I have 4 mobile home parks under contract to buy in an area outside of Fort Worth, Texas. Combined, there are 111 lots with an average lot rent of $200 per month. 3 are on city water/sewer and 1 is on coop water and septic. The parks are priced around a 10 cap and the sellers will owner finance to me. All 4 parks are within a 30 min drive of each other and 30 min to an hour from the Dallas Fort Worth area.
I would like to work with a partner. Would anyone like to discuss this particular deal or have suggestions on raising capital?
What’s happening in Texas and the other oil patch areas?
Layoffs, etc.
I’m not “on-the-ground” there, but it would be smart of any buyer to tread carefully in an area that’s had such strong growth and is now pulling back.
Remember, the occupants of the MHP are the last hired and first fired.
Not trying to scare, just make sure the due diligence is done for the area and not just the park.
mhmike, believe it or not Texas is still strong. There are many jobs in metro areas of 100k populations and up that still require upkeep of the birthplace of the oil fields that have been in place for many decades here. Demand for under apartment pricing is very strong. San Angelo, Abilene, Odessa diverse economies and major oil hubs.
Military, Medical, manufacturing, Cannning, Cattle processing in that size population also exists in the Central area as well as Dallas/Fort Worth and West Texas. So basically 100k up population = strong/safe.
…Native Texan.