Found a Mobile Park in my area that seems like it would cash flow very well. But I am concerned by what it could cost to update the park.
Upside is there are 12 pads of tenant owned mobiles and a small house on just under 2 acres with a gross rent of $3,700 not including two units non occupied, owner is asking $200,000 for the whole thing.
Downside, went to the park and found it very run down and cluttered with trash. The park is 5 miles out of town and in the country and the owner wants to sell as is.
Seem like it would be profitable, but if I wanted to turn it into a nice park, might get expensive. Any advice?
so lot rent is $370 a month? probably decent deal, only downside is how are you going to finance? any seller finance? or all cash? wha tis water/sewer
My first offer will be for the seller to carry, but I will probably have to raise capital by bringing in a partner or two.
Seems descent so far but its really small. There are not many parks that you will buy that won’t need cleanup both of the people in the park and its surroundings. Also never buy a park “AS IS” unless they are giving it away. There are too many issues that once you get into it become really expensive. Also don’t buy a a park when you are cash strapped. There are usually things you will find the owner forgot to tell you. Some expensive, some are simple but you want some room to manage with new purchase.
They are selling the park AS-IS, what should I make the sale contingent on?
If its “as is” then you better be getting a very deep deep discount.