Seeking Mentor for First Purchase

mobile home university
21

I wanted to get your opinion on a park that I’m looking at.
40 pads
20 occupied
$150/mo
All lot rents.
Individual septics
City water
$300,000
Owner financed @ 2.5% for 1-2 years

Market rent is $250 (I was told by the broker).

Roads need work, garbage pick-up, houses seem barely livable, lots need to be filled.

22

Nick, I am in the Southeast and would like to hear your advice on a particular area in the Southeast. What’s your phone or email?

23

Hello, I live in NC and my wife and I have a real estate agency in Asheboro.
I am looking for a MHP to buy in NC preferable.
We have a few rentals. We would like to find a park with a value add component.

24

Following.

I’m brand new and know so little I would jump all over that. Curious to hear what experienced owners say.

26

Hi Nick, I am in Houston Texas and gathering information to start my first mobile home park, maybe 20 to 40 units from ground up. Could you please help me in the process? What are the common monthly average costs with examples to operate the MHP, how much it costs to make a MPH from beginning to end, etc. Thanks a ton in advance.

27

Hi Kajun, I am in Houston Texas and gathering information to start my first mobile home park, maybe 20 to 40 units from ground up. Could you please help me in the process? What are the common monthly average costs with examples to operate the MHP, how much it costs to make a MPH from beginning to end, etc. Thanks a ton in advance.

28

Hi Eric, I am in Houston Texas and gathering information to start my first mobile home park, maybe 20 to 40 units from ground up. Could you please help me in the process? What are the common monthly average costs with examples to operate the MHP, how much it costs to make a MPH from beginning to end, etc. Thanks a ton in advance.

29

Hi Millet, I am in Houston Texas and gathering information to start my first mobile home park, maybe 20 to 40 units from ground up. Could you please help me in the process? What are the common monthly average costs with examples to operate the MHP, how much it costs to make a MPH from beginning to end, etc. Thanks a ton in advance. My email is eakr3@yahoo.com

30

Hi Kajun, I am in Houston Texas and gathering information to start my first mobile home park, maybe 20 to 40 units from ground up. Could you please help me in the process? What are the common monthly average costs with examples to operate the MHP, how much it costs to make a MPH from beginning to end, etc. Thanks a ton in advance. My email is eakr3@yahoo.com

31

My email is eakr3@yahoo.com

32

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33

Hi Eric:

How are you making out with your pursuit in identifying an investment opportunity in the Mobile Park arena? We are currently in the process of developing a 85 MHP in Florida. Let me know if I can assist.

34

Hello Everyone!

I’m going under contract on a 18 unit MHP in the Charlotte Metro area. I need help during due diligence. I’ve ascertained the following…
Broker said at $250-$300/mo lot rent I should offer $300,000-$350,000.

MANDATORY ITEMS BEFORE CLOSING

  1. Hire licensed plumber to repair the water line from the south well and ensure the shutoff valve is accessible. ($5,000)
  2. Inspect septic tanks by taking core samples with a sludge judge while taking 30+ second videos of each (18) septic tank being checked (tinyurl.com/check18septictanks). Write down core sample findings. If sludge exceeds 25% of the core sample, Seller must pump the septic tank ($225-$300/tank). If no core samples are taken nor documentation is available, Seller must pump undocumented septic tanks.
  3. Repair drain field connected to unit #122 ($4,000-$5,000)
  4. Perform bacteriological and inorganic tests on both wells on the property by county inspectors (tinyurl.com/bothtests) ($120/well)
  5. Inspect integrity of wells by licensed well inspector John at 704-685-2744 ($500/well)

OPTIONAL ITEMS BEFORE CLOSING

  1. Grade, gravel, asphalt a 10’ x 300’ road over dirt road at the north end of the property to include those homes in the mobile home park. Fix road damage near the entrance of the park ​(​$15,000​)​.
  2. Install regulation decking (at least 64sq ft) on the units that are not considered part of the mobile home park (Unit #118-124) at the north end of the property to include them in the mobile home park ​($1,000​). Verify with the county that they are in compliance.​
  3. Perform interior and exterior repairs and maintenance in accordance with bid provided by Tommy ($34,000)

QUESTIONS:

  1. DOES ANYONE HAVE LEASE AGREEMENTS AND OPTION AGREEMENTS?
  2. DOES ANYONE HAVE A MOVE-IN PACKET WITH PARK RULES AND DISCLOSURES FOR NORTH CAROLINA. WHERE CAN I BEST FIND THAT?
  3. ASIDE FROM THE ITEMS ABOVE, WHAT SHOULD MY DUE DILIGENCE PROCESS ENTAIL. STEP-BY-STEP? https://www.mobile-home-parks-forsale.com/due-diligence-checklist.html