One question that always remains a popular one with Sarasota Florida mobile home park residents is, how does one become qualified to live in the mobile home park that they buy in?
While we do not work for or are not associated with any one mobile home park within the Sarasota Florida area what we can say is one of the qualifying terms of becoming approved for residency is the applicants income level.
Generally speaking, most mobile home parks throughout the Sarasota Florida area want to see somewhere around three to four times reported income to lot rent in order to pass the income assessment portion of the park approval process.
What this means is that most mobile home parks with the Buyers of a mobile home within the park to have to make at least three to four times what the lot rent is in income every month.
For an example:
If the mobile home parks lot rent is $500 then most parks will look for all residents applying for residency within the park to have somewhere between $1,500-$2,000 in reported income each month.
Mobile home parks do this because they want to make sure that each resident has the financial resources to pay for the lot rent each month. If the mobile home park did not use some type of financial qualification then they would not have anything on record that would help them see if the resident who is looking to move into the park has the financial resources to pay the monthly lot rent.
Without this precaution in place, mobile home parks could be in a situation where they are evicting people based on failure to pay their monthly lot rent bill.
To a mobile home park “stated reported income” can be anything from Social Security pay stubs, retirement or pension disbursements, wages from a job or business or other investments that pay the individual money each month.
If there are two residents living in the home and they are both on the park application then, generally speaking, the park will look at both stated income amounts in order to assess if the residents will be approved from a financial stand point.
When looking to apply for residency within a mobile home park in the Sarasota Florida area always make sure you as the Buyer check to see what the lot rent is and what it includes. After you find this amount out make sure you verify this amount with the park owner or manager to ensure that the amount you have been quoted will be your payment and not an increased rate because you as the Buyer are becoming a new resident.
At times, some mobile home parks will grandfather old rates to the current owners of the property but when the mobile home is sold then the new resident will be required to pay a higher lot rent.
Having a thorough understand of what the lot rent is and knowing what the financial requirements are prior to purchasing a mobile home within a mobile home park in the Sarasota Florida area will help you, the Buyer, in knowing exactly what it is you can afford and what you can not.
This is Mark Kaiser with The Mobile Home Dealer and we help mobile home Buyers and Sellers get to a better place in life.