My First Mobile Home Park

15 Replies

I close on my first mobile home park Friday. It's a 17 space park with two being occupied by park owned homes. It was a rushed deal but I had several people look at it because it looked to good to be true. I was fortunate enough to have the cash on hand to be able to make the deal happen. How you may ask? Because I just got through BRRR'd a foreclosure I purchased last year. This stuff works, if you work it. So excited and can't wait to get things rolling.

Originally posted by @Jeffrey Fleigel :
@Jason Ray Richardson Congratulations. Any updates?

 Not any good ones. I've heard all of the crazy stories of mobile home investors. I now have my own. We are supposed to close next week now. The garbage hasn't been picked up in forever and the water has been shut off for weeks. They had to pay 6,700 to pay back bill and get it turned back on. If it wasn't a 30 cap I would have backed out

Originally posted by @Blaine Alger :
@Jason Ray Richardson congrats! What do the numbers look like?

36,000 for an 18 unit park. 2 park owned homes 12 tenant owned with 4 vacant. Lots not raised in years

@Jason Ray Richardson Congrats on your success with the BRRR and on finding your next deal. What are your plans for management for the MHP? Sounds like a lot of potential there...hopefully there areno other issues with any other bills or utilities!

Originally posted by @Elaine Lam :

@Jason Ray Richardson Congrats on your success with the BRRR and on finding your next deal. What are your plans for management for the MHP? Sounds like a lot of potential there...hopefully there areno other issues with any other bills or utilities!

 I plan to self managed for the time being.

@Jason Ray Richardson - There are lots of good resources out there that can help you learn about the mobile home park industry. I hope Brandon delivers some content. 

Ryan Narus puts out a monthly podcast from his front lines view of the industry. He works deeply in operations and offers a no BS view of the industry. 

https://itunes.apple.com/us/podcast/mobile-home-pa...

Also, Kevin Bupp and Jefferson Lilly put out podcast as well. They offer a more general view of being an investor and operator. 

Lastly, Frank and Dave put out a lot of interview and educational information about mobile home parks. They are considered the founding fathers of widespread mobile home park education. 

Hope this helps..

Thanks for the tips. I've never heard of Ryan Narus so I'll have to check him out. I'm thinking of going to the Frank Rolfe class the first week of October.

Congratulations Jason Ray Richardson!!! @jasonrayrichardson

I am a park owner in Indiana. If you need any help with anything, questions etc reach out and I'll do my best to help.

Nicki.

Originally posted by @Account Closed :

Congratulations Jason Ray Richardson!!! @jasonrayrichardson

I am a park owner in Indiana. If you need any help with anything, questions etc reach out and I'll do my best to help.

Nicki.

 Thanks. I've noticed that on places like mobile home park store that there are a lot of parks for sale in Indiana. Is it a good market and everyone just trying to cash in or is everyone bailing for a reason? Thoughts?

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