Current Status: Straats is thinking about forming a foundation
Q&A Novice (4 pts.)
Eric Straatsma MS
227 Arboleda Drive
Santa Rosa, CA 95401
916-222-2417
Green Real Estate Agent DRE Lic. # 01730488 916-222-2417
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Social Profile + Identity | Search Available + Protect
9270 East Bay Harbor Drive,  
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1201 1st St Ste 222,
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253 Tabor Drive,
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Could strip mall tenents create a co-operative to purchase their mall?
"This sounds like an interesting project, with a lot of pieces to put together. I predict that any lender will want to see professional management in place, with a proven track record. On the other, my guess is that any lender will also want a full business plan, and a proforma cash flow projection from a professional. In addition, legal paperwork will have to be invested in, and there are quite a few options here, depending on the specific situation. This is where a good attorney can help. But they will not have the time or interest in many cases to put this all together. You also may not want to pay the bill if they do ALL of this by the hour for you, (not just the legal part). Bottom line though, unless the tenants can come up with at least 25%, possibly up to 50% and quite possibly even 100% of the purchase price required, this might not be possible. There is another way through, and that is to find private money to make this happen... If your desire is to pursue this further, feel free to contact me."
Who has the responsibility to remove the mobile home?
"It depends... Who is on the title and/or registration? If the park owns the home, it is their responsibility. If the park owns the land, and the deceased owner is on title/registration, then it is up to the heirs, family or relatives to decide what to do. It is the heirs responsibility to continue paying the space rent, in order to protect the home. If the space rent is not paid, the home will be lost to the park. Check with manager or owner of the park for details. The family or relatives (in most cases) cannot move into it without being approved by the park beforehand. The family or relatives can sell the home in the park. Check with a local real estate agent to get an idea about values and costs. With proper notice and legal permission from the government bodies involved, it MAY be possible to move it out and take it somewhere else. Check with professional manufactured home movers to get an estimate. If you do not move it or pay space rent, the park owner will eventually own the home. You can sign it over or offer to sell it to them, as long as you have the legal right to do so. See an attorney or other professional for specific advice and more specific information. I am not offering legal or financial advice, and I am not a CPA, financial planner or lawyer."
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