Updated almost 4 years ago on . Most recent reply
Need advice on buying a small mobile home park
I am fairly new at Real Estate Investing. I have come across a potential deal for a trailer park in the Carthage, MO area. Some out of state owners are trying to sell their 2.7 acre park for $84000. I went and looked at it last night and the park and the trailers on the park look pretty rough; It all needs to be mowed and generally looks uncared for. Currently there are 9 trailers on it and the rent is $1626/mo but owner pays water and trash removal. The owners say that there used to be around 30 mobile homes on the land so I am guessing there are or used to be hookups for that many mobile homes there. I have a small list of questions that I am going to ask the current owners, but I wanted to have others thoughts on this as I head into it. Any questions that I should ask of the current owners or anything that I should look at or be aware of as I look at this mobile home park?
$1626/mo feels low for 9 trailers but from the looks of the trailers that are on there if I bought it and raised the lot rental then I would probably loose the majority of the current renters.
This is pretty much all the info I currently have. I just got the lead last night so I am just getting into this thing. :)
Thanks!!!