Mobile Home Park Investing
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Donating trailer within MHP
I have two trailers that are fixer uppers that I'm willing to donate to a church/non profit, but need to require the trailer remain within the MHP for a period of time or it can be a significant financial loss. For those MHP owners out there, what is reasonable amount of time to require they remain in the park?
- Real Estate Investor
- Ste. Genevieve, MO
- 941
- Votes |
- 363
- Posts
This is a risky undertaking. The church/non-profit is going to then let homeless people live in the trailers, and that's going to tank any possible "pride of ownership". I've never seen this work out well. I think you would be better off doing a "handyman special" (based on the laws of your state) which at least gets the home in the hands of the end user who will then be an owner and have "pride of ownership".
As far as how long you can require a home to remain in your park, that's a matter of state law. Some have no guidelines and other states have strict restrictions on how long you can restrict movement of the home as they see this as a violation of property rights. I would talk to your state MHA to learn your state's requirements.
@Mark Rechkemmer I've tried going this route before with non-profits. Though, it ends up in a stream of red tape and inaction as there are multiple meetings with the board which can take time.
In the end, I ended up selling to other investors willing to take the homes and fix them up.
Hope that helps!
@Mark Rechkemmer
much better off to just sell or give the homes to someone that will start paying lot rent
Quote from @Frank Rolfe:
Thanks Frank. I ended up finding a homeowner occupant who bought it for $1000 and will renovate and live in it.