I’d like to start out by saying that this site and its forum are very helpful for first time and prospective investors like myself, and I appreciate how candid and informative everyone is about the business of mobile home investing!
Okay, on to my questions:
I’ve seen a couple of empty parks for sale that have the developed lots but no homes on them at all.
Does anyone have any experience in buying parks that are completely empty? What are the pros/cons for buying a park in such a condition? Also, how do I calculate an empty park’s value without the benefit of knowing the NOI, cap rate, etc.?
I know that, initially, I wouldn’t have enough capital to fill up an entire park if I bought it, but I would have enough to buy/move-in a few mobile homes to sell in the park to start generating income. Are tenants who own their homes or renters wary of moving into empty parks, and are parks difficult to fill if they’re under a certain occupancy? Any advice would be greatly appreciated!