I am working on getting a park under contract right now that has about 30 rental homes in it. They are all 70’s homes. I was going to go in and sell them all on contract. Is it a mistake to purchase a park where the homes are that old? I have a feeling the homes are not in very good condition since they are so old and have been used as rentals.
Thanks,
Jeff
I got a park in alabama ill sell you for 395k got 20 homes park owned and 2 owner owned homes and 20 vacant lots. Sale price 398. Assume the loan of 275k and put 123k down.
Its in calhoun county alabama
kevin
760.845.5686
kevineasterly@yahoo.com
It is not necessarily a mistake but it depends on the demographic of the community. Mobile homes are a depreciating asset and have a life expectancy. It is dependant on the home owners. If they are properly maintaining as well as investing money to upgrade the home then they can last indefinitely. If however the demographics of the community is such that they use, abuse and do not invest in their home then at some point in time they will be uninhabitable and will be abandoned.
The answer to your question is - it depends
