Helping Mobilehome Park Residents Become Park Owners
PMC Financial The Homeowners Association of Blue Pacific Mobile Home Park, Aptos, Ca, has refinanced the loan they used to purchase their mobile home park in 2011. The original loan was guaranteed by HUD/FHA and was a 40-year, fixed rate, fully amortizing loan for about $5,600,000. Almost 85% of the residents in the 100 home site park … Read more
Now is the time of year when we all pause and feel thankful for everything we have, especially our family and friends.
It takes a lot of effort, leadership, group support, time, and expectations for MH resident groups to buy their park. There is usually a lot of stress leading up to the closing of the purchase.
And then, all at once, they close the deal and that stress is released. It’s over! We’ve done it!
A lot of CA resident groups living in problem MH parks have viewed Eminent Domain as sort of a ‘Holy Grail’ — their vision: the local City Fathers, aware of the resident’s plight, acquire the park and transfer it to the group.
In April 2016, I was asked to make a presentation to a workshop for Affordable Housing Nonprofit Corporation (501 (c)(3)). Those groups are interested in buying and possibly rehabilitating mobile home parks. There is money available from the State of California to assist in this task. But they have no clue as to how to … Read more
RESIDENTS REFINANCE MH PARK The resident group at Palm Terrace MHP, Aptos, CA are pleased to announce that they have completed the refinance of their existing first mortgage loan. The group (Palm Terrace Mobilehome Owners Association, Inc. – PTHOA) purchased the park in 2006. The park, which has 48-sites and a clubhouse, was built in … Read more
The resident group at Country Villa MHP, Soquel, CA is pleased to announce the successful completion of the purchase of their mobile home park, through their resident-owned mutual benefit corporation, Country Villa MH Owner’s Association (CVMHOA). The purchase arose out of discussions with the park owner, who was interested in retiring from the MHP business. … Read more
Alimur Park Residents Purchase Their Park! Date: February 1, 2016 Location: Alimur Park, 4300 Soquel Dr, Soquel CA 95073 What Happened: The residents of Alimur Mobile Home Park formed a nonprofit mutual benefit corporation and purchased the Park from its investor-owner. Key Players: The APHOA Board of Directors: Clay Butler, Bernadette Guimarin, Rickie Crane, John … Read more
A friend of mine described a resident park purchase as being like a supertanker heading out to sea. If you’ve never seen a supertanker, they’re huge. The largest ones are 1,200 feet long (that’s 4 football fields). Each can hold millions of barrels of oil.
I get many of calls from resident groups seeking to purchase their mobile home park.
They all want to know what it takes to buy it, how they can go about it, what will it cost, how long will it take, and, bottom line, do I think their park could do it?