Advantages To Owning A MH In A Park?
I am a complete newbie to MH's. I saw an ad for a MH in a park near the beach. Seller wants $18K, space rent is $850/mo. What is the advantage of owning a MH in a park and paying space rent? Other MH's in the park are selling for $50K and more. What happens when the space rent goes up? Is the MH owner stuck unless she moves the trailer? Any and all opinions are appreciated.
It is a good cheap way to get into a house, or to buy a rental. For that price of lot rent I would hope that they are taking care of the lawns etc. Think of it as a cheap, or poor mans condo. Your lot rent is dictated by the location and the amenities that the park offers. If it is beachfront or close to the beach, it would make a good rental or an easier resell.
The downfall is of course the lot rent. If you dont pay the lot rent they can and will seize the mobile. If you cant afford the lot rent I would suggest renting or selling rather than moving as it sounds like it could be profitable. Also Mobiles depreciate with time rather than a house appreciating, so watch the year of the mobile and make sure its a good price.
Make sure you talk to the neighbors, I have found that especially in condos and MH parks they will tell you the bad news if there is any to be had.
Good Luck,
Kyle
Thanks for your feedback Kyle. I was thinking of renting it out. And it is a nice park.
MIght want to call the park and check on whether you can rent it out. I'm looking at one now that is also in a park ($155 a month for rent, water, sewer, mailbox, snowplowing, not bad, though far from any beach) but their contract says "owner-occupied only" and prohibits renting for more than 6 months. I might try a short rent-to-own contract, or just sell it on a note. Good luck!