Selling MHP Spaces?
Is it profitable to buy a MHP and then sell off the individual lots (instead of renting them out).
I've heard that it's really profitalble to buy 5+ buildings on a lot (so it's a commercial loan), subdivide the lots, then re-fi them as residential properties.
TIA :-?
This has indeed been done with lots of success around the country.
The big problem you face is getting permission from city, county, etc., to short plat into the separate lots, and a way that this has been done frequently is to sell the whole MHP to a new condo association then sell the condo'd lots.
It will cost you a legal fee to form the condo ass'n and the engineering fee to get new lot lines for the indiv. lots.
bmorris69
If you are thinking of buying a mobile home park and converting to "resident owned" here in California ... then you need to contact the California state department that is responsible for the codes of mobile home parks.
HCD (Housing & Community Development) head office in Sacramento 916-255-2501.
Cheryl Lopez
John -
Here is a quote from your comment:
"The CA site that Cheryl maybe is one of those state offices that were formed for this purpose."
HCD ... this is the California state agency that has been responsible for mobile home parks since early 1980 when DMV stopped handling mobile homes. This is a huge state department governing mobile home & RV parks here in California. This department handles all aspects related to parks.
I like to comment on parks ... and especially here in California where I have been handling mobile homes parks for 14 years and have learned and know a few things how California runs parks.
I commented about this post because the original poster was here in California. John -- I guess from your own posting that California does things different than Washington.
Cheryl Lopez