Hey everyone. Newbie here. Found an ad for a 12 unit mobile home park. Looking for some info as far as deal quality and things to watch out for.
9 lots occupied. 8 of which are park owned.
3 vacant lots and room to add 4 more.
Ad claims 42,000 a year in gross income currently (with the 9 occupied units).
I believe that makes rent/fees income equal to $500/month per unit.
Wondering what sort of stuff to be wary of when reading ads like this. I wonder why it's being sold and if it's even worth a look.
Any info is appreciated :) Thank you!
It equals roughly 438 a month per unit. 438*8*12=42,000....it could be all lot renters or it could and probably just rent...
it could be decent deal depends on the utilities set up, but what is upside, going to be a lot more time/money due to owning all the homes, and what is your exit strartegy...normally this small of a deal is better off being all rentals due to the smaller amount of revenue that it produces...it just depends on how close you live.
best of luck