My father has become very sick this past year and I am trying to help him with this park. I want to see what the park is worth and maybe get some advice on turning around or listing for sale.
There is a manager who lost her husband - he did the maintenance, and she is not doing a very good job managing the park on her own anymore.
It’s on 5 acres of land close to the major highways. There are 15 lots 3 are empty, 12 park owned 1970’s single wide trailers.
Currently 4 are rented for 450-550 per month. One more is in ready to rent. Another needs minor repairs. One is red tagged and needs a permit and inspection. 3 others need floors, painting, windows - substantial repairs. The managers unit is free to her for now. One needs removal or major repairs.
The county has been difficult to deal with stating we need permits for any repairs even very minor ones. The licensed contractors we have contacted so far refuse to help with repairs. My father has been getting taken advantage of by the handy men we have used so far.
Current income is 1750- 4 units rented plus 500 for the next one soon. So $2250 for now. Tenants pay their own electric.
monthly expenses are 400 for taxes, 165 dumpster, 125 well test service, 50 well electric. No insurance currently.
In 2012 the park was generating 4500 a month with 9-10 units rented most of the time.
Are lot rentals a possibility? Who is responsible for the permits if someone brings their own home in? What’s the park worth now?
Thanks in advance for any helpful advice you could offer.