Buying a park with 35% occupancy
This year I bought a Mobile Home Park with 35% occupancy with no vacant spaces, meaning 65% of spaces have a vacant home/unit.
A few strategies I used to feel comfortable on this deal were:
1. Create fake ads to test rents and demand.
2. Walk through each unit to determine the amount of work that needs to be done.
3. Gauge the upside potential and my break even.
I was able to hire a handyman who has been working on one unit after another and we have been finding tenants to fill the units.
Today only a few months later, we are 79% occupied. My biggest struggle has been dealing with certain tenants but overall we are doing well.
Also, this park is a 2-hour drive from me so utilizing technology has been a game-changer.