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Updated over 6 years ago on .

User Stats

89
Posts
52
Votes
Steve C.
  • Las Vegas, NV
52
Votes |
89
Posts

Arizona - Rent single Lot & seller-finance MH, even possible?

Steve C.
  • Las Vegas, NV
Posted

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