Converting park-owned homes to tenant-owned homes
We just bought our first park. And of course within days we are on the hook for a $3700 heater repair. Of course when we bought it we were told how low maintenance it is, yada yada yada. We have 7 parked owned homes out of 11 and want them all converted to tenant-owned ASAP.
How should we go about doing this? Should we just give them away or sell them for dirt cheap (they’re super old), then keep lot rent about the same as what they were paying? For those who don’t want to do that, can we end their lease and sell it to someone for cheap to buy? There’s no shortage of people who would. I want to be in the land business and I’m too high strung to be a landlord. I know things can go wrong with land but a heck of a lot more things go wrong with a house.
We are in the process of buying another park but at this junction, no. I told the owner he would have to convert to tenant owned homes or we would walk. I would rather just buy the alternate RV Park we are looking at.
Thanks in advance for advice!