Batesville, MS · Member since 2017 · 1 post · 0 votes
Hello everyone,
This is my first post but I have been following Bigger Pockets for a while now and I jump in the forums from time to time. My wife and I recently acquired about 15 acres through a recently passed family member. There are three lots on the land set up with electricity, water, septic, pad, and drive for a mobile homes. The family member had these lots rented as recent as five years ago but just got to on in age to fool with them anymore so they currently sit vacant. I'm playing with the idea of leasing them out again. There are three lots ready to go and in the area, after pricing around a few parks, I've come to decide I should be able to get about $200 for each lot. Of course this looks awesome on paper because I have no upfront costs. I was just hoping to get some comments or insight from some experienced investors. Hopefully on things I haven't thought through.
Thank you for taking the time to read and please offer any advice,
Make sure in looking at other park rents to keep in mind amenities that the other parks might have that yours might not. If you didn't have any other plans for the park, renting out the spaces available seems like a no brainer. Then if you like it or fill it up easily, start building out the other property to accommodate more homes. With an empty park the hardest thing is getting houses in. Visit area mobile home parks and let them know that you have lots available so that if they have customer that needs a place to put their home they can refer them to you. Also you might consider buying some homes yourself from parks or off craigslist. If you do this I would suggest not spending too much and then doing a "rent to own" for whoever moves in. Be sure to do background checks.