I have identified two listed MHP's that I am interested in but I am not sure yet how I can finance them. I am waiting on responses from a few local resources at this time. The price on the first one is low- $125,000 but the park has never been up and running (which I know is going to be an issue for financing). It doesn't have dedicated septic tanks per trailer. There are 10 lots and 4 septic tanks and a well on the property (9.4 acres). It is in a rural area that I am familiar with.....plenty of highway frontage. The sale includes an old home on the property as well.
Things I need to know- Those who have done the MHP thing....isn't the cost to move trailers onto the property prohibitive? I am only planning on renting the land.
Next- How have you all financed these purchases? It seems like I will need to make several repairs and obviously the septics will need to be inspected (1988).....so I will need cash to do all of that.
ALSO- Hurricane Michael hit about 40 miles away with damage within 10 miles of this location. There is a serious need for rentals in Panama City and inland. I expect this to continue for a while.
In the process of getting an average lot rent for the area.
The most practical method to achieve financing is to have the seller finance.
Based on the info you have provided this park is not be worth investing in . If the park is not active has no paying tenants and no cash flow it is worth nothing more than the land value. Without income and existing homes it will take extremely deep pockets to make it profitable and a very long time.
If you are interested in investing in a park invest in one that has positive cash flow from day one. You will never be able to afford to go from zero to profit.