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 applicant’s income level.
Generally speaking, most mobile home parks throughout the Sarasota Florida area want to see somewhere around three to four times the reported income to lot rent in order to pass the income assessment portion of the park approval process.
What this means is that in most mobile home parks the Buyers of a mobile home within the park have to make at least three to four times what the lot rent is in income every month.
Palm Terrace mobile home
For 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 standpoint.
Each mobile home park has its own version of the park approval but most parks will check the same three things for the applying resident which are the applicant’s credit history, criminal background, and income-to-lot rent ratio.
Each mobile home park will have its own credit requirements for park approval so it is of utmost importance that all Buyers check with the park prior to buying the mobile home they are interested in to ensure they understand all of the requirements that are associated with the approval process of the mobile home park they are interested in living in.
Most mobile home parks will approach the approval process with, what is referred to, as a “full picture” approach. What this means is that parks will take the applicant’s income, credit score, and criminal background together to determine the status of the applicant’s park approval.
Mobile home park
We certainly suggest that if you or any Buyer for that matter are unsure of what your credit score is go and pull a free credit report prior to applying for any park to see exactly where your credit score is and if it needs to be worked on prior to applying for park residency.
To people who are planning to move into mobile homes within the next two to three years and have bad credit, there is always an option given enough time to prepare.
Depending on your current job and financial situation, there are hundreds of ways to save money for a mobile home in the next two to three years.
Get rid of discretionary expenses. Many financial experts suggest that this is one of the majority of reasons why people, and even families, are not saving money. Check your monthly income and buy only the things you and your family need.
Decrease essential bills. Why pay for a higher Internet and cable package when you seldom use them? Turning off lights when not in use can save electrical bills, same with water usage. There are free ways to call your friends, families, and relatives so why spend money on phone bills?
Lifestyle check. How often do you go to fancy restaurants and bars? Will your monthly income support this kind of lifestyle? How much money can you save if you cut this activity off?
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 understanding 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.
See Also:
- How To Know If Your Sarasota Mobile Home Has A Roof Leak?
- How Many People Can Be On A Sarasota Florida Mobile Home Park Application?
- Should You Buy A Double Wide Or Single Wide Mobile Home In Sarasota Florida?
- How Much Will Sarasota Florida Mobile Home Lot Rents Change For 2022?
- Where Are All The All Age Sarasota Florida Mobile Home Parks?!