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Here are the steps you can follow to convert your park to resident ownership:

Communicate in writing with your park owner. Let him know your resident group is interested in buying the park, and capable of doing it.

If you receive a positive response from the owner, choose a qualified park purchase consultant for your group. He or she will analyze and structure the deal, arrange mortgage financing for your group, and represent your interests in negotiations with the park owner.

Incorporate your HOA as a California Nonprofit, Mutual Benefit Corporation (“NPMB”). When the purchase is complete, your NPMB will own the park.

Issue HOA memberships, and (after informing all residents on the details of the purchase) sell these memberships to the participating residents.

Perform property due diligence to determine the condition of the park infrastructure (Electric, water, gas, sewer, road systems, etc.).

Complete the transaction. Elect the HOA Board of Directors. Hire a property management company to handle day-to-day operations. Begin operating your park as a resident-owned community.

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