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I would never buy a "mobile home" that is not mobile on land that someone else owns. I have read horror stories about it in Florida.
This very much. Had an aunt who fell and broke her hip. She had osteoporosis so bad Dr. told her she’s never going to walk again. In fact her hip and leg bone started dissolving. So she had to go into a skilled nursing facility as a Medicaid patient. But to qualify you can only have $2500 in assets and all her income had to go toward the nursing facility. Which at that time was the bargain price of $5500 a month in 2003. Well, if she had owned a house, you can keep that as a primary home if she was to ever get out of the nursing facility. The government let you keep that. But a mobile home, on a rented space takes RENT. The government takes all your income to qualify for Medicaid. If you are that well off to afford that $5500 a month facility AND pay the rent, you won’t qualify for Medicaid. See what happens. So you are screwed owning a trailer paying rent. The owners of the trailer park know this and IF they offer to buy the trailer, they will maybe give you $.10 on the dollar, if that. Usually they say get it out of the park, we have people that will move into your space with a brand new mobile home. End of life medical care is the number one reason for bankruptcy. Yet nobody wants government medical care like Europe or Canada. At least you will keep your lifetime of work assets.
Yes. This is a phenomenon that's been going on for the last few years. This sector is attracting REIT investment and there are many articles on this topic. I remember posting something on in the last few months.
For the most part, the mobile homes are a misnomer. Most are manufactured homes on rented land. So, the owners have some significant investment but no control over the land rent. Not a good situation that was always ripe for exploitation. Now it is being exploited.
I watched part of a seminar online to teach would-be investors how to do this. They guy actually said, once you jack up the rent, people will leave, and they will not be able to afford to move their mobile home, and will abandon it, allowing the park owner to just re-rent it. It was quite cold. The entire USA is becoming Pottersville (It's a Wonderful Life) except now more people root for Mr. Potter than Jimmy Stewart,
As for Florida, it continues to blow my mind that people still buy mobile homes in either hurricane or tornado country.
I watched part of a seminar online to teach would-be investors how to do this. They guy actually said, once you jack up the rent, people will leave, and they will not be able to afford to move their mobile home, and will abandon it, allowing the park owner to just re-rent it. It was quite cold. The entire USA is becoming Pottersville (It's a Wonderful Life) except now more people root for Mr. Potter than Jimmy Stewart,
As for Florida, it continues to blow my mind that people still buy mobile homes in either hurricane or tornado country.
They also do it in Texas. And maybe that is all they can afford.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Originally Posted by jean_ji
My in-laws bought a modular home on a lot in an FL over 55+ community years ago that my MIL still uses in the winter. A developer was going to purchase it and the community sold shares and bought it themselves, keeping monthly expenses lower. Buying into one of these communities is the only way to have reasonable costs. In our FL town lot rents can be as high as a thousand a month if the land is owned by a corporation. Owning a home with no control over the lot is never a good idea..
Our TX town has a great example, since they were a Resident Owned Community since 1978.
There is a long waiting list for new buyers. The homes are older, some have to be replaced, but the lot fees in this VERY desirable community at a fraction of the monthly fees at non-owner parks. Everyone takes very good care of the community and each other. They set aside ~20 LT RV sites to cover the expenses of pool, rec center and employees. Many of their future owners come first as RV'rs ready to hang up the shingle. / nomad life. It's a terrific place to call home.
FYI as an additional example to ROCUSA... (There are plenty in USA that are not listed at ROC) https://www.rioroblesinc.com/
The very serious risk of a conventional park ownership change is;.. Your MH is too old to be here, you need to MOVE IT. (which often means SCRAP it at a very large expense). then you have NOTHING. no home, no money, no address. Tough for seniors and the vulnerable poor.
I have bought small acreage with MH (owned land), In fact.... I still have several and am at a very nice cabin* on one of the properties today.
*(1930's vintage with knotty pine paneling and ceiling, just like grandma's house. )
It's one of my 'free' homesites in desirable locations. (Extra residence at income property)
I would never buy a "mobile home" that is not mobile on land that someone else owns. I have read horror stories about it in Florida.
This very much. Had an aunt who fell and broke her hip. She had osteoporosis so bad Dr. told her she’s never going to walk again. In fact her hip and leg bone started dissolving. So she had to go into a skilled nursing facility as a Medicaid patient. But to qualify you can only have $2500 in assets and all her income had to go toward the nursing facility. Which at that time was the bargain price of $5500 a month in 2003. Well, if she had owned a house, you can keep that as a primary home if she was to ever get out of the nursing facility. The government let you keep that. But a mobile home, on a rented space takes RENT. The government takes all your income to qualify for Medicaid. If you are that well off to afford that $5500 a month facility AND pay the rent, you won’t qualify for Medicaid. See what happens. So you are screwed owning a trailer paying rent. The owners of the trailer park know this and IF they offer to buy the trailer, they will maybe give you $.10 on the dollar, if that. Usually they say get it out of the park, we have people that will move into your space with a brand new mobile home. End of life medical care is the number one reason for bankruptcy. Yet nobody wants government medical care like Europe or Canada. At least you will keep your lifetime of work assets.
It's a 55+ park with each lot individually deeded, operated as an HOA. Looks like the dues are currently about $250/mo. This place also rents RV spots by the day/week/month, so it would be relatively easy to test out what it's like to live there before making a buy decision.
It's a 55+ park with each lot individually deeded, operated as an HOA. Looks like the dues are currently about $250/mo. This place also rents RV spots by the day/week/month, so it would be relatively easy to test out what it's like to live there before making a buy decision.
The issue is, regarding the thread topic, that people make that decision and move in, then some Wall Street investment firm buys it and quadruples the rent. Once you live there, you're stuck. That's what these corporate entities are doing.
The issue is, regarding the thread topic, that people make that decision and move in, then some Wall Street investment firm buys it and quadruples the rent. Once you live there, you're stuck. That's what these corporate entities are doing.
There is no rent. Each owner has deeded ownership of the land under their mobile home. The neighborhood is run as an HOA. Residents pay monthly HOA dues (not rent), which pays for the pool, clubhouse, manned security entrance, etc.
I'll guess that any sale of the entire park would require a vote of the HOA members, and since they are all owners of the property they would receive a share of the proceeds.
This is happening with all 'working poor' housing. Mobile Home Parks, Apartment Complexes, small houses in nice areas, etc. The small homes are torn down and massive plywood palaces are erectrd utilizing 'zero lot line' building codes.
There is no rent. Each owner has deeded ownership of the land under their mobile home. The neighborhood is run as an HOA. Residents pay monthly HOA dues (not rent), which pays for the pool, clubhouse, manned security entrance, etc.
I'll guess that any sale of the entire park would require a vote of the HOA members, and since they are all owners of the property they would receive a share of the proceeds.
Oh, that's different, sorry I didn't get that the first time.
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