The Mobile Home scam

Apr 2014
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#1
I was thinking of investing in this real estate until I saw on John Oliver's bit about it and how it traps people. I'm not for giving away "free stuff", but I'm also against screwing poor people into become welfare recipients thus passing the buck to taxpayers for profit. The solution here is education and honesty. As Oliver's report mentions, “Buying a mobile home and renting the land underneath it can be financially catastrophic...It’s important that anyone considering doing that knows the risks involved.

I fully support capitalism, but predatory practices and snake-oil salesmen are detrimental to the US economy.

John Oliver tackles affordable housing, mobile homes on ‘Last Week Tonight’ - The Boston Globe
....During Sunday’s episode of “Last Week Tonight,” host John Oliver dug into the mobile home industry, laying out the efforts of wealthy investors to extract profits from what he called “one of America’s last affordable housing options.”...

...Big companies like Clayton, Oliver noted, benefit from that twice over, because not only do they sell homes that inevitably drop in value, they offer short-term loans with high interest rates to customers, trapping them in loans they can’t afford.

Addtionally, Oliver explained, many residents are stuck paying for their home — via a loan — and paying rent to a company that owns land in mobile home parks. That, Oliver warned, is where things can get difficult for home owners
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