Looking for my FIRST MHP - Things to look for?

[Brandon Tarby]

I'm looking to purchase my first MHP, what are some things you wish you knew heading into your first purchase? Questions to ask, financing options, things to look for, etc. Was your first MHP close by, or remote?

I'm in SE PA, found a property in western PA, about 4-5 hrs away. It has 19 lots total, 7 park owned homes, 1 RV and 11 vacant spots. Currently on private water/sewer but public is available. At the asking price of $260k and current monthly gross of $6k, it seems like a good deal considering there are a few ways to add value. It has a positive cash flow, even if I had to finance the deal.

Ideally, I'd like something that has all TOH, to avoid that maintenance, but the MHP above has a larger ceiling compared to others I've seen. Thanks for your opinions and thoughts!

[Logan M.]

My quick tips for buying parks:

1. Know the condition today

2. Understand the value add opportunities 

3. Create a realistic plan for how you are going to make it happen

Don't buy at market and don't buy properties without value add opportunities.