What ended up costing you more than expected after buying a mobile home park?
For those who have bought a park — what expense caught you off guard after closing?
Could be utilities, roads, homes, contractors, turnover, anything. Curious what looked manageable during due diligence but ended up being a much bigger expense once you actually owned the property.
Not firing the Seller’s park manager, or at least not making her reapply.
She was the “manager” for 5 years before I bought the park. However, as time would tell, she was really just a gopher for the corporate manager. She couldn’t do a thing without instructions.
I was like, “You’ve worked here for 5 years, and you don’t know how to fill out a 7-day notice of rule violation?”
We tried to train her, but it just didn’t work out. I wish we had held interviews for the position before just accepting her as the park manager.
These are just a few:
Cost of emergency sewer repairs.
Legal fees when city refused to issue placement permits.
Cost to install a new utility pole.
I have heard about that happening at others as well, thank you for the response!