I am in negotiation for a turnkey mhp. The bummer is that after spending a lot of time on this forum and researching lonnie deals etc., it seems that turn around parks are where the action’s (and profits) are at.
Of course it takes alot more time, energy, improvement money, sweat (and tears), but the rewards, monetary and otherwise, of turning a community around from the “hood” to “I would”(live there myself), seems to be worth it.
Oh, the woes of turn key investing! how boring to buy a park with very little upside potential if you’re buying at 95% occupancy. Perhaps future increased rents and the occasional lonnie deal when one of the tenants needs to move.
Any other ideas for adding value to a 90-95% occupancy, clean park?
It would be greatly appreciated, if anybody has some insight into typical CAP rates for such a park with:
70 (expandable to 74) pads
newer well water and sewer treatment systems
mostly newer (90’s and up) tenant owned homes
propane tank heating
under ground newer up to code electric
Park is located in upstate New York (southern tier)
your expertise and observations would be greatly appreciated,