Well, there goes the neighborhood.
It isn’t just mobile homes. There are “investment” companies that own 25,000 homes across the country. Blackrock is part of that I hear.
And RV parking sites/parks. Some near us are $800+/mth. With hook ups.
...a new lease with a 6% increase was imposed this year
No rent increases for decades, the place is falling apart, and now a 6% increase sends them into a tizzy? Lots of places see 50% increases with new ownership. They should count themselves lucky with 6%.
Do you want a Revolution? Because this is how you get a Revolution.
I’m going to build a camouflaged treehouse in the woods...
“A HUD compliant mobile home that is regularly maintained and repaired as needed will last as long as a traditional home, anywhere between 30 and 50 years.”
https://homenation.com/blog/how-long-do-mobile-homes-last
Seeing that these are rental units even 30 years is a stretch. Some neighborhoods around our city don’t even last 10 years before they become the ‘hood.
A friend has been in real estate 35 years. Investment firms from all over the world ask him to buy up entire neighborhoods for them. The conversation goes like this:
“We want to buy this neighborhood for rental properties.”
“No you don’t.”
“Oh yes, it will be nice, we have property managers.”
“And they will spend all their time at the courthouse.”
“Oh no they won’t, we did this in Norway and Austria, we know how it works.”
“No you don’t, you’ll lose your money. It will be a ghetto.”
“That would never happen. We are professionals.”
“Okay, I will buy it for you. But don’t come back here and complain when you lost your shirts.”
Rents everywhere have been going up like crazy for quite a while. It’s called inflation and it infects everything. Thanks Joe Biden.
Looks like soon tornadoes are going to be a GOOD thing.
And I hope Blackrock, etc. ‘self insure’.
This is also happening with storage facilities. Out of state corporate “interests” are buying them up and folloing a similar pattern of neglect and spiking rental costs. I have a sister-in-law who works at one previously owned by a local family. Some corp bought out all of their locations. And then the mismanagement fun began.
You know what they say... drag a hundred dollar bill through a trailer park, and you can get whatever you want.
One should look at what the NY legislature has done to mobile home parks before they form any opinions. It is no wonder Mom and Pops can’t afford to own them anymore. During the last round of legislative changes to to rental and eviction rules the NYS legislature created an entire section to punish mobile home park owners disproportionately compared to any others.
This is more liberal trash to make things even worse.
This is just some of it. Try weeding through this:
N.Y. Real Property Law 233 – Manufactured Home Parks; Duties, Responsibilities
https://www.lawserver.com/law/state/new-york/ny-laws/ny_real_property_law_233
N.Y. Real Property Law 233-A – Sale of Manufactured Home Parks
https://www.lawserver.com/law/state/new-york/ny-laws/ny_real_property_law_233-a
N.Y. Real Property Law 233-B – Manufactured Home Parks; Rent Increases
https://www.lawserver.com/law/state/new-york/ny-laws/ny_real_property_law_233-b
Would you want to be legally liable for all of that. And even the lawyers don’t understand it.
“They only care about the money“...
Yes, that is basically it; they are in business to make money. If there are problems with drinking water and sewage disposal they should be handled as part of said business.
Right now there is no way I’d ever be a private landlord. Once Uncle Sugar decreed that deadbeat squatters couldn’t be evicted using the Covid-19 excuse, it turns private landlords into forced private welfare agencies. I don’t have any desire to go bankrupt. You notice the Uncle Sugar and his “state and local” bastard children don’t let the mom and pop landlords, small businesses, or anyone else that follows the rules off the hook.
So, what you get is corporate money grubbing property management outfits, a lot of them foreign (Chinese), buying up rental properties. They have the funds to keep armies of landlord/tenant shysters on deck, and to pay off the legal system.
I know this place.
On the corner of NY 104 and Transit Road just north of Lockport.
This is not the lap of luxury. More like the lap of luxury after luxury stood up.
There is not exactly a ton of money in Niagara County. Least of all, Lockport.
Of interest to anyone that may actually be interested:
‘This Is a Housing Crisis’
https://www.youtube.com/watch?v=fhq0VLYTqEo
The housing crisis far larger than simply putting it off as those who destroyed their lives due to drugs, etc. You have China via third parties buying up loads of housing and rental properties to Blackrock and Blackrock Aladdin buying huge swaths of such to straight out greed.
Rentals are too much hassle around here. They trash the place and then stop paying rent. We own the most expensive house ever sold in this town and the two houses across from me are rentals. One of them is tidy and the other is a trash heap. My wife wants to buy them and make a deal “We’ll drop the rent $100 a month if you get rid of all this debris. If it comes back, the rent goes up”.
The big money is in RV parks
Someone, buying trailer courts and jacking rents just seems real mean, spiteful.