Wheel Estate tenants want to purchase...

Wheel Estate tenants want to purchase park

Posted in the Heath Forum

First Prev
of 2
Next Last
formertenant

Pittsfield, MA

#1 Feb 27, 2013
Wheel Estate mobile home park residents want to purchase the park for $2.3 million. This is crazy! A multi million dollar company doesn't make enough to keep up the roads, utilities, and infrastructure but low-middle income tenants can? Some of these tenants can't keep up their own trailer or afford a car. This will become a political mess between neighbors. It will get nasty, and accusations will run rampant. Somehow it will end up in the hands of the city or state and tax payers will end up paying the bill. Who will pay for lawyers, engineers, contractors, and other expensive necessary work on top of the cost of the park? This will be a reality check for the tenants and they will realize how expensive it is to run the park. HUGE MISTAKE!
TRex

United States

#2 Feb 28, 2013
Just give em a bailout. It will only amount to 20 or 30 dollars more on other North Adams taxpayers. Maybe a little more if they repave the roads. Then everyone will be happy.

Hey it worked for AIG and GM.
Ernesto Gonzales

Pittsfield, MA

#3 Feb 28, 2013
I like the idea!
corporations are people 2

United States

#4 Feb 28, 2013
sounds like a good deal for the company selling it.

Who needs no stinking trailer park.
Status

Pittsfield, MA

#5 Mar 1, 2013
Did this go through?
Passed Or Not

Nassau, NY

#7 Mar 11, 2013
Was this initiative successful or not?
beer

Westfield, MA

#8 Mar 19, 2013
If I become an owner of the park does the income of the park effect my disability payment? If I don't pay my rent, do I take myself to court? My rent and food are already covered by the state. If they can get all the tenants free cigarettes, I support it.
how does it work

United States

#9 Mar 20, 2013
So if the tenants are owners then there is no rent, only taxes right? Everyone just takes care of their own property?

What if someone's lot is bigger than another's?

If one tenant does not pay their share of taxes, then what?
Can all the lots be separately deeded?

Who pays the water and sewer bills?

What about trash pickup?
Park Resident

Bronx, NY

#10 Mar 20, 2013
I for one hate Morgan Mgmt but I personally do not like the idea of rent going up on the promissory note that upgrades will be done. Something does not feel right with this scenario. Doing checks on this not for profit agency shows questionable background. Do some online checks and news paper articles and look. I feel the rent control board overstepped their authority an went against past practice on how rent increases are based and given. Overtaking a park is a major undertaking and nobody up here, myself included, have the experience to do this. Park association does not have enough capital to make this work and what will happen when the cost of the infrastructure upgrades and repairs costs more, as you all know, is always the case. What happens when monies can no longer be obtained to complete the job cause the park is newly acquired an there is no equity established.
Trailer Park Boy

North Adams, MA

#11 Mar 20, 2013
I love my 12 by 60 .
MHOwner

North Adams, MA

#12 Mar 20, 2013
Park Resident wrote:
I for one hate Morgan Mgmt but I personally do not like the idea of rent going up on the promissory note that upgrades will be done. Something does not feel right with this scenario. Doing checks on this not for profit agency shows questionable background. Do some online checks and news paper articles and look. I feel the rent control board overstepped their authority an went against past practice on how rent increases are based and given. Overtaking a park is a major undertaking and nobody up here, myself included, have the experience to do this. Park association does not have enough capital to make this work and what will happen when the cost of the infrastructure upgrades and repairs costs more, as you all know, is always the case. What happens when monies can no longer be obtained to complete the job cause the park is newly acquired an there is no equity established.
There will not be any equity for many years to come, since the Park is worth $2.7 million and the loan is for close to $4 million.As to what will happen when the Park runs out of money is that they will ask for another increase. When a MHRCB member questioned what will happen if some residents can not afford this first increase, several of the members of the audience commented to each other that they could just move. This type of attitude is exactly why people dislike Morgan Management and previously Fusco. Residents with minimal income will not be able to afford to stay in the Park and will not be able to sell their homes because the Park has not been repaired yet. This is why the MHRCB is supposed to have proof that the owners have invested in the Park and can only get a rent increase to recoup the money that has already been spent, not ask for money now that might be spent on other things instead of what is promised.
Golden girl

Pittsfield, MA

#13 Mar 20, 2013
Do you realize what the mtg. payment is on a $4millon dollar loan? The park is old, road work needs to be done and I am sure the maintainance has not been sufficient. Think twice, maybe 3 times. Get some advise from a financial person before you do anything.
MHOwner

North Adams, MA

#14 Mar 20, 2013
Golden girl wrote:
Do you realize what the mtg. payment is on a $4millon dollar loan? The park is old, road work needs to be done and I am sure the maintainance has not been sufficient. Think twice, maybe 3 times. Get some advise from a financial person before you do anything.
The purchase price of the park is $2.73 million and the rest is supposed to be for repairs. However, if an outside company were to buy the park the rents would be based on the $2.73 million purchase price, and would not increase the park rent until more money was spent by the company on repairs so that the rent would increase only after the money is actually spent, not immediately. In one scenario the rents increase immediately and in the other the rents increase incrementally as money is spent to make repairs. If the tenants association is successful with the purchase, this will mean that the park rent will have gone up 30% in one year.
what

United States

#15 Mar 20, 2013
If the people living there buy the park then why do they have to pay rent?

Just divide up the mortgage payments and that is it.

Whats this rent? Renter don't own and owners don't rent. Rent is for suckers.
MHOwner

North Adams, MA

#16 Mar 21, 2013
what wrote:
If the people living there buy the park then why do they have to pay rent?
Just divide up the mortgage payments and that is it.
Whats this rent? Renter don't own and owners don't rent. Rent is for suckers.
It is similar to owning a condo, you own your individual unit and there are areas that are shared expenses,ie. water, sewer, roads, swimming pool, playground,etc.. You pay a monthly fee for the use and maintenance of these shared parts. If a private company owns the park you have little input into how the communal property is maintained. With the tenants association owning the park there should be some control over what is maintained.
Boss

Springfield, MA

#17 Mar 21, 2013
How much will sandy get paid? On or under the table?
sounds like a scam

United States

#18 Mar 24, 2013
MHOwner wrote:
<quoted text> It is similar to owning a condo
Wheel Estate Condos? Wow. No thanks.
Sounds like a freakin scam to me.
If you gotta pay rent then you don't own shit.
No Scam

North Adams, MA

#19 Mar 24, 2013
sounds like a scam wrote:
<quoted text>
Wheel Estate Condos? Wow. No thanks.
Sounds like a freakin scam to me.
If you gotta pay rent then you don't own shit.
I see that either you can only read 7 words at a time or your reading comprehension is at about 1st grade level. Which ever one that it is, you should have someone explain the post to you so that you can make a reasoned reply and not look like the typical inbred dumbass
sounds like a scam

United States

#20 Mar 24, 2013
No Scam wrote:
<quoted text> I see that either you can only read 7 words at a time or your reading comprehension is at about 1st grade level. Which ever one that it is, you should have someone explain the post to you so that you can make a reasoned reply and not look like the typical inbred dumbass
A bunch of trailer park trash buys the park from a company that wants to unload the dump and still pay rent.
Yes it is a scam.
I won't work.
It will fail.
Just watch and see.

Just wait and see who are the dumbasses.
Douchbag.
No Scam

North Adams, MA

#22 Mar 24, 2013
I see you still have no comprehension of how the arrangement works. Your line "I won't work" sums up your intelligence. There is no need to wait and see who the dumbass is, it is you.

Tell me when this thread is updated:

Subscribe Now Add to my Tracker
First Prev
of 2
Next Last

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Heath Discussions

Title Updated Last By Comments
New school Thu not close 6
News Vt. child support worker accused of selling drugs Wed carly 1
I love Jeff Richards Wed not cill and not ... 2
News Lewis Lent evidence search at Greylock Glen end... Wed Praxis33 17
Reservoir Dogs vs Clarksburg Jul 26 Cil 45
Cil from NY Jul 23 Bender 3
someone gets there way Jul 22 bahaahaha 18
More from around the web

Personal Finance

Heath Mortgages