MHP for auction soon!

I know about a 100 plus park that is soon coming for auction. It is listed in an unusual place that does not see parks listed. I suspect it is a good turnaround project but i do not know. Appears to be in excellent location and ect. I would like to send someone the info for them to check out and if they are or can bid I want to be a part of the project if bought. Send me your email address if interested/ The minimum bid is 150,000 and value about 2 million or so.

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Can you give us a general idea of where in the country it is located, and whether it is on public utilities.

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@jayyy , as per your post:

  • “MHP for auction soon”

Below are just some things to ponder concerning the MHP Auction:

  • Are there Park Owned Homes?
  • If yes, are the Park Owned Homes being included in the auction or will those Titles be held by someone else?
  • If someone else will be holding the titles to the Park Owned Homes (old Owner?), what percentage of Mobile Homes will they own?
  • What happens if these previous Park Owned Homes are removed from the MHP after you purchase it?

We wish you the very best!

jayyy, I sent you a private message.

Jayy, i’m pretty sure I know the park you are talking about. I have emailed the Auction site and have yet to receive a reply as to how many MH are park owned. I will say if they are all park owned the rent is very low. The other thing to keep in mind is that the park currently owes around $35K in back taxes in addition to back water and sewer bills, which will more than likely need to be paid at the time of purchase. So if you are the winning bidder at $170K you will also need to figure in the additional amounts that need to be paid into the total price.

Personally I think this could be a great opportunity but I feel it would really require an owner or very strong manager on the ground for at least a couple months to turn it around and get it up and running. Sadley I’m not able to take off right now for a month plus otherwise I would really consider it. If it’s the one I’m thinking of there are a bunch of MH that have been condemned by the city/ county that would need to be removed and replaced. Again personally I just wouldn’t trust this process to someone else unless I already had a team I trusted. If I could take off right now to go there and oversee the renovation I would seriously consider this park.

2911 Jefferson Davis Hwy , Richmond , VA | Richmond County, VA
This property will be auctioned on: 03/02/2016

Listing Status: Active
Listing Type: Auction
Size: 9.62 acres
Property Type(s):

Mobile Home Park
Commercial Land

Posted: 1 day ago
Last Updated: 2/10/2016
Times Viewed: 27
Irrigated: No
Residence: No
Cropland Acres: Contact seller
Land and Farm ID: 2605052

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Description
Mobile Home Park Auction
Great Investment Opportunity!

117 Individual Pad Sites on 9.62 ± Acres
Will Sell to Highest Bidder at or Above $160,000!

Wed, March 2 , 6:30 PM
Property Location: 2911 Jefferson Davis Hwy, Richmond, VA 23234

Auction Location: Doubletree Hotel by Hilton 1021 Koger Center Boulevard, Richmond, VA 23234

o Currently Assessed for $2.46 Million
o Minutes from I-95
o Zoned R-MH (Mobile Home)
o 1 Office Trailer Included
o Pre-Auction Offers Welcome!

TrailerParkAuction.com | 804-327-9090

United Country - River City Auction and Realty
Ernie Rogers, Auctioneer / Broker – VAAF 0879

Terms: 10% Buyer’s Premium, $25,000 deposit, closing within 30 days. Visit www.TrailerParkAuction.com for complete terms, photos and property informa

117 pads on 9 acres is very tight!

I agree with @mobilehomepark

  • “117 Pads on 9 acres is very tight!”

That is a rather high density Mobile Home Park.

I would be concerned about what size Mobile Homes would fit to replace the condemned Mobile Homes.

The MHP is located on a divided 6 lane Highway.

Is there a “Higher and Better Use” for this property?

The aerial picture from the website looks nice:

However, some of the individual pictures show that it needs lots of TLC:

@jayyy, I wish you the very best!

Rudd’s has 30% occupancy. 1.4MM just to get the remaining trailers repaired and new ones put in place. It has been getting threats from the city for years. There are some Biggerpockets threads on this park, and some articles on the internet about the problems this park has had.

Patience and capital required.

Anybody know the outcome of the Rudd’s auction? Did it sell and for how much?

Thanks! Went for a bit more than I anticipated for that type of project.