How much is the application fee? Most parks are reasonable at 10-35 dollars per adult living in the home.
I have stupidly owned in a park where the application fee is $79 per adult. It was a shitty park too. I had a hell of a time getting the place sold (tenant-buyers paying me a monthly note) because nobody wanted to pay for the application fee. I eventually had to start paying for this fee myself. I had to pay for 4 couples’ application fee before we got anyone approved. DO NOT buy homes in parks with application fees that are ridiculously high for your area.
Update: To date these tenant-buyers have been successfully paying me for 33 months out of a scheduled 72 monthly payments.
$650(Pymt) – $290(lot rent) = $360(profit a month) X 33 months = $11,880 PROFIT SO FAR OUT OF $25,920
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