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Updated over 4 years ago,
Mobile Home Park with NO Lease Agreements
Please forgive me if this topic has been covered (I’m sure it has but my searches didn’t result in any detailed info)...
I’m considering pursuing the purchase of a mobile home park where a number of the tenants have been living there for years without any formal lot leases, just “handshake deals.”
The owner is a longtime resident of the park and has no interest in running it like a business. What is the best course of action here?
My first inclination is to attempt to get him to execute proper lot lease agreements with all tenants prior to the purchase but I have a strong feeling that he won’t go for that; it could be construed has him “selling his friends out.”
If I were to purchase “as is” (sans lot leases) can I then require tenants to sign lease agreements or face eviction?
Note: this park is located in Pennsylvania.
Any advice on this matter would be greatly appreciated!