After months of reaching out to Brokers looking for MHPs in Arizona, I finally put together my own database of 130 parks and sent out letters of interest and inquiry to owners. Of the 5 responses, I have received to date, the most interesting is a Trailer and RV park in Central Arizona. It is a great location, potentially attractive upside, City Services, Sub Metered, surrounded by all of the great big box stores and centered in a clean blue-collar neighborhood. Most of the units have been there for quite some time and it seems a semi-permanent arrangement for the tenants.
I have listened to many many hours of Podcasts (including “Mobile Home Park Mastery”) and read many articles over the last year. I have analyzed a lot of properties too (I have gotten pretty good at it).
It seems that, after all of the research, listening and reading I have done the consensus is that, the smaller spaces in a Trailer/RV park cannot support or is not marketable to a prospective tenant with a small family. I started looking at Park Model Homes (under 400 Sqft). There were some two bedroom models but they were few and new units ran about $30K to $40K.
My question is, “is it wishful thinking to think that a park as I have described above could be turned around into something, cleaner, more respectable and family oriented and is the concept a recognized business model within the investor community for this asset class”?