No Free Lunch

Even if you’re residents buying your MHP

Christopher Ebert
April 17, 2023

Don’t raise rents you say…

Tenants should have more control over the land you say…

Let the tenants buy the park!

According to the big story this week (link here):

“But there is a catch. If the residents buy the property, rents will go up again.”

What’s the lesson? It doesn’t matter who the owner is - investors, residents, governments, etc., you are beholden to revenues and expenses. In other words, there is no free lunch.

Enjoy!

What We Are Reading

The Goods - Manufactured Housing

Golden mobile home residents to buy park from out-of-state investors — Golden, CO

For years now, Contact Denver7 has told you about out-of-state investors buying mobile home parks and immediately raising rents. Now, a community in Golden is taking matters into their own hands.

Mobile home park residents form co-ops to save their homes — Portland, OR

When Gadiel Galvez learned that the owner of his mobile home park south of Seattle was looking to sell, he and other residents worried their largely Latino community would be bulldozed to make way for another Amazon warehouse.

Bill aims to address water quality at mobile home parks — New Castle, CO

Apple Tree Park resident Janelle Vega shows the light brown discoloration and sediment that settled in the bottom of a jug containing water that was taken from the tap of her Apple Tree home in March 2022. A state bill introduced last month aims to create a water quality testing program for mobile home parks throughout Colorado.

At the World’s Most Expensive Trailer Park, Mobile Homes Sell for up to $5 Million — Malibu, CA

It’s hard to image a celebrity living in a trailer park. But at the Paradise Cove Mobile Home Park, that’s exactly the case.

Save Pines Trailer Park from Developers — Bradenton, FL

The residents found out in January that their beloved 87 unit Park has been put up for sale for $16,250,000. This is a 55 and older park. Although the park residents are trying to buy it, many are on a fixed income and have extended themselves fully, leaving a significant gap in reaching for their goal.

Cambridge Savings Bank Supports ROC USA’s Mission to Improve Affordable Housing Options in the Northeast with $15.3M — Cambridge, MA

Financing has been used to assist low-to-moderate income homeowners with the acquisition of their cooperative, resident-owned communities, in addition to supplying working capital for improvements.