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Mobile Home Park Investing

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Alphonso Clark
  • Axton, VA
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MHP What should I do?

Alphonso Clark
  • Axton, VA
Posted Aug 25 2015, 19:48

I a mobile home investor and I'm currently thinking of buying a mobile home park. I've talked to a park owner who's looking to sell. He has a park with 7 lots, 1 vacant lot, 6 with homes  4 park owned homes 1 is vacant, 2 owner occupied homes. Current lot rents of $100. I'm not sure what the current home rents are or the make up of the homes as far as bed/bath or sqft. According to the owner this is on 2/3 of an acre, Yes he said 2/3 of an acre. 7 homes on 2/3 of a acre seems a bit much. He's asking $90,000 and he's for $30,000 down and willing to owner finance the rest. He's open to other creative financing I don't know exactly what but he's open. I currently have some family members that are willing to invest but I'm not sure how much time and or money. So I need to know what to do as far as my due diligence? Financing? Partnership? I'd also like to know wwjd? @johnfredo

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