Looking to Buy a Mobile Home Park Out of State

[Michael Dallas]

Hey BP, (I also posted this in the Out of State Investing Forum)! I am in my 1st year out of college working at a commercial land acquisition company in North Carolina. I am currently looking to purchase a mobile home park just outside of Memphis, TN, where I am from. Trying to get as much information from the seller about the property as possible. What are some things I should be asking and information I need to make a sound decision? They have had a person on site that just collects rent every month; that is the extent of management they have currently.

The seller is not interested in seller financing the entire deal. He has some health issues; he said he wants to have cash on hand to deal with them in the upcoming years. From a financing standpoint, what are my best options?

Any and all information/advice would be great! Thank you everyone so much for your time and knowledge!

[Drago Stanimirovic]

Michael, sounds like you're off to a solid start working in land acquisition and looking into MHPs near your hometown is a smart move. When evaluating the deal, push for details on occupancy, lot rent, utility setup (public vs private), park-owned vs tenant-owned homes, expenses (including deferred maintenance), and any zoning or legal compliance issues. A rent roll and trailing 12-month financials are key.

Since seller financing is off the table, your best options are likely a commercial loan or private/hard money, especially if the park needs value-add work. Some lenders specialize in mobile home parks and can offer creative structures depending on the stability of the asset.

Happy to chat more if you want to dig into deal structuring or financing options, just reach out.