Buying our first Mobile Home Park
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.