Updated 11 months ago on . Most recent reply
Community input on a small mobile home park, distressed with high vacancy
I have an off market opportunity. 30 pad trailer park, only 19 trailers currently on-site 17 with MTM tenants. Rent roll was ~$8K last month. They are looking to get $500K for the park. 16 of the 19 trailers are park owned homes.
Wondering about investing and then filling the park up to get to full occupancy.
Any thoughts for a rookie investor would be appreciated. Wondering also if there are lenders that would have an appetite for this type of property?
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@Marc Robinson if it is on a lagoon I would pass on it based on that alone. When I worked as an MHP broker, if the park was on a lagoon, I could never find a buyer no matter how low the price got.
The is fear among the industry the EPA could come in and force you to shut the lagoon down. Whether it’s true or not doesn’t matter as much as the fact that the industry at large believes it’s true. I think you should pass on this