Hi everyone,I recently made a move out to California. Rent (compared to the Midwest where I am from) seems very expensive for what you get when looking at apartments and condos. My father suggested that I look into “Gated Mobile Home Communities” as an alternative to renting an apartment. His belief was this way at least you own something as opposed to spending $2000 a month on rent. I am looking at a place called the Palisades Bowl in the Pacific Palisades.I’m a bit confused by all this. From what I understand you rent the plot of land and then you put up your mobile or manufactured home. The only sales or listings I could find were through realtors though. And they were listed quite high, around $150,000 and then you have to pay rent for the plot on top of that. The actual homes are obviously not worth this much as they are disheveled and old and were made in the 70’s. (At least the ones that are listed).What exactly is being sold? My guess is that although the home is not worth anywhere near that much they are able to ask a high price for it and assume whoever buys it will knock it down or replace it. So in essence they are somewhat selling their “deed” to their plot because this is such a desirable location. What I would ideally like to do is rent a vacant lot within the park (although there aren’t any it seems) and put a newer mobile home on it.Can anybody shed any light on this for me? And explain what the process is generally like with purchasing something like this. Any suggestions or info would be greatly appreciated! Thanks in advance,Casey
In a lot lease community you are purchasing only the buildings on the lot. In some communities owned by the residents you are also buying the lot as well. The value is dictated by the market. In some areas you may purchase a old mobile for only a couple of thousand dollars. In more desirable areas, particularly high quality gated communities, the price is representative of the community as with any property. If you can find a vacant lot for rent there is no cost to you except the monthly lot rent.