Aug 14 • Questions
Anyone Bought a Park Set Up as an HOA?
Hey guys- I'm looking at 2 small parks (23 pads total) sold together.
- Sellers own 20 of 23 HOA “units” (all TOHs, $425 lot rent).
- 3 resident-owned units pay $200/mo HOA fees.
- HOA run informally by sellers, no HOA capital reserves.
My concerns:
- HOA admin burden & liability
- Lengthy foreclosure process (rather than eviction) needed for non-paying owners
- No reserves = big repairs would fall all on me
- Refi/resale challenges with the HOA format
Numbers look good, but ownership format feels risky. Has anyone run into this before? Worth pursuing or hard pass? Thanks!
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Anyone Bought a Park Set Up as an HOA?
skool.com/mobilehomepark
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