HI, Theres a park that is for sell in my area. I’ve read the 60/30 formula and its priced alittle high. BUt I want to run it by everyone.
Its a 8 space 1 acre, city water and sewer. 7 spaces have park owned MH, really old ones. One space empty. 5 are rented now at $250 a month for MH and lot together. I believe quite a few of those are rented to Illegals.
The areas not too bad , place could be spiffed up, doesnt need any real hauling off of old junk or anything, except maybe the MHs LOL. I’d like to remove the worse of the MHs and get newer repos and sell them out right and rent the lot. Of course this would take time and money. The lots should really rent for about 170-180. What do you think?
Can someone tell me about the anaalizer and where I can purchase it? Thanks
There is no way to give you an opinion based on the information you have provided. What are the expenses, are the utilities submetered, what is the infrastructure like, what is the lot rent in the other parks around the area, what is the zoning, can new homes be brought in, what size are the lots and these are just a few of the questions that must be answered when looking at a park to buy. You may want to consider attending a boot camp or buying materials to help educate yourself. I attended a boot camp regarding land home deals and small mobile home parks and found that experience to be very helpful to me.
MHU has a Mobile Home Boot Camp in June that you may want to consider attending. I do not know what the price is right now but from what I have been told it is a bargin considering the hands on training and networking opportunities you receive at the event. Since I have already puchased my seat I hope to see you there. If not good luck with your investing and if you would like send me your number off line I will call you to talk about your park in depth.