How high is high? - Posted by Dr. Craig Whisler CA NV
Posted by Dr. Craig Whisler CA NV on July 18, 2003 at 21:39:04:
Your rent sounds very high. Can you find something obvious to justify such high rents? Like very luxurious park, very desireable area, etc. to justify the rent rates?
Park owners can steal ALL of your equity through excessive rent raises. The higher the rent, the lower the mobile home value. PMs can raise the rent so high your mobile has no other value except as a pull out. Look to see if there are any or many vacancies in the park? If there are many mobiles for sale the high rent could be a sign of tenant distress and a warning sign for you to not buy there. Check carefully about units for sale because the PM may prohibit for sale signs in mobile home windows to conceal the fact that 127% of the mobiles may be for sale. If virtually no mobiles are for sale, continue to check out the deal.