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Updated over 9 years ago on . Most recent reply

User Stats

9
Posts
4
Votes
Jack Reed
  • Investor
  • Watonga, OK
4
Votes |
9
Posts

Trailer park does not allow Rentals?!?!?!

Jack Reed
  • Investor
  • Watonga, OK
Posted

So i purchased a mobile home that was already in a park, the person i bought it from was currently renting the property but after the last tenant left she decided to sell. I have worked on the property for a month now and finally met with the park owner to sign lease and set up autodraft for lot rent. During our conversation he asked me if i was going to be living there and I told him no, I am renting the trailer. He immediately said NOPE, we dont allow rentals, everyone here owns or their family owns the houses.

So now I have a problem, what the heck do I do with this house? There are several more for sell in adjacent parks and im afraid i will not be able to sell it. 

Im thinking about owner finance maybe, any suggestions? 

Most Popular Reply

User Stats

91
Posts
32
Votes
Omar C.
  • Chicago, IL
32
Votes |
91
Posts
Omar C.
  • Chicago, IL
Replied

First attempt to work with the property owner suggesting they have guaranteed rent whether the home is occupied or not.  If that doesn't work offer to sell the home to the owner for a very small profit if any, cut your losses and move on.  If those fail then look to sell the home at the same time see if there is an investor friendly park nearby that will allow you to move the home there.  This will can possibly add a few thousand to the total cost. Don't even bother with owner financing, you suggesting it indicates you haven't done your research on it.  At the end it's a lesson learned and your best bet is to minimize your losses.

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