Helping Mobilehome Park Residents Become Park Owners
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)
I have been really busy closing a resident park purchase transaction. Such transactions not only take a lot of time, they are also very important since it might be the only time the group gets the opportunity to acquire their park.
There is a small (50 or so homesites) low-income park in suburban San Diego, California. The resident group purchased the park about 10 years ago using a commercial real estate loan, a second mortgage loan from the local municipal government and some resident equity. The resident group operated the park, more or less successfully, for … Read more
Occasionally someone calls me ‘out of the blue.’ They may have a question about resident mobile home park ownership, or they may be in a park with a problem. Although I am always willing to talk with them, sometimes I can help and sometimes I can’t. But often the situation is interesting and … Read more