I thought I'd post up this video about a mobile home park closing.
It's a very interesting story.
"Two years ago, a tornado destroyed 16 homes in the Strawberry Mobile Home Park in Berkeley county. Now another storm of sorts is threatening to remove all the homes from the lots. The mobile home park is closing.
Rachhpal Gill, one of the owners of the trailer park tells News 2, the park currently uses well water, and according to the Department of Health and Environmental Control, the sewer system is not up to code. Gill says it would cost a minimum of 150-thousand-dollars to bring the trailer park up to code, and they do not have the money.
Hopeless, that’s how many people living in the mobile home park say they feel, after finding out they have to move their homes. Homeowners received a flyer Thursday informing them they had to move in six weeks. Seventy-seven-year-old Bergetta Driggers owns one of the 40 mobile homes in this low income community."
This kind of reminds me about a post I made awhile back. As I watched this video, I felt for the residents. I can only imagine the devastation they are feeling right now, it's truly an awful situation.
I also wondered if there were any Lonnie dealers in this park who had notes and/or homes, how did they handle the situation? I wonder.
I guess this is just one example of the issues facing mobile home investors today.
Thanks for watching, have a great weekend everyone!
Video Link
Friday, March 19, 2010
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2 comments:
Sometimes bad things happen to good people. Here is an idea. I know of larger park groups in my area that are offering big fees to bring in decent homes that fit "their criteria". Granted not every home in the "closing park" will qualify but with some creative thinking I think you can help both the larger parks, the people and perhaps make a dollar or two in the middle. Another strategy I have seen recently, while not openly shared is that even some smaller parks will PAY the transport fee to bring a home in. The ecomomics behind it confused me for a while but now "I get it". Ex. Lot rent is 240xmonth. transport costs are 2400~ owner needs 10 payments to recoup expenses. It's almost like a lonnie deal but using the expense to increase cashflow and overall financials of the park. I cant comment on how many are doing this in your market but call me and we can brainstorm. There are always answers when we share and connect the dots.
Appreciate the comment and suggestions, thanks for stopping by!
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