Expert: Michael McClure - 2/17/2004

Question
I live in California and was wondering if buying a mobile home to live in as my primary residence will give me the same kind of tax write-offs as if I bought a "regular" home.

Also, what kind of questions should I ask the individual park to avoind space rent hikes?  Is it illegal for them to raise the rent by greater than 10% per year or am I wishful thinking? (I live in Santa Cruz County).  Thanks!!

Answer
Hi Melissa,
The only write-off you can use is the interest on the home loan, assuming you will need one.  The rent increases are unavoidable..however, some parks are more understanding that others.  If its a family owned park, they may not be doing an increase based upon the GNP, or cost of living.
The only thing I can offer is to get some sort of history from people who have lived there for some time.  There is no limit to how much they can raise the rent, to the best of my knowledge.
Hope I was of some assistance...."~ Michael

PS If you want to call me..800-596-0322