Hi I have some questions about selling a Mobile Home Park.
Some background, I am trying to help my elderly parents sell a small MHP they purchased as an investment a few years ago. They are getting older and dont want to deal with being long distance landlords anymore. The park is located in North Charleston, SC and has 6 units. 5 trailers are park owned and 1 is not and just lot rent. Tenants pay all utilities. So my questions are…
Whats a fair price to ask for it? I used the formula I found on this site of total monthly rents x 70 which is 3770x70=263900 Does this seem right?
With this crazy year how is the market currently for selling MHPs?
Is selling this something we can do on our own? (obviously using an attorney to draw up legal paperwork) or should we be going through a broker?
Any other advice you can give would be GREATLY appreciated.