MHP to RV Park Conversion 90 lots

Hi all,

We have a 30 lot mhp in the SE with plans to conduct an RV expansion and redo the 20+ acres. We are debating to keep the two separate or possibly transition all of the mobile homes out. The issue is there is such a demand for low income rental assisted housing that we do not want to get rid of the sure thing with housing. If we were not going to try to refi it in a couple years we would just throw up some apartments witht the RV lots but lenders are pretty apprehensive with Frankenstein properties.

I have never taken on an RV expansion of this size and would love to get some input from those who have.

Thanks for reading and I always appreciate the knowledge gained from the group.
Dustin

I am currently working on a few developments and ground-up construction projects for both MH & RV parks and would be open to chatting about them. Shoot me an email at jhouse@greysteel.com.

I am a mortgage broker, so most of my experience is working with lenders. However, I found these two groups who can help with site planning, feasibility studies, navigating zoning / permits / entitlements, etc.

Just FYI, I haven’t worked with either of these groups just yet

It isn’t just lenders that are pretty apprehensive with Frankenstein properties, buyers are as well. There is only a subset of buyers that would buy a property with some combination of apartments, rv, and/or MH in significant quantities. Sure you always have properties that have a few apartments or some RV with a lot of MH or some MH with a lot of RV, but again, even those can be a little less appealing to some buyers. I personally think you are better off having a homogeneous property so make it all an RV park or split the RV and the MH completely apart as two different properties