I just got a call out of the blue about a MHP for sale in ND. It’s not listed, and I have done no due diligence, as I’m not interested in the area.
The bare bones of the deal:
33 pads, all rented with older MHs. 21 of the MHs are owned by the present park owner, who intends to keep them as rentals. He gets about $230/month/lot and claims that he’s increasing the lot rent by about $20/mo/lot in June.
He got an offer of $600K a few months ago and turned it down, he told me he’d like about $675K. He will not carry financing as he’s looking for money to put into a 24-plex.
There’s a garage on site that he lets someone use in exchange for unlimited snow removal in the winter. There’s also a house included that rents for about $400/mo.
He claims the park is in good condition, so it’s not a turn-around, but replacing the current homes with newer double wides (all lots are large enough for double wides) could be one source of improving the cash flow. It was interesting to me that he’d plan to keep the rental homes after he sold the park AND say that the park could be improved by getting rid of them… maybe he plans to have something in the sales contract about keeping those homes there?
Anyway, if someone is interested, email me for the contact info for this guy. Bismarck is in the western (and therefore much more scenic) part of the state. It’s also the state capitol, and appears to be growing in population.
I’ve found ND a very easy state to do business in- they are pretty relaxed about a lot of things (e.g., rarely does anyone get pulled over for having expired tags; you don’t need to register to vote; there’s no emissions test for vehicles and I think you can get a learner’s permit to drive if you’re 14 and live in a rural county).