Millions Of Americans Shafted After Wall Street Vultures Target Trailer Parks

Thought you could get a crappy trailer and live cheap at a run down trailer park? Think again. They will not allow anything to be cheap. They are preying on mostly low income trailer owners who are unable to leave. It is not an easy feat moving a trailer if you don't have everything set up to receive one. With the cost of land sky high, where can you move it to? Another park which is raising the rent and fees as well.

Captive audience.

apnews.com...

For as long as anyone can remember, rent increases rarely happened at Ridgeview Homes, a family-owned mobile home park in upstate New York.

That changed in 2018 when corporate owners took over the 65-year-old park located amid farmland and down the road from a fast food joint and grocery store about 30 miles northeast of Buffalo.

Residents, about half of whom are seniors or disabled people on fixed incomes, put up with the first two increases. They hoped the latest owner, Cook Properties, would address the bourbon-colored drinking water, sewage bubbling into their bathtubs and the pothole-filled roads.

Critics contend mortgage giants Fannie Mae and Freddie Mac are fueling the problem by backing a growing number of investor loans.

The purchases are putting residents in a bind, since most mobile homes — despite the name — cannot be moved easily or cheaply. Owners are forced to either accept unaffordable rent increases, spend thousands of dollars to move their home, or abandon it and lose tens of thousands of dollars they invested.

dailycaller.com...

Institutional investors are buying up local mobile home parks nationwide and raising the rent and fees mobile home owners pay to park their homes.

Corporate investors, like private equity firms and real estate investment trusts, purchase mobile home parks and raise the rent on tenants who are primarily disabled or on a low or fixed income, The Associated Press reported.

“These industries, including the mobile home park manufacturing industry, keep touting these parks, these mobile homes, as affordable housing. But it’s not affordable,” Bellus told The AP. “You’re putting people in a snare and a trap where they have no ability to defend themselves.”

Bellus said that mobile home owners live in an “environment” where local owners or managers were replaced by corporations that keep raising the rent because they only look at the “cost-benefit analysis for how to get the penny squeezed lowest” and believe the residents can’t leave

a reply to: infolurker

You will own nothing and be happy . Organized theft

This type of predatory behavious needs to be regulated and punished.

This is simply unacceptable.

a reply to: infolurker

This was an accident waiting to happen. So many people in Florida have their home on property they don't even own it's crazy. Lot rents for a mobile placement can run well into the thousands per month.

They're almost impossible to move because most were never intended to after placement. If the wheels remain on them they're usually rotted. They're structurally fragile so you can't just strap them on a trailer and go. Many of the older ones are bought as is because they're cheap, but the lease expires with the old tenant selling the unit itself. They can even kick you out based on age in some parks, even if you legally bought the unit.

If there are sewage problems they need to report it to the local health authority, notify their landlord, and start putting their rent into escrow until it's corrected. If they fail to correct it the escrow can help fund their move, but many parks don't want anything except new units.

Very tough situation and it most definitely targets those most vulnerable. They have you over a barrel when you have real property encumbered by the lease for the land it sits on.

I paid $50 lot rent back in 1979.
Our water was good and garbage collection was included.
Rents must be up to $500 I'm guessing or more.
Might as well buy a tiny house.

They're going to focus on the middle to lower income brackets to drive into poverty.

a reply to: ancientlight

While Politicians do stonks and earn more and demand more to support a current thing.

a reply to: infolurker

Just don't leave and stop paying. Make them physically through everyone
of us out by force. When they come to do that greet them with lead.
I see no reason to make it easy for them. They're the ones starting this
war thinking only to profit. On the streets with no where to go will
likely be death any way. They take all their greed and rules and laws
and contracts and agreements and use them soak up all the blood.

a reply to: infolurker

This is the ugly side of the capitalist system.

Whilst I think capitalism isn’t perfect it’s certainly the best system the world has seen and the most people have benefited from thus far.

With the above said, I think capitalism needs to have some regulation and limitations placed on it - potentially a wealth cap for both individuals and companies alike.

I moved a mobile onto my property and had to have everything to code including a slab, septic system, well and electrical hook up. It wasn't cheap to do considering, however, once I moved onto the property, the mobile added no value to the property and I got to use the homestead tax exemption saving big time on property taxes. Also, I can get some of those taxes back from my income taxes if I do it right. The recreational property taxes are like 3 times higher if your not living on a property here in Michigan.

Now that it's grandfathered in, they can't do an inspection without permission and it's hard to see from the road. The most they could do now is fly a drone over it and they don't do that here. I would never live in a mobile home trailer park and I really don't know how that saves anyone money, although the lower income people live in a few of those around here so it must be cheaper, at the moment it seems.

They won’t be happy until they have every penny from the 99%

They would hold beggers upside down to shake out the change if they could get away with it.

a reply to: IAMALLYETALLIAM

It’s not the capitalist system, it’s a corrupt corporate monopoly more akin to fascism at fault here. Capitalism should offer competition and therefore choice, what’s actually happening is a new kind of fuedalism.

Happened in a couple of places around here. Lot rent went from $450 to $650 within a couple of months of new owners. Within 6 months they gave 90 day notice of $1000 a month. Everyone had to move and summer people from Chicago moved in. They don't even plow the snow in the winter because nobody's there.

This is happening with all forms of real estate. Investors and large companies are purchasing up a lot of what's on the market and then renting it out for more than it should be worth.

And people wonder why so many millennials stil live with their parents.

a reply to: IAMALLYETALLIAM

I think it was Winston Churchill said, "Democracy is the worst form of government, except for all the rest." The same can be said about capitalism in relation to economic systems. The problem is not with capitalism; it's with the greedy, immoral hearts of wicked people.

The Bible says that "the love of money is the root of all kinds of evil." That's so often misquoted as "money is the root of all evil." It's not.

No amount if regulation and laws will really help if you have a culture of greed that rewards predatory conduct. When people love money more that truth, mercy, and humanity, the culture is rotten and dying. That's where we are now. A return to biblical values and Christlike love for one's neighbors is the only thing that can fix this.

a reply to: infolurker

This is nothing less than atrocious........its criminal. I've been reading about the likes of Black Rock buying up billions of dollars worth of single family homes, entire subdivisions, only to turn around and rent them out at exhorbitant rents. This is pushing thousands more onto the streets as homeless each month.

What a god-awful sad place this country has become.

originally posted by: TonyS
...Black Rock buying up billions of dollars worth of single family homes, entire subdivisions, only to turn around and rent them out at exhorbitant rents.

It was up to the owners to sell or not to sell, they used the free market and most likely made a profit.

originally posted by: Xcalibur254
This is happening with all forms of real estate. Investors and large companies are purchasing up a lot of what's on the market and then renting it out for more than it should be worth.

And people wonder why so many millennials stil live with their parents.

Yep a big corporation just bought a development by me. They own the HOA they are developing too. The rent on a poorly constructed apartment building, one bedroom in a small city is $1400 a month, which is cheap in many cities but just a few years ago a one bedroom went for less than $800 a month.

Also, our HOA owns itself which is rare, and the fees are the lowest in the area even with a community pool. However, the corporate owned HOA's have double in foursees and fine constantly as a source of revenue. Our community rarely fines, just reminds owners first and gives them a month to comply.

a reply to: AugustusMasonicus

Would you say the same thing if it was your mother or child that couldn't afford anything more?

"Well, sorry 'boutcha mom. It was up to the landlord and now he is doing just fine having just made fat stacks selling the land out from under you. You should be happy for him!" - AM

"The free market" doesn't exist anymore except in principle. The only ones' able to make a choice are the 1%, the rest of us are forced into whatever decision was made for us. I know that you know this. You just choose to ignore it and look the other way because your life path didn't take you down the same road as the majority.

originally posted by: andr3w68
Would you say the same thing if it was your mother or child that couldn't afford anything more?

Do you like free market capitalism or do you want a mamby pamby nanny state? The people who sold their homes/property did so because they wanted to, do you want to prevent them from doing that because someone else might no be able to afford that property?