Hey guys thanks for this awesome resource. I am looking to purchase my first investment property and I am considering all of my options. One property I am considering is a small mobile home park that is run by an elderly couple who want to get out of the business. The property is located in north Alabama. The size of the property is close to 3 acres and it comes with 2 very old mobile homes. One is maybe 70’s and is a 2b/1b and it uses propane gas; the other one is the same size and may have been built in the 80’s. The 70’s home is rented and the 80’s mobile home needs some work before it could be rented. The asking price is mid $30’s. I thought about buying this property and renting out the homes and putting more rentals on the property and eventually reselling the property. Have any of you guys on here had deals such as this? I would appreciate any information. Please forgive this terribly broad question, but any tips or pointers would help. Thanks again for this forum, it is great.
Nick,
Your first order of business would be to find out the zoning, and whether these homes can be replaced, and then if others can be added. If they can be added, then find out what the cost for additional pads might be- could be quite high what with septic, water pipes, installation of electrical, etc.
I’ll let others weigh in on other important steps.
While figuring this out, I suggest you keep looking.
Annd
Thank you for the advice.
Hey Nick,
I live in north Alabama also and if I can help
please email or call me at 256 244 3880.
Tom