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Updated over 6 years ago on .
Arizona - Rent single Lot & seller-finance MH, even possible?
Hello Mobile Home BP-er's. Been on the site for a year or two now, but this is my first time posting in the Mobile Home portion. I currently have one SFR rental in Las Vegas, NV & was looking to acquire more rentals in this area, but due to a combination of rising values in LV and a furthering education as I make my way through most of the podcasts and many more books, Mobile Home investing has begun to look like a better option.
I'm a long ways off from having the capital for a MHP.. My current idea is to acquire a mobile home lot in Arizona (not in a park, just a single residential lot near many other privately owned lots for MH's), seller finance the MH if possible, and rent the lot.. kind of like a single-pad MHP. I've been reading through Arizona revised statutes on landlord tenant laws, Mobile Home Park landlord tenant laws, and, Mobile Home dealer requirements.
I can't seem to find any legislature relating to renting a single MH pad (MH LL-tenant law only applies to a parcel with 4 or more MH's on it) and I'm wondering if any of you have done anything like this, or may have any resources you can point me to that I can dive into. I don't have the resources to buy a MHP proper yet, but figure this very junior type of a similar business arrangement may make sense.
Also curious about SAFE act and Dodd-Frank as it may apply to the owner financing a MH, as well as the MH dealer requirement. Perhaps I can hire local MH dealer to sell the home, a RMLO to do what they need to do to stay compliant with Dodd-Frank & SAFE Act and still finance the sale to grow my smaller investment?
Any thoughts? I'm aware I'll loose the economies of scale a proper MHP would have, but would this idea be cost prohibitive, or potentially a good stepping stone to one day being able to graduate to a real MHP while gaining local industry knowledge & contacts?
Thank you in advance for any experience you can share and directions you may be able to point me in to learn more.
~Steve