My husband and I are considering investing in a small mobile home park. We have allotted about $30,000 for this use. We have had some email correspondence with Frank and he has said that we could afford a park that costs no more than $150,000. We would need to look for a park with about 15 lots at a 10% cap rate. We were told it would be difficult but not impossible to find.
We are concerned that we do not have enough money. We are thinking that during the buying process and directly after the park is bought there will be many other expenses and we will not have the money to make it work. We are having a hard time making a decision on whether or not to move forward. We own our home and we know what a money pit it turned out to be so we want to proceed with caution.
Any and all advice would be greatly appreciated.