Buying a mobile home park

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creativeone
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Joined: Thu Sep 08, 2011 12:59 pm

Thu Sep 08, 2011 3:19 pm

Hello,

I'm a newbie to the mobile home scene. I have been interested in mobile home parks as an investment for the last ten years and have finally decided to take the plunge. So for someone who is interested in purchasing a park and is still learning about mobile homes, what size would be a good size park to start with? I've found one with 3 double wide homes and 1 single wide home for a price of $67,000. I think that's somewhat expensive, but I don't know. The lot rent for the double wide is $250, for the single wide is $100. Is that a good size to start with or would it be better to look for something a little larger, like maybe a 10-12 lot park?


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Greg
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Joined: Wed Feb 28, 2007 8:01 pm
Location: Weedsport, NY
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Thu Sep 08, 2011 5:48 pm

It all depends on LOCATION LOCATION LOCATION, The 3 most important things in any real estate buy.

Things you need to think about also, what shape is the park in? is it up to code? utilities, infrastructure etc. How are the renters? good or scum? Talk to the people and get a feel for what is needed, I would talk as a possible renter rather than a buyer.

Greg
"If I can't fix it, I can screw it up so bad no one else can either."

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Greg S
Posts: 541
Joined: Wed Jun 18, 2008 10:13 am
Location: Kingston Ontario Canada

Fri Sep 09, 2011 5:35 pm

this link is a start point. There is also a forum I'll try to find regarding buying homes and parks.

http://dreynolds.searchwarp.com/swa255950.htm

Found two. The second one is the one I learned from before I bought.

http://www.mobilehomeparkforum.com/list.php?3

http://www.creonline.com/mobilehomes/wwwboard4/
An individual must enforce his own meaning in life and rise above the perceived conformity of the masses. (Anton LaVey)

DCDiva
Posts: 191
Joined: Mon Oct 19, 2009 10:16 pm

Sun Dec 04, 2011 12:41 pm

I am a little late on this so you might have already decided--but the rent a month will be 850 unless you raise it--67000 is for the land only? Have you checked into insurance and taxes and any other cost---do you pay any utilties---some parks pay water/sewage and garabage--will you have maintainance cost for trees--triming/removals,who cuts grass,snow removal,supplies for roads and drive ways--your profit margin is not very high--if you finance all the 67000 the payments will be @ 600 +/- --most business loans are for 20 years or less---the taxes,insurance and other expenses---if one person moves out you are in the red---plus you need to keep money for sewer/water,gas,electric repairs---many electric companies are changing the rules about electric hook ups and if you bring in anohter MH they would make you get up to code--costly--we just did this lol----I have look into this myself owning a MH park--I even have the land--the part holding me back is I have to doa septic system--no sewers---can not find a affordable way to do it--
Good Luck, please check everything out!
Melissa

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