percent on lots. We were looking in NYS and passed for this reason. We live in NY too so it’s would have been nice.

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Owning in NYS can be done very profitably if done right. Obviously there are laws which you have to navigate, but the good operators do that very effectively. I wouldn’t say I generally see more parks for sale in NYS, but like any state some owners/realtors have a bloated idea of what a park is worth so it then sits there. Anything we have sold in NYS has sold very quickly because we always make sure to price it right the first time.

I don’t understand how an owner can stay up with inflation if the inflation rate is 7% and the rent cap is 3%.

We’re looking to buy parks in NY, looking forward to connecting with you.

I own in a rent control area. The only way to keep up with inflation is through tenant turnover. If you have long term tenants it does not take long for their rent to fall way behind market rents. I have 1/3 of my tenants at barley 50% of market. This has a serious negative impact on the resale value of your community.
This means that your newest tenants are carrying the majority of the cost load for the park.

Exactly, rent control is actually more costly for those moving in. It may make sense not to renew leases at a certain point after park is full.

This is an interesting question because we are also looking for a park in upstate New York near a nice lake on which to vacation . I am nearing retirement from my business to manage three parks that we have in Maryland and want to buy a park in an area where I might want to spend a couple of months in the summer.

I was under the impression that New York state had recently changed some laws that make it more difficult to get rid of a bad tenant. I too, had noticed an increase of parks for sale in NYS.
Let me know if you find out anything

Can someone recommend a Landlord lawyer in upstate NY near Utica?

@EricBarshinger
https://tenanthelpny.org/know-your-rights/item.10420-Rights_of_tenants_in_multitenant_housing_or_mobile_home_parks#:~:text=New%20York%20law%20limits%20how%20much%20a%20manufactured,if%20the%20increase%20is%20determined%20to%20be%20“justifiable.”

Rights of tenants in mobile home parks
If you live in a mobile home or manufactured home park, there are certain additional protections that apply to you. If you feel your rights have been violated call the Manufactured Homes Program at 1-800-432-4210.

Limits on Rent Increases
New York law limits how much a manufactured home park owner can increase your rent, including the lot rent and any fees or utilities.

In most cases, rent increases are limited to 3%, but park owners can raise the rent up to 6% if the increase is determined to be “justifiable.”
If your park owner asks for a rent increase that is more than 3%, you can challenge the increase in court. The judge will determine whether the increase is justifiable.

This pretty much sums it up. Why would you buy a park when the government is slowly forcing you out of business.

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NY is one of if not the worst state for property taxes. I owned a NNN property in Syracuse (corporate tenant), $1.5M range and had rent of $80k, the property taxes were in the $50K range which is probably what normal rent would be on that site NN with a local tenant. How are you supposed to make money in these states?