Is it allowed for a younger person to buy the unit in an over 55 for us (both in our 60's) to live in?.?

Asked by sas4glass, Easton, PA Mon Sep 30, 2013

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Barry Shapiro, Agent, Camarillo, CA
Mon Dec 9, 2013
Absolutely! Go for it. This scenario happens often, and offers great tax advantages to the owner of record/landlord. Get the lease in writing, though, so there won't be any surprises down the road.
0 votes
John Arendsen, Agent, Leucadia, CA
Tue Oct 15, 2013
If you're dealing with a rent/lease manufactured home park/community you would need to start with the manager and would need to be approved by them before purchasing the manufactured home regardless of your age.

Once approved you would probably be able to purchase the manufactured home and become the "LEGAL" owner and put your seniors on title as "REGISTERED" owner and you would be fine. I'm currently doing this on some manufactured homes that I own and have never had a problem.

If, however, you're dealing with the purchase of real estate be it factory or site built you would be dealing with an HOA and they all have varying rules and regs and CC&R's that are generally strictly enforced.

I remember a couple of times trying to purchase in a 55+ community before I was 55 and was turned down both times even though I told them I just wanted it for an investment and would only rent to qualified tenants. Still a no go.
0 votes
mcamarra, Home Buyer, Cathedral City, CA
Mon Oct 7, 2013
I believe as long as the occupants meet the requirements it is ok. ie: buying a unit for your parents. They may have to be on the "lease" but the management co. has no business knowing who paid for it.
0 votes
JR Thrasher, Agent, San Diego, CA
Wed Oct 2, 2013
NO

J.R. Thrasher
http://www.SanDiegoRealEstateVeterans.com
619-929-0105
0 votes
, ,
Mon Sep 30, 2013
The HOA will not allow someone that does not meet the criteria to leave there. It is part of the agreement in buying the property.

Alex Greer
Loan Officer
NMLS #1056079
http://www.TheMortgageOutlet.com

408-352-5147
AGreer@TheMortgageOutlet.com
0 votes
Cindy Davis, Agent, San Diego, CA
Mon Sep 30, 2013
It might also be a good idea to speak with the hoa associations of any community you are interested in...rules may be different from community to community.
0 votes
Patricia Pal…, , Riverside County, CA
Mon Sep 30, 2013
Anyone over 18 can own the property, they just cannot live in it until they reach the age of 55. If you are interested in learning more, please email Trish Palacios, DRE# 01155737 at: insistrish@yahoo.com or call me on my cell phone 951-323-9034.
0 votes
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