St. Vincent’s of Santa Barbara Tells Seniors to TAKE A HIKE – NOT IN A GOOD WAY.
ANOTHER LOST OPPORTUNITY It doesn’t come along very often – the opportunity for mobile home park residents to purchase their park. Today’s message is pretty BLUNT, but it’s important that you ‘get it’. The process of the resident group buying their park is delicate and complex. When the idea of the purchase becomes ‘public’, the … Read more
Sunnyvale Torpedos Mobile Home Park
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!
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?
Many of you may remember the old story (a science class experiment maybe?) about the frog in the pot on the stove.
If you put a frog in a pot and slowly turn up the heat, the frog won’t notice and you will end up with frog legs (if you like that sort of menu item) for dinner.
The fears of Buena Vista Mobile Home Park residents, who could be displaced to make room for luxury apartments, aren’t theirs alone. In many parks, residents, who often own their homes but not the land under them, are treated as second-class citizens.
Failure is frustrating. I suppose, however, it depends upon your definition of failure. I’m in the Mobile Home Park Resident Purchase Business, and, defined broadly, we have a ton of failures. It takes three basic factors for resident park purchases to be successful – to close with the resident group as the new owner.
Resident mobile home park purchase transactions (“the Deals”) have several general characteristics:
The following are excerpts from a talk given by Deane Sargent, from PMC Financial Services, at the November 20, 2012 HOA meeting. The excerpts were transcribed by Bill Schlegel (HOA President)