Hello. This is my first post on the forum, but I have been following the dialogue over the past several months. To give you some background, I’ve done a couple of Lonnie lease-purchase deals to-date and have been pleased with the returns. However, I’m looking to take my business to the next level and am evaluating some smaller mobile home parks (under $400k price range) to purchase.
I have a question for those investors who have purchased multiple parks over the years. What is the smallest size (# of lots) park a novice should consider for their first deal? Should I not be considering something under X number of lots? I’ve mostly been looking at parks with 20+ spaces, but I’ve found a park with only 10 lots that seems to have some potential. However, I have some concerns about economies of scale with a park this small. 10 lots seems to be a small base to spread my fixed expenses (insurance, landscaping, taxes, etc.) across. Any thoughts?