Hello, we are currently looking at a park in Chicago area (Cook County). It has high lot rents (consistent with the market) and is 75% occupied with tenant owned homes. In order to realize the upside on this deal, we’re going to bring on additional homes to fill out the park. The one catch here is that the lots are smaller. Estimate that the lots can support homes no larger than 50’X18’.
My understanding is that these homes are rare and difficult to find. In the MHU community’s opinion, is it going to be possible to fill this park out with reasonably priced, decent condition used homes of this size? Any advice on finding homes of this size? Also, happy to hear any thoughts on owning/operating a park in Cook County, IL.
You can probably find new 1BR and 2BR in 14’ x 48’ or perhaps up to 18’ wide. But you need to be 100% certain about those lot sizes. Under 48’ I think you may be in a different ball game.
Thanks for taking the time to reply, Brandon. We’ll measure all of them to be sure. I plan to contact the manufacturers to ask them. Any other advice on testing the market for 50’by18’ availabilty – or based on your info it should be doable?
Ditto on the setbacks by @tmperrault. Contacting the mfrs is the way to go. You can start with local dealers who will know the mfr’s floor plan lineup. Once you have the box size set, there are only going to be a few layouts but I bet most of the mfrs will make something in that size. Let us know what you find out!
I would call a local set up guy and have him measure the lots for you. They will usually do if for free if you promise to give them a shot at setting up the homes. They will know exactly what the maximum size home will be. They may also help you find some good used homes to fill the park with.
I think you will have a hard time finding a used 18 wide home. Typical sizes for used homes are 10 wide (very old), 12 wide, 14 wide, 20 wide, 24 wide and lengths will vary.
We typically like to purchase “Newer” Single-wides that are 16’ x 76’ or 16’ x 66’ (sometimes even 14’ wide). These Single-wide sizes allow 3 Bedrooms & 2 Bathrooms (which most Owners & Tenants desire).
Mobile Home Owners: Owners who were Building or Buying Stick-Built Homes
Mobile Home Movers: Movers just flipping a Mobile Home for some extra cash
Mobile Home Mortgage Companies: Repos from a nearby MHP where the MHP Owner asked us if we wanted the Repo Info - MHP Owner had an awesome, gated MHP with a “Waiting List” for New Mobile Homes
Our favorite Mobile Homes are Single-wides 16’ x 76’ which have 3 Bedrooms & 2 Bathrooms.
Kristin, thank you for your response. We still have to get exact details on the lots, but my fear is the max size home we’ll be able to use is 16’x50’, potentially smaller. From Fleetwood, they informed us that they could build homes that size and typically charge 35K which includes shipping but not setup. Have you heard of filling out a park with new homes of this size? The manufacture finances the homes at 80% but require you to be licensed dealer, which is annoying.
Re/ the Tenet friendly land lord laws, we are budgeting 4x for time and cost for evections.
@All - thanks for the responses on this, still working through due diligence the seller has been slow.