Buying mobile home in 55+ community -Nate there downsides?

[Kelly P.]

I have the opportunity to pick up a doublewide in a really nice 55+ golf community for a great price but I have read that investors should stay away from 55+ communities. Lot rent is $461/month. Can anyone provide feedback? Are there issues I need to be aware of?

I plan on selling the unit as is (needs updating).

[John Fedro]

Hi Kelly P.,

Great advice form everyone!

It has been a few days. Are you planning to purchase the home in this age restricted park or pass?

Concerns to address before confidently moving forward:
1. Confirm there are buyers and know what they will spend
2. Are you selling for cash or payments?
3. Senior buyers will want to make less repairs typically then an all-age buyer. So be aware of repairs needed.
4. Will the park give you any free/discount months of lot rent? Due to time it may take to resell.

Also, how many other homes are for sale in this sale park? Is it in the city or out int he middle of nowhere? How many bedrooms and bathrooms?

Talk soon,
John Fedro