Hello
I am in the process of looking for my first mobile home park. My question is when I am looking at parks for sale I am having a hard time finding what the average lot rents are . How do I find this information?
Call local parks. Look on Facebook, Craigslist for homes for sale. They sometimes list the lot rent. Mh village has some listed but not sure how accurate that is. Look at parks for sale in that area. They usually list the lot rent.
Call the competitors and ask. If necessary, get in your car and drive to their office. Do not show up in your brand new BMW 7 series or they will wonder why you are asking about lot rents.
Once you you have the lot rents of the competitors, exclude those that are clearly different. If you are running an “average” park, but a competitor is providing a golf course, yacht marina, tennis, and swimming pool, exclude them. On the opposite side of the spectrum, if another property is a slum that is falling apart, exclude that. Take what is left and calculate the average and you have your answer.
You, and only you can understand your local market.
1 Like