We are looking to spend like 400K-450K purchase price on a mobile home park. It’s an unfortunate situation since we wanted to combine more than one sale to buy a park, but that isn 't going to happen until next year. With this kind of money, we can’t buy a park in Southern California (at least not one that is making money—more like rehab projects).
Where would you recommend buying? We have invested before in Texas and might consider that area. We have a prejudice in favor of the sunbelt, i suppose. But we don’t really want a turnaround project that far from home. Maybe this is a bad idea and we should invest in an SFR instead. But we wanted to get our feet wet in terms of buying an MHP. The problem is that a park that is so small won’t come with a manager. And it’s probably unwise to try out of state investment without a manager. What do you thinK?
We don’t want to invest at this point in a non performing asset. Right now we are rehabbing an office building and a retail center—both of which require full time commitments. Any feedback appreciated.
Perhaps we should simply NOT invest in a MHP at this point. What we were thinking about doing was buying a smaller park. But perhaps this is more trouble than it’s worth.
Post Edited (08-15-07 02:55)