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Old 07-30-2007, 10:54 PM
 
Location: Oak Park, IL
404 posts, read 542,427 times
Reputation: 51

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I'm looking for someone with 1st hand knowledge regarding "Resident Owned" mobile home parks.

What does this mean?
Do I have rights should I purchase a share?

I'm sure every park has different HOA rules, but if anyone here can share, I am interested in learning more.

Paying $25,000 - $39,000 for a share in the HOA/mobile home park makes more sense to me if I plan to live there for 10 years since regular lot rents can be as much as $500 a month, and as a share owner, the mobile home is protected from park owners selling the land underneath the home.

Any info would be educational.

Have a great day!

William
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Old 08-04-2007, 06:38 AM
 
Location: Hernando County, FL
8,488 posts, read 17,893,784 times
Reputation: 5397
Quote:
Originally Posted by thepizzaguy View Post
I'm looking for someone with 1st hand knowledge regarding "Resident Owned" mobile home parks.

What does this mean?
Do I have rights should I purchase a share?

I'm sure every park has different HOA rules, but if anyone here can share, I am interested in learning more.

Paying $25,000 - $39,000 for a share in the HOA/mobile home park makes more sense to me if I plan to live there for 10 years since regular lot rents can be as much as $500 a month, and as a share owner, the mobile home is protected from park owners selling the land underneath the home.

Any info would be educational.

Have a great day!

William
Most times what it means is each lot is individually owned and there is a HOA with fees to cover the common areas.
You would own the land so they would not be able to sell it out from under you.
To sell the whole park would take at the very least a majority vote if not a unanimous vote.
It is very similar to buying a lot in a subdivision and building your own house on it except you are putting a manufactured home in instead of a site built.
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Old 08-04-2007, 06:44 AM
 
6 posts, read 17,883 times
Reputation: 12
more like a condominium you own your piece of the pie,but you have an association that says who you can sell to and if they think the buyer is "ok"
in any respect,if a buyer wants to buy the whole tract,it needs to be approved by the association and that varies according to the bylaws and restrictions of the community-----be careful,although one community just sold and each resident got 1million dollars even though some didnt want to sell,they had to(yes it was gulf front)
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Old 08-04-2007, 07:14 AM
 
Location: Hernando County, FL
8,488 posts, read 17,893,784 times
Reputation: 5397
Quote:
Originally Posted by 24kcpl View Post
more like a condominium you own your piece of the pie,but you have an association that says who you can sell to and if they think the buyer is "ok"
in any respect,if a buyer wants to buy the whole tract,it needs to be approved by the association and that varies according to the bylaws and restrictions of the community-----be careful,although one community just sold and each resident got 1million dollars even though some didnt want to sell,they had to(yes it was gulf front)
Briney Breeze is the mobile home park you are speaking of.
It is in Palm Beach county and 80% of the residents voted for the sale but it now has fallen apart and looks like the sale will not go through.
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Old 08-04-2007, 09:50 AM
 
Location: Oak Park, IL
404 posts, read 542,427 times
Reputation: 51
Thanks for the help guys/gal. I don;t know why I suddenly felt like looking at Florida. I'm trying to get away from people and get a buffers between me and the masses. Maybe it's the 3000.00 mobile homes and the low lot rent. Compared to handing out 50K all at once. Maybe it's the kind winter weather.

Thanks again, if you need more info on why I want to move, check out this post.

Wanna complain about Chicago?

Have a great day!

William
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Old 08-04-2007, 10:01 PM
 
Location: Mesa
3,977 posts, read 8,603,152 times
Reputation: 3394
Read the association covenants very carefully before you purchase. I live in a resident-owned park and have no complaints, but we have had folks buy in here who didn't read the fine print and were very unhappy afterwards (i.e., we have restrictions on unit rentals, tenants have to go thru a background check, there are restrictions on the age of used units being moved in, etc., basic stuff). The good side, you won't wake up one morning and find out you have 90 days to move because the land owner received a developer offer he couldn't refuse. The bad side, it's government by group and that can get testy and move slow at times.
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Old 08-05-2007, 01:53 AM
 
Location: Oak Park, IL
404 posts, read 542,427 times
Reputation: 51
I'm still looking at my options. I still don't know what I am going to do when the S H's the F. The only thing I know for sure is that my car was destroyed in the above scenario, and I will be getting it replaced. Then I will most likely go back to work delivering pizzas. The real question is, Where? Even 80 miles west of Chicago might work. Fewer people less crime.

And now for another moment of self pity: If I had a time machine, I could travel back in time and deliver the pizza to the hospital first instead and avoid the whole run in, and pick up a few winning sets of lottery numbers while I'm at it.

Have a great day!

William
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Old 08-05-2007, 05:59 AM
 
Location: Hernando County, FL
8,488 posts, read 17,893,784 times
Reputation: 5397
Quote:
Originally Posted by thepizzaguy View Post
Thanks for the help guys/gal. I don;t know why I suddenly felt like looking at Florida. I'm trying to get away from people and get a buffers between me and the masses. Maybe it's the 3000.00 mobile homes and the low lot rent. Compared to handing out 50K all at once. Maybe it's the kind winter weather.

Thanks again, if you need more info on why I want to move, check out this post.

Wanna complain about Chicago?

Have a great day!

William

Well keep in mind that those parks that you will find $3000 mobile homes are the ones where you are just going to be leasing the lot not owning it and these are the parks that can sell out from under you.

Because you are also purchasing the land in the other parks they will be more expensive. Around my area you will find a decent mobile in a good park for as low as $48,000 with $38 a month association fees. If you were to look to just buy a mobile on land out of a park you can find a small one for around $39,000, of course because you are not in a park you have no association fees but you also do not have common areas with pool, golf course and other such things.
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